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The Yacht Port in Durrës will not be built by the Arab group, but by a 'shell' company founded a few months ago

Politiko 2021-07-13 18:07:04

The Yacht Port in Durrës will not be built by the Arab group, but by a

The company that will benefit from hundreds of hectares of free state land in the port of Durres, comes from the Cayman Islands and was established only a few months ago.

MCN whitewashes the network of companies behind the $ 2 billion multi-trumpet project by the government, which aims to build a tourist port in Durres, but also to redevelop the entire area into a large complex of hotels and apartments.

Officially, the government has nominated the founder of the Emar Arab group, Muhammad Alabar, as the developer and financier of the project. But apparently, Alabar has decided to come to Albania, not through the Emar group, but with offshore companies from the Cayman Islands.

Documents provided by MCN show that on May 25 this year, a company named Symphony Real Estate Development was registered at the National Business Center. This company has a capital of only 10 thousand ALL and its administrator is the citizen Oltjan Hoxholli, a partner lawyer in the law firm LPA. But Hoxholli is simply an appointed clerk. The owner of Symphony Real Estate is a shell company from the Cayman Islands called Symphony Invest Limited.

Founded in the Cayman Islands on September 23 last year, Symphony Invest Limited is the company with which the Albanian government has entered into a $ 2 billion agreement for the tourist redevelopment of the port of Durres through a special law, such as the National Theater overturned by the Court. Constitutional. But who is behind this offshore company?

Symphony Invest Limited was originally created by a law firm specializing in the registration of shell companies, on behalf of businessman Muhamet Alabbar. But shortly after its founding, the latter transferred its shares equally to two other companies, called Eastern RE Fund lp and Symphony Global Holdings.

Even these two companies turn out to be newly opened in Dubai, without history and without financial background. Consequently, the final beneficiary of the company that will receive more than 100 hectares of free state land in the port of Durres is unknown, as is its financial capacity.

The Durrës port project is surrounded by many questions, not only financial, but also legal. This investment will be realized through a special law, outside the rules of public procurement, but also the mandatory transparency of state projects.

Offshore registration of companies that will finance and implement the project adds even more to these questions, while the special law of the government for the port of Durres has caused a lot of concern to the European Union./ MCN