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Mega scandal - Ahmetaj: TIMAK Defence of Roni Yeffet and Arjata Puca with 14 employees and negative capital, received millions of euros from the state

2026-09-07 22:33:23Fokus SHKRUAR NGA REDAKSIA VOX
Mega scandal - Ahmetaj: TIMAK Defence of Roni Yeffet and Arjata Puca with 14
Arjeta Puca and Ron Yeffet, owners of Timak Defence

Former Deputy Prime Minister Arben Ahmetaj, in an interview given to Çim Peka, has made strong accusations about the way the new military industry established by the government is functioning, placing the TIMAK Defence company at the center of the denunciation, a company where the private sector controls 80% of the shares, while the Albanian state only 20%.

According to Ahmetaj's statement, TIMAK Defence has only 14 employees, with an annual cost of around 140 thousand euros, while the real military production activity, according to him, is minimal.

"Timak Defense has 14 employees, with a cost of 140 thousand euros per year. This company has only made 240 thousand lek of military equipment. Timak Defense's capital is negative, so Ron Yeffet has not invested anything, but has inserted the pipe into the state budget to absorb Albanians' money. It has only received a tender of 3.1 million euros and has not invested anything," Ahmetaj declares.

The former deputy prime minister's accusations take on additional weight when viewed in parallel with the company's ownership structure and the relationship between the state and the private sector.

Who owns TIMAK Defence?

According to commercial registry documents, TIMAK Defence was established on August 4, 2025, and registered with the Central Bank on August 13.

The share structure is as follows:

80% – TIMAK sh.pk

20% – KAYO JSC

KAYO is the state-owned military industry company, 100% controlled by the Ministry of Defense.

So, although it is a strategic activity directly related to the Armed Forces and national security, the Albanian state owns only one-fifth of TIMAK Defence, while 80% is controlled by the private company TIMAK.

But the structure of TIMAK also changed slightly before the creation of the joint company with the state.

According to the commercial register data, TIMAK is owned by:

51% from Arjeta Puca

49% from Ron Yeffet.

This means that, indirectly, the economic ownership of TIMAK Defence is divided approximately:

Arjeta Puca – 40.8%

Ron Yeffet – 39.2%

Albanian state, through KAYO – 20%.

The beneficial owner register also confirms Arjeta Puca as the beneficial owner of TIMAK Defence with 40.8%, through her 51% stake in TIMAK.

Ron Yeffet joined TIMAK just a few weeks before the agreement with the state.

Ron Yeffet has not historically been a shareholder of TIMAK. He entered into ownership of the company in 2025, taking 49% of TIMAK, while Arjeta Puca held 51%.

Just a few weeks later, TIMAK Defence was established and TIMAK took 80% of the joint company with the state-owned KAYO.

So, within a very short period, Yeffet entered as a partner in the private company and this company then became the state's dominant partner in one of the most sensitive sectors of the economy: the military industry.


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