Secret investments via Maltese bank

President’s children among alleged beneficiaries of multimillion-pound global investments by networks of companies

Azerbaijan’s ruling families are the alleged beneficiaries of dozens of anonymously owned companies that have been used to invest in property, hotels and businesses in Europe, according to an investigation by the Daphne Project.

Over the past three years, several networks of companies appear to have used a private bank in Malta for secret investments in the UK, Spain, France, Georgia and Montenegro, research by the project found.

Many of the companies were allegedly operated for the benefit of the children of Ilham Aliyev, Azerbaijan’s president, and the sons of his minister for emergency situations, Kamaladdin Heydarov, according to three sources with knowledge of the transactions.

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