Lets face it – Dubai is the place to go when you need to launder money. This is why Citibank and all the other large US banks have branches there – to avoid awkward questions about bonuses.
US treasury official: “Where did you get that 50 million dollars?”
Bank Official: “I sold an investment portfolio in Dubai – here are the papers.”
US treasury official: “Ah – OK – that looks fine. No taxes to pay here.” *wink wink*
But it appear that someone has overstepped the mark and questions are being asked. According to the Washington Post, an 11-year-old boy from Azerbijan, by the name of Heydar Aliyev (same name as the son of Azerbaijan’s president, Ilham Aliyev) bought 9 waterfront properties on Palm Jumeirah last year. In all, Azerbaijanis with the same names as the president’s three children own real estate in Dubai worth about $75 million.
Much like any similar Citibank deals, a return on investment is secondary to removing the money from view, and no one in their right mind is suggesting the properties in question are currently worth $75 million, but a bird in the hand….
Under normal circumstances this would not even warrant a second glance and the entire financial community is well aware that what happens in Dubai, stays in Dubai., but the Azerbaijani government is coming under increasing scrutiny for removing democratic processes in their own country while sending troops to aid the US war in Afghanistan.
On a recent visit, William J. Burns, undersecretary of state for political affairs, praised Azerbaijan for supporting the United States in Afghanistan and was super careful not to criticise.
There are suggestions that this ploy of buying $75 million in property in Dubai using the names of the President’s children is actually a ploy by enemies of the government to discredit the regime. Make your own mind up about that one….
