Mushfig Vekilov and Kamran Vekilov bankrupted their KredoBank OJSC in Azerbaijan. It seems, that the bankruptcy was quite profitable, as the brothers are investing heavily in German, Austrian and Turkish properties. It seems they brought their dubious business customs to the new grounds, as allegations are already rising.
Mushfig Vekilov, the chairman of KredoBank OJSC, who survived the scandal in connection with property and financial scams, who declared bankruptcy in 2016 and closed the bank, together with his brother Kamran Vekilov created a new company in Germany and acquired several hotels.
Vekilov brothers engaged in tourism and hotel business in Germany and Austria, as well as in Turkey. They were again at the centre of a scandal in connection with allegations of financial fraud.
The new companies of the Vekilovs, registered as Credo Invest LLC and VEK Tourism. M., began to operate. Vekilov purchased the Grand Palace in the German city of Hanover near the central station at Lavesstraße 77, 30159 and at Nikolastrabe, 12 – “Yours Hotel City”. Currently, another facility is being built in Hanover at Schiffsgraben (Schiffsgraben) 29. In Vienna (Austria), he has already put up for sale a hotel belonging to him at Taborstrasse 11.
However, it turned out that in connection with the properties Mushfig Velikov is experiencing a scandal with local German, as well as Azerbaijani businessmen. It is alleged that he deceived local businessmen, which, taking into account his overall story seems likely. There is information that he also purchased tourist facilities in Turkey in the name of the same companies.
In 2016, KredoBank OJSC was declared bankrupt under scandalous circumstances, after which information appeared in the media that M. Vekilov is connected with financial fraud and is close to the FETÖ terrorist organization (labelled as terrorists by Turkey and Azerbaijan).
