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Millions of lek in salaries and consultants, but ZERO profit: the contradictory balance sheet of the Albanian Investment Corporation

2025-12-19 11:51:52Biznes SHKRUAR NGA REDAKSIA VOX
Millions of lek in salaries and consultants, but ZERO profit: the contradictory
Albanian Investment Corporation

The Albanian Investment Corporation, a structure created to manage the development of public properties, has had an expenditure scheme that raises more questions than answers even in 2024. Although with limited staff and without making a profit during its years of existence, since 2019, and throughout the past year, the company has recorded hundreds of millions of lek in bonuses, salaries and payments to external experts, expenses that remain high for a public entity that does not yet generate significant income from its activity.

According to official data, analyzed by ekofin.al, only for external experts engaged in the Property Use Efficiency Commission (KEPP), the Corporation has spent 15.5 million lek during 2024. These experts are selected through a formal process, through a regulation approved by the Supervisory Council, while the remuneration varies according to the contract, from set prices, to payments based on objectives or according to periods. Although the flexibility of contracts is argued as a means to ensure qualitative expertise, it remains unclear which concrete projects have justified this level of expenditure and how many of them have brought measurable results.

Moreover, the process of selecting experts remains partially centralized: when the KEPP has not yet been established, decision-making is passed directly to the Executive Director. This gives one individual broad powers in contracting services paid for by public funds.

In another sensitive financial line, the Corporation has spent about 25 million lek on bonuses to members of the Supervisory Council, Advisory Board and key personnel during 2024 alone. For an entity with a small number of employees, about 17, this amount represents a high level of benefits that raises questions about the economy and proportionality of costs.

The Corporation's internal documents, consulted by ekofin.al, state that there are mechanisms for identifying relationships with related parties, but there is no specific policy for key employees, leaving open the question of how standardized compensation practices are at the highest levels of administration. Individual contracts remain the only reference document, making internal transparency relative and limited.

Meanwhile, despite these significant expenses, the Corporation has not made a profit for 2024 and, consequently, does not pay income tax. This situation contrasts with market practices, where high compensation is usually linked to performance and concrete financial results.

In the absence of profit, the income that finances these rewards comes mainly from public funds. This makes transparency on the methodology for selecting experts, the criteria for salaries and rewards for the governing bodies, as well as the real effect of these expenses on the mission of the Corporation even more necessary.

This situation raises some natural public questions: Is this level of expenditure justified for an entity that operates with a small staff and without financial performance? What are the concrete results of the work of KEPP and the advisory boards that justify the high rewards? Has the ratio between costs and real contribution to the managed projects been taken into account?

At a time when the government preaches caution in the use of public funds and institutional efficiency, the case of the Albanian Investment Corporation reopens the debate on how rewards are distributed, how effective advisory structures are, and how justifiable the increase in administrative costs is for an organization that does not generate profits.

Total personnel expenses for 2024 were 65.1 million lek, while other costs were 31.3 million lek, including 15.5 million paid for external consultants and 5.7 million paid for travel and accommodations/ ekonfin.al


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