The history of Akkord from 2005 to 2014

Ilgar Hajiyev · 7 November 2026

The company I built

Akkord is my creation. I founded the company in Azerbaijan in 2005. In nine years, it grew into an international construction group with overseas operations, industrial facilities and a role in major infrastructure projects. Contemporary reporting, international bank documents and client records trace that growth. My founding of Akkord in 2005 is confirmed, among other sources, by a 2017 report from AzadlıqRadiosu. [1]

My account of how I lost the company is presented separately from documented corporate events. I believe the company was taken from me in the interests of Ilham Aliyev and his circle. But the history of Akkord must remain accurate even where published documents do not fit a simple story of success followed by collapse.

The early years and an industrial base of its own

By November 2006, Trend was reporting that the group included more than ten limited liability companies. That year, Consulting & Business magazine gave Akkord a business award in three categories: industrial and construction group, industrial construction, and property development. The report was based on information from the company's press office. [2]

By 2008, Akkord was involved in building the Baku–Guba–Russian border highway. In its report of 27 September that year, APA named me as president of the Akkord construction company and one of those presenting the progress of the works. The project covered a concrete road from kilometre 16 to kilometre 134, bridges, interchanges and utility infrastructure. These records confirm my leadership role at the time, rather than merely repeating later biographical accounts. [3]

Residential construction also produced measurable results. In December 2009, APA reported the handover of 2,000 apartments in the Absheron Youth Town and the commissioning of 128,429 square metres of housing. These figures refer to a particular stage, not the total of all subsequent development. [34]

Industry became an important part of the group's growth. Its marble and granite plant opened on 9 August 2010. APA described me as the head of Akkord and reported investment of 19 million manats, including a subsidised loan of 3.5 million. The site covered 80,000 square metres, with 18,000 square metres of enclosed premises. The plant was intended to supply construction projects and the local market; the report described exports as an area for future development. [4]

On 5 July 2013, a cement production line opened at the Gazakh Cement Plant. The official statement from the President of Azerbaijan described it as a joint investment project of Akkord and the International Bank of Azerbaijan. Construction had begun in 2010; design capacity was 1 million tonnes of cement a year and 2,500 tonnes of clinker a day. The clinker line was still under construction at the time of the ceremony. The opening of the cement line, completion of the entire complex and any subsequent expansion therefore cannot be treated as a single event. [5]

On 2 September 2013, five tunnels at the Galaba Square interchange opened in Baku. The official statement explicitly identified Akkord as the contractor. A sixth tunnel had been operating since December 2012; the tunnels' combined length was 2,512 metres. Some pedestrian and landscaping works were still continuing. [35]

In an October 2013 interview, Akkord's management reported 40 manufacturing and processing facilities and more than 6,000 employees working in seven countries. These were figures provided by the company at a particular point in its history. They describe the group's scale at that time, not its current condition. [6]

How Akkord became an international group

By the end of 2014, there was a practical basis for describing Akkord as “transnational”: it operated outside Azerbaijan, joined international consortia, secured road contracts and built an overseas network. Winning a tender, starting construction, opening a road to traffic and finally closing a contract are, however, distinct stages.

Georgia

Georgia was one of Akkord's first major overseas markets. The World Bank's contract register lists Akkord for the Sveneti–Ruisi project on the E60 highway. The same register includes work on the Tbilisi–Tianeti, Kutaisi–Tkibuli–Ambrolauri and Kutaisi–Tskaltubo–Tsageri–Lentekhi–Lasdili roads. This is primary evidence of participation in World Bank-financed projects. [7]

In an interview published in June 2012, the company's management reported that the Sveneti–Ruisi road and two-way tunnel had opened on 28 November 2011 in the presence of the President of Georgia. Construction of the viaduct was still continuing at that point. Opening the road to traffic in 2011 therefore cannot automatically be equated with completion of every structure covered by the contract. [8]

Akkord Georgia participated in the construction of the Kutaisi bypass, which opened in 2014. The company's statement described its work as covering 17.3 kilometres. The Embassy of Japan independently confirmed the opening of a 32-kilometre section on 19 November 2014 with JICA financing and named Takenaka and Todini. There is no basis for attributing the main contract for the entire section to Akkord. [36, 37]

Kazakhstan

In Kazakhstan, Akkord participated in the Western Europe–Western China road corridor. The World Bank's register names AKKORD OKAN JV as the winning joint venture for two lots of the South West Roads project. Publications from 2012 described the combined length of the relevant sections as 107 kilometres. The amounts in the bank's register relate to the joint venture's contracts, not to the founder's personal income or Akkord's individual share. [7, 9]

A separate project covered kilometres 705–742 of the Shymkent–Tashkent road. Salini's 2013 annual report records the award of the contract on 28 November 2013 to a consortium of Todini, Impregilo and Akkord: approximately 37.5 kilometres and around €63 million. Financing was linked to the Asian Development Bank, with work scheduled to begin in the first quarter of 2014. Akkord's own project record gives the completion date as 20 September 2016. It belongs in the history of the first nine years as a project secured and started, not as one already fully completed. [10, 41]

