Government says it will try to protect investors from competing ownership claims as too many significant investments are being held up in court.
TIRANA, April 15ؗhen a group of investors tried to start work on a new facility in the Cold Water section of Vlora’s beach last week, people claiming ownership of the land tried to stop the contracted construction company from starting work on the site. There were clashes, and the police was involved.
The owners had the right paperwork, and so did the investors, based on who you choose to believe. But the people who claimed ownership said they had taken the case to court and no work should happen until the case is solved, the Albanian media reported.
Until the courts have spoken, it’s hard to tell who is right in Cold Water, but this is unfortunately an all too familiar story in Albania, where competing ownership claims often hamper investments. It is also an issue the government is trying to solve, at least in the case of investors with big pockets.
The government has just approved a bill that puts the burden on the government to deal with competing ownership claims rather than the investor. But there are conditions. The investment needs to be large – at least 10 million euros.
Prime Minister Sali Berisha said the draft law represents a substantial new development to ensure all the necessary stability investors demand when coming to Albania.
“This law is extremely important and was prepared with the best expertise. The market welcomes this bill,” Mr, Berisha said. “I think that this is a much needed law.”
Economy Minister Dritan Prifti said the new law comes after a number of significant investments where being held up in court by conflicts with people who had claims on ownership of land. Prifti added that is no way to encourage foreign investors.
“There will be a special state protection for foreign investments. There will be protection for investments carried out in energy, tourism, infrastructure and when the amount of foreign investment is above 10 million euros. Each property problem will be dealt by the state, not investors,” Prifti said.
