TIRANA, Sept.10- The sale of assets of the pyramid scheme Gjallica, one of the largest schemes to collapse in 1997, will generate compensations for creditors who lost their life savings. 2.41 percent of their initial deposits will be reimbursed for a total sum of 937 million lek to be distributed to investors. The small coefficient is calculated by taking into account the sale of all assets, liquidation of bank accounts and the obligations the firm had to all its creditors. The remaining sum is 38.7 billion leks that the company owns to its creditors. The distribution of these compensations will be done in Tirana and in Vlora through the National Commercial Bank. An agreement has been made by this bank and the administering board of the company as far as the regulations pertaining to the redistribution are concerned. The bank will apply a commission of 100 lek per transaction, expected to generate revenues of 8.9 million leks. The beneficiaries of this redistribution will amount to 88,579 persons who will soon receive the appropriate timetables according to which the bank will organize the specific transactions.
Arapi: a compensation of 6 percent was feasible
The former main manager of the agency that was supposed to investigate and conduct the operations for the compensation of the creditors of all pyramid schemes, Farudin Arapi, claims that a larger compensation could have been made possible for the Albanian creditors if the government would have decided to assume the debts that companies operating abroad had to the company. Arapi says that the administration is returning the minimum to Albanian savers, who lost their money in 1997. Up to 6 percent could have been returned to creditors if the government had claimed 8 million euros that 6 companies operating in Greece, Italy and turkey owned to Gjallica. The Albanian government had sued these companies in court in 2001, a process that had delayed the first plan to start compensation in 2005. Arapi did not comment on the reasons why the administration has decided not to include these proceedings in the compensation scheme. Arapi left his position in 2005.
“Beno” returns 7.51% to creditors
The sum obtained by the sale of the assets of the Beno Company in total is 20.5 million leks. The company was operating in Lushnje and assets, such as the Bricks Factory of Lushnja as well as apartments in Elbasan, yielded most of the proceeds valued at 19.2 million leks. Creditors of this company will receive compensation in the amount of
7.51 percent of their deposits.
Distribution of funds
The distribution of these funds will be done through the National Commercial bank’s branch in Lushnja, according to an agreement reached with the Supervising Group and the administrator of the company and the general directory of the bank in Tirana. The total number of beneficiaries is 10,793. The commission applied by the bank for its services will be paid by the Supervision Group and is in the amount of 100 leks per creditor or a total of 1,079,300 leks. A service fee of 50 leks per creditor will be paid to the company “DATECH” ltd., in Tirana, a total of 539,650 leks for compiling the final lists of distribution and the amount according to the respective coefficient.
“NAHLEL” company returns 7. 94% of the crediting
The total amount that the company will return to its creditors is 2.1 million leks and the beneficiaries are 259. The company “NAHLEL” ltd., was also based in Lushnj묠and the coefficient of return for its creditors is 7.94%. The distribution of these funds will be done through the National Commercial bank, branch of Lushnja, according to an agreement reached with the Supervising Group and the administrator of the company and the general directory of the bank in Tirana. The commission applied by the bank for its services will be paid by the Supervision Group and is in the amount of 100 leks per creditor or a total of 25 900 leks.