Ukraine

In August 2011, the consortium of Todini, Akkord and Salini secured two contracts to reconstruct the section of the M06 Kyiv–Chop highway between Kyiv and Zhytomyr. The EBRD records a signing date of 5 August 2011 and amounts of €91,062,647 and €113,448,646. Together, these came to approximately €204.5 million for the entire consortium. Attributing the full amount to Akkord's revenue would be incorrect. [11]

The works were connected with preparations for Euro 2012 transport infrastructure. Final documentary completion of the contracts came later, however: Ukravtodor's audited financial statements date the final certificates to March 2016. Participation in the project in 2011–2014 must therefore be distinguished from its final contractual close-out. [12]

Uzbekistan

In Uzbekistan, Akkord secured contracts to reconstruct 100 kilometres of the M39 Tashkent–Termez road, with a combined value of $126.7 million. A 2017 resolution of the President of Uzbekistan dates the agreements to 21 March 2012 and links the project to Islamic Development Bank financing. Completion had been scheduled for June 2014, but the same official document records delays. The project therefore demonstrates the scale of Akkord's overseas orders, but should not be presented as fully completed by 2014. [38]

Turkey and TANAP

At the end of 2014, Akkord joined the major TANAP energy project as part of the SICIM–Yüksel–Akkord consortium. The client itself confirms the consortium's participation in lot 2, from kilometre 375 to kilometre 825, between the Aşkale and Yıldızeli districts. The Southern Gas Corridor prospectus confirms the consortium's selection as a contractor in December 2014. This was an important achievement of the period: entry into international gas pipeline construction. It does not mean that the pipeline was already built in 2014, nor does it automatically establish Akkord's involvement in the separate TAP project. [13, 14]

Overseas network and technology partners

In 2012–2013, company statements referred to active projects in Georgia, Kazakhstan, Ukraine, Uzbekistan and Turkey, as well as a representative office in Frankfurt. Some publications also mentioned Afghanistan. The documented list of specific contracts appears above; a representative office is not, by itself, a completed construction project in that country. [6, 9]

In April 2013, Trend reported, citing company materials, completed projects worth $1.7 billion and an ongoing portfolio of approximately $1.9 billion. These figures must not be added to individual bank-financed contracts or treated as an independent valuation of the business. The same publication noted relationships with Bouygues, Freyssinet, Salini, Todini, Condotte, Herrenknecht and SINOMA. [15]

In metro construction, Akkord established a joint venture with Bouygues. A memorandum with Baku Metro was signed on 7 November 2012. The memorandum indicates a direction of technological development, but is not, in itself, evidence of a completed station or a fulfilled contract. [6]

International banks and what their involvement meant

The involvement of the World Bank, EBRD, EIB, Asian Development Bank or Islamic Development Bank means financing for specific infrastructure programmes and procurement. In most of these cases, the direct client was a government body or roads authority, with Akkord or a consortium acting as contractor. Saying that the company “built infrastructure under projects financed by international banks” is more accurate than suggesting that the banks owned the company or unconditionally guaranteed the quality of its entire business.

Alongside overseas roads, the World Bank's register includes Akkord contracts in Azerbaijan: construction of the district courthouse in Gedabek and water supply and sewerage works in Sabirabad. These show that its relationships with international financial institutions extended to different types of infrastructure. [7]

Examples of documented contract amounts

The World Bank entries below give the fiscal year and the amount of contractual commitments in the extract dated 6 January 2020. They are not evidence of funds being disbursed. For Ukraine, the figures are the signed contract values for the whole consortium in the EBRD register. These amounts do not add up to Akkord's value or its tax payments. [7, 11, 39]

The World Bank also lists Sveneti–Ruisi in several entries. These have not been combined into one amount here without further matching of contract identifiers and lots. The bank's fiscal year does not coincide with the calendar year. [7]

Awards, certifications and professional recognition

Akkord received business awards, and there were reports of certification of its management systems. These should be distinguished: an award from a private business organisation is not a state honour, a European Union certificate or a finding by independent technical supervision.

