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Known for managing the assets of pyramid schemes, Farudin Arapi is appointed administrator of the incinerator company

Politiko 2021-12-17 20:13:36

Known for managing the assets of pyramid schemes, Farudin Arapi is appointed

The company 'Integrated Technology Services', which was seized by the Special Prosecution Against Organized Crime and Corruption as part of the scheme of embezzlement of public money in the incinerator of Elbasan was placed under the administration of the office for the management of seized properties while the latter , appointed Farudin Arapin as its administrator.

Company documents filed with the National Business Center show that the seizure decision was filed on December 15 and that the previous administrators, Denisa Tollkuçi and Klodian Zoto, were fired to be replaced by Farudin Arapi.

Mr. Arapi was not available for comment until the publication of this article.

The scheme of the government of Prime Minister Edi Rama for construction of incinerators using some people without known experience in such a field has been compared to the pyramid schemes of the time of Sali Berisha when he was president before 1997. But the reappearance of Mr. The Arab as administrator of the incinerator company seems to constitute a historical irony that puts a lid on it. In fact, Arapi was the official of the Albanian government who took over the administration and liquidation of the infamous pyramid schemes in the early 2000s. And just like at that time, the company that Arapi is expected to manage today does not seem to be in very good financial condition.

According to the balance sheet of 2020, the company has a share capital of 100 thousand ALL (830 euros) while the accumulated profits in the amount of 549 million ALL (4.6 million euros) were "distributed" in the vast majority only a few months ago. A decision of July 1 of this year stipulates that the administrator and sole owner of the company, Klodian Zoto, has decided to distribute in the form of dividends 43 million ALL from the company's profits.

The company's balance sheet for 2020 also reports that the company has liabilities in the amount of ALL 1.3 billion or over EUR 11 million of short-term liabilities.

Albanians were not very happy with the administration of the properties of the first pyramid schemes in the early 2000s. The liquidation process lasted for many years and what the citizens received in the end was a few pennies of the money they had deposited in the pyramid schemes. Clearly even in this case, history has taken the path towards repetition. SPAK has ordered the seizure of companies that have debts but no share capital while the money, along with the suspects, has gone in the direction of the defendant.

The company Albtek Energy, which was also seized, seems to have a lot of debts, at a time when 41 million ALL profits have been distributed to the owners, namely Stela Gugallja on July 1, 2021. Birn