Eyyub and Garayev's Oil Empire
A Labyrinth of Front Companies and Deceit
Uncovering a Vast Network of Front Companies In our previous article, we exposed over 50 companies suspected of being part of an oil trading network controlled by Etibar Eyyub and Tahir Garayev. Clearly we aren't alone in our interest in these companies, other journalists have called out instances of duplicity and it seems the authorities are taking notice. The USA, Europe and UK have issued sanctions, and according to reports, more are to follow should Russia continue its aggression in Ukraine. For example, according to the Wall Street Journal, the UK's latest sanctions package would target "Eyyub, his business partner Tahir Garayev and three associates", which proved to be the case.
It is clear that many other people have been following the actions of these companies and several individuals have approached us with additional information, providing us with a list of new companies they believe are also involved.
Unraveling the Web Looking into these newly identified entities, we found evidence they were part of a large network of front companies, all likely controlled by Eyyub and Garayev. The companies on the list were diverse, with different names, addresses, and apparent business activities. However, as we dug deeper, we began to see a web of connections between the companies that suggested they were indeed part of a larger, coordinated operation.
We discovered numerous connections between the new companies and those we previously identified. Many of these companies are registered in the UAE and there are many other commonalities that you can see, the closer you look. Here are some examples:
- Shared Ultimate Beneficial Owners (UBOs): We discovered that several companies on the new list shared the same UBOs as companies we previously identified. For example, Bilal Aliyev an Azerbaijani national is the UBO of US and UK sanctioned BX Energy (previously the subject of one of our articles, under the name Bellatrix Energy), as well as several other companies, including Allegro Development Limited, Foxton FZCO, and Disentis Trading Limited. This suggests that these companies are all part of a larger, coordinated operation.
- Common directors: We found that some companies on the new list shared the same directors as companies we previously identified. For example, Abdulla Feruzabonu is a director of both Disentis Trading Limited and Zenroc Holding Limited, indicating a connection between these companies.
- Incorporation patterns: We noticed that several companies on the new list were incorporated on the same day, suggesting a coordinated effort to set up new entities. For example, Al-Tasmeem Group FZE, Birchwood Resources, and Shreevaani Exim FZE were all incorporated on November 28, 2024, and share the same UBO, Blakhatov Islombek, an Uzbekistani national, who is also the director of Foxton FZCO mentioned above.
- Interconnected ownership structures: We found some companies on the new list had complex ownership structures that were interconnected with other companies on the list. For example, Alroy Oldings Limited is the parent company of Foxton FZCO and Zenith Global Corporation Limited, both of which are connected to BIlal Aliyev.
We are working through all these connections and as we find out more, we will publish articles that explain just how these companies are connected. The links between companies suggest that Eyyub and Garayev's network is much larger and more complex than initially thought. The use of front companies, shared ownership structures and coordinated incorporation dates all point to a highly organized and sophisticated operation designed to evade sanctions and manipulate the international financial system.
The list of new companies identified as part of Eyyub and Garayev's network is available in the article linked to this one, and will be maintained and expanded as more information comes to light. This list may be of interest to anyone who wants to understand the scope and complexity of these operations and anyone who wants to see just how these individuals are evading global sanctions. By making this information publicly available, we hope to contribute to a greater understanding of the global oil trade and the networks that operate within it. We believe that we must shed a light on the illegal financial flows that are continuing to finance Russia's war in Ukraine. We encourage others to join us in shedding light on this critical issue and if you have relevant information, please get in touch.
