The owner of marine fuel trading firm Oilmar has reportedly been arrested in Azerbaijan, prompting a management buyout of the bunker company.

Adnan Ahmadzada has been accused of acts of sabotage against economic security and large-scale embezzlement and arrested by Azerbaijan’s State Security Service, news agency APA reported this week.

Ahmadzada was listed as the 100% owner of Oilmar Shipping and Chartering DMCC in Dubai as of March 2024, according to a registration document seen by Ship & Bunker.

Oilmar’s management is now in the process of taking over ownership of the company, CEO Yusif Mammadov said in a note to clients on Monday.

“The Company’s management has already commenced the process of acquiring all shares of Oilmar DMCC,” Mammadov said.

“This buy-out process is actively underway and is expected to be finalized within the next few days.

“This strategic move aims to ensure the continuity of our operations and protect the business from any potential disruption during the investigation period.”

There is no suggestion that Oilmar itself had any involvement in the alleged crimes of which Ahmadzada has been accused.

“We want to assure our stakeholders that this matter will not impact our day-to-day operations or our ability to deliver high-quality services,” Mammadov said.

“We will continue to operate as usual, maintaining the same standards of integrity and professionalism.”