In December 2011, Qafqazinfo carried a statement by Akkord's public relations director about the award of OHSAS 18001:2007 and ISO 14001:2004 certificates following an SGS audit. The same publication reported the renewal of ISO 9001:2008 certification until 2014. This is a specific report of certification, not a basis for claiming that the certificates remain valid today. [19]

In May 2013, APA reported Akkord's corporate affiliate membership of the International Tunnelling and Underground Space Association and the World Road Association PIARC. Membership reflects participation in a professional community; it does not mean that the organisation reviewed and approved every company project. [20]

Interviews in 2011–2012 also mentioned the achievements of the field hockey team supported by Akkord, including the Challenge IV tournament in Bratislava. This is part of the group's sporting and sponsorship history, which should not be confused with construction awards. [16]

Leaving operational management and changes in shareholdings

My departure from Akkord took place in several stages. Contemporary materials name Khagani Guluzade as head of the corporation from August 2010. The end of my day-to-day operational leadership was not, however, equivalent to an immediate end to my involvement in the company's affairs. [21]

According to AzadlıqRadiosu, in 2011 VIP Estate held 51% of the shares and Darya Valiyev held 24.5%; I retained a 24.5% stake. In October 2013, Akkord itself stated that I remained a shareholder and had overseen overseas projects since 2010. In September 2014, APA reported the sale of my remaining stake without disclosing the price or the buyer. AzadlıqRadiosu later named Darya Valiyev as the buyer. [1, 22, 23]

My position is that the loss of control and of my remaining shares resulted from pressure and threats, rather than a free decision to give up the business I had created. I connect what happened with the interests of Ilham Aliyev and his circle. My public statements on this were recorded, among other sources, by the Baku Research Institute in 2021 and Meydan TV in 2025. These publications confirm that I made those allegations; they do not, by themselves, replace an independent determination of all the circumstances of the transfer of ownership. [24, 25]

Published accounts describe the formalisation of a share sale. That form of transaction does not, in itself, settle the dispute over whether it was voluntary. A definitive assessment requires the agreements, payment records, shareholder register and evidence of the circumstances in which the documents were signed.

What financial results after 2014 show

Later financial statements show periods of profit and loss, but do not form a single comparable series. For 2017, the published annual report of the ASC and reports on the group's consolidated results showed different outcomes.

Accounts of 2014–2015 are contradictory. Report.az, including a response from the company itself, describes the amounts of 19.812 million and 21.777 million manats as profits. AzadlıqRadiosu also reports profits, citing consolidated financial statements. APA describes practically the same amounts as losses. The original financial statements are needed to resolve this discrepancy definitively, so the figures below are attributed to their sources rather than presented as indisputably established results. [26, 42, 43]

The 2025 financial statements show a dash for revenue from principal activities. At the same time, they record AZN 474,675 of other operating income from the sale of fixed assets. The carrying value of land, property and equipment fell from AZN 14,222,193 to AZN 2,067,088. These figures indicate a deterioration in operating results and a reduction in this part of the balance sheet. They do not prove that the entire difference resulted from theft: such a conclusion requires schedules of asset movements and other documents. [30, 31]

I believe that the business I built was plundered and destroyed. That is my assessment of what happened. Published financial data support statements about later losses, declining revenue in particular years and a reduction in fixed assets. They do not automatically establish the culpability of specific individuals or a causal link between each loss and changes in shareholding.

Taxes and contributions to the budget

Akkord's tax history requires particular care. Corporate income tax, VAT, payroll deductions, social contributions and amounts owed to the budget are different measures. Accrued tax is also not always equal to the amount actually paid in the same year.

In July 2016, Report.az reported that Akkord had not paid corporate income tax for 2014 and 2015. In response, the company explained that no such liability had arisen because prior losses had been offset. This does not mean that the group paid no taxes at all, and it does not allow its total contribution to the budget to be calculated. [26]

The separate ASC financial statements for 2016–2017 show dashes for corporate income tax expense; the actual payment line in the cash flow statement also contains no positive amount. This cannot be turned into a claim that total payments by every company in the group were zero. [27]

A reliable total for taxes in 2005–2014 must rest on payment documents and comparable tax records covering a defined set of legal entities. Without such a series, it would be wrong to state a specific multi-year amount. Tax debts from later years cannot substitute for information about how much the company paid during its years of growth.

The later consolidated financial statements for 2024 contain the following tax figures. These are expenses and outstanding liabilities, not the total of payments for the year. [40]

A reduction in the balance of liabilities does not allow payments to be calculated without information on accruals, offsets and other changes. Figures for individual subsidiaries, such as Akkord Beton, also cannot be added to the parent company's figures without reconciliation.

The significance of the first nine years

Between 2005 and 2014, Akkord grew from a group established in Azerbaijan into an international contractor with an industrial base and a role in projects financed by leading development banks. The strongest evidence of this growth lies in the actual roads, industrial facilities and contracts recorded in client and bank documents.

For me, Akkord remains the company I created. The story of its development and the story of my loss of control must both be preserved. The company's achievements deserve an accurate account, and my allegations of coercion and plunder deserve independent examination against the documents.

The Wikipedia reference article

English-language Wikipedia describes Akkord as a company founded in 2005 and names Ilgar Hajiyev as its founder. An Azerbaijani-language article also exists. Many of the business figures in these articles relate to 2013; they cannot be treated as a current corporate report. The articles do not substantiate allegations concerning Aliyev or the circumstances of the share transfer. [32, 33]