PASHA Holding is an Azerbaijani conglomerate. Its major holdings are Kapital Bank (81.08%) and Pasha Bank (71.7498%). PASHA Holding is owned by the Aliyev and Pashayev families in Azerbaijan, two of the most powerful families in the country, making it one of the most powerful companies in the country. The company has been embroiled in high-level corruption in Azerbaijan. The company has substantial government contracts across different sectors. The revenue in 2023 was 1.3 billion Euros. It has more than 20,000 employees and total assets of 11 billion Euros. Pasha Holding was founded by Arif Pashayev, the father of

Mehriban Aliyeva Mehriban Arif gizi Aliyeva (; born 26 August 1964) is an Azerbaijani politician and physician who is the Vice President of Azerbaijan, vice president and First Lady of Azerbaijan, First Lady of Azerbaijan. She is married to Ilham Aliyev, the pre ...

(née Pashayeva), the first lady of Azerbaijan.

Ownership and subsidiaries

The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's president

Ilham Aliyev Ilham Heydar Oghlu Aliyev (born 24 December 1961) is an Azerbaijani politician who has been the fourth president of Azerbaijan since 2003. He is also the leader of the New Azerbaijan Party since 2005. The son and second child of former Aze ...

, Leyla and Arzu. According to news sources, Mehriban Aliyeva is not involved in the business. Among its subsidiaries are Pasha Insurance and Pasha Life. The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan and Georgia. Pasha Holding owns a 50% stake in the

Mandarin Oriental Mandarin Oriental Hotel Group International Limited is a multinational hospitality and management group focusing on luxury hotels, resorts, and residences, with a total of 43 properties worldwide, 20 of which it either wholly or partially owns ...

Bodrum Bodrum () is a town and district of Muğla Province, Turkey. About 200 thousand people live in the district, which covers 650 km2 and includes the town. It is a port town at the entrance to the Gulf of Gökova. Known in ancient times as Hal ...

Hotel. In 2024, Pasha Construction invested 200 million US$ in building a

Ritz-Carlton The Ritz-Carlton Hotel Company, LLC is an American multinational company that operates the luxury hotel chain known as The Ritz-Carlton. The company has 108 luxury hotels and resorts in 30 countries and territories with 29,158 rooms, in addit ...

hotel in

Tashkent Tashkent (), also known as Toshkent, is the Capital city, capital and List of cities in Uzbekistan, largest city of Uzbekistan. It is the most populous city in Central Asia, with a population of more than 3 million people as of April 1, 2024. I ...

, Uzbekistan. In June 2024, Pasha Holding announced a possible IPO in 2025 at the Azerbaijani Stock Exchange, with a possible double listing in Dubai or Turkey.

Activities

The company built the

Four Seasons hotel Four Seasons Hotels Limited, trading as Four Seasons Hotels and Resorts, is a Canadian luxury hotel and resort company headquartered in Toronto, Ontario, Canada. Four Seasons currently operates more than 100 hotels and resorts worldwide.David Se ...

Baku Baku (, ; ) is the Capital city, capital and List of cities in Azerbaijan, largest city of Azerbaijan, as well as the largest city on the Caspian Sea and in the Caucasus region. Baku is below sea level, which makes it the List of capital ci ...

, which involved destroying part of the Baku Fortress Wall of the

Inner City The term inner city (also called the hood) has been used, especially in the United States, as a euphemism for majority-minority lower-income residential districts that often refer to rundown neighborhoods, in a downtown or city centre area. Soc ...

. Critics like

Transparency International Transparency International e.V. (TI) is a German registered association founded in 1993 by former employees of the World Bank. Based in Berlin, its nonprofit and non-governmental purpose is to take action to combat global corruption with civil s ...

have pointed out that Pasha Holding, a COP 29 "official partner", has close ties to the Aliyev family. Between 2023 and 2025, Pasha Holding supported the restoration of the historic Chol Gala Mosque in

Shusha Shusha (, ) or Shushi () is a city in Azerbaijan, in the region of Nagorno-Karabakh. Situated at an altitude of 1,400–1,800 metres (4,600–5,900 ft) in the Karabakh mountains, the city was a mountain resort in the Soviet Union, Soviet ...

. Pasha Holding has been partnering with the

Baku International Jazz Festival The Baku International Jazz Festival is an annual jazz event founded and organized by saxophonist and Baku resident Rain Sultanov. The festival aims to showcase Azerbaijan's long-running attachment to jazz, a connection established in the count ...

for more than ten years.

References

{{reflist Holding companies of Azerbaijan Holding companies established in 2006