Turkish magnate behind secret London property of Azerbaijani official’s son

Vremax Properties Limited, Turkish magnate, Erdal Aksoy, Azerbaijani

In the labyrinthine world of international business and politics, connections often run deep, weaving intricate webs that can be challenging to untangle. One such enigma revolves around Erdal Aksoy, a prominent Turkish magnate, whose ventures intertwine with Azerbaijani officials, luxury London real estate, and a network of high-profile projects. Recent revelations have shed light on previously undisclosed transactions and relationships, expanding the narrative surrounding Aksoy’s activities into a captivating tale of influence, ambition, and intrigue.

Central to this narrative is Vremax Properties Limited, a shell company registered in the British Virgin Islands, which played a pivotal role in a 2020 investigation by the Organized Crime and Corruption Reporting Project (OCCRP). The company’s ownership remained shrouded in secrecy until a corporate filing in the UK unveiled Batu Aksoy, Erdal’s son and CEO of Aksoy Holding, as its beneficial owner. This disclosure marked a significant development, linking the Aksoy family to the enigmatic entity that facilitated the purchase of luxury London apartments, notably inhabited by Juma Ahmadzada, the son of an Azerbaijani state official.

The intricate web expands further as connections between Erdal Aksoy, Mehmet Cengiz, and the Ahmadzadas come to light. Cengiz, a Turkish tycoon, was linked to Vremax through substantial consultancy fees paid shortly before the acquisition of the London property. Concurrently, his construction firm, Cengiz Inşaat, was awarded contracts for high-profile projects in Azerbaijan, including the construction of the Shamkirchay dam. The ties between Cengiz, Aksoy, and Azerbaijani officials raise questions about the nature of their relationships and the motivations behind their business dealings.

The narrative gains depth as evidence emerges from various sources, including official publications and statements. Erdal Aksoy’s involvement in the Shamkirchay dam project, depicted in photographs and documents, underscores his role as a key player in Azerbaijan’s infrastructure development. While official accounts attribute the project solely to Cengiz Inşaat, indications of Aksoy’s participation suggest a more nuanced reality, where collaborations and partnerships extend beyond the surface.

The interplay between business, politics, and personal relationships adds layers of complexity to the story. Erdal Aksoy’s close ties with Azerbaijani officials, documented in biographical accounts and public appearances, highlight the intricacies of his connections in the region. His efforts to foster economic cooperation between Turkey and Azerbaijan, as depicted in a biopic about his life, underscore his commitment to both countries and the role he plays in facilitating cross-border ventures.

Amidst the revelations and speculations, key players remain silent or offer carefully crafted responses. Attempts to reach Juma Ahmadzada and Azerbaijani authorities yield limited results, leaving lingering questions about their involvement in the London property affair. Meanwhile, statements from Aksoy Holding and Cengiz Holding provide insights into their perspectives but leave much unsaid about the nature of their relationships and transactions.

As the narrative unfolds, it becomes apparent that the story of Erdal Aksoy and his business connections transcends individual actors or isolated incidents. Instead, it reveals a broader pattern of collaboration, influence, and ambition that spans borders and industries. From luxury real estate acquisitions to large-scale infrastructure projects, the tale of Erdal Aksoy offers a glimpse into the intricate world of international business and the complexities of navigating relationships in pursuit of success.

According to OCCRP, the value of construction and infrastructure projects by Turkish companies in Azerbaijan rose to three billion in 2013, the year before the Shamkirchay dam was officially opened, before dropping to two billion dollars in 2022, according to reports from the association.

According to his biography, Azerbaijan has started the procedure of granting Aksoy honorary citizenship. (Government officials did not respond to OCCRP’s request to confirm this).

In the film “Life Is All About Solving Problems”, the now 80-year-old Aksoy expresses his commitment to both countries.

“I am always thinking about what I can do further for my country Turkey”, he says. “I have considered it my duty to also think about what I can do for Azerbaijan”.

The story of Erdal Aksoy and the London property mystery serves as a compelling case study of the interconnected nature of global business and politics. As new revelations continue to emerge, the narrative evolves, offering insights into the dynamics of power, influence, and ambition in the modern world. Whether it’s through secretive shell companies or high-profile projects, the story of Erdal Aksoy reminds us that behind every transaction lies a web of relationships waiting to be uncovered, and behind every enigma lies the potential for deeper understanding.


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