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Where does the chrome money go in Bulqiza? The scandal deepens, Albchrome writes that it lost 720 thousand euros in 2024

2025-09-21 18:36:13Investigim SHKRUAR NGA REDAKSIA VOX
Where does the chrome money go in Bulqiza? The scandal deepens, Albchrome writes
Where does the chrome money go in Bulqiza?

The exploitation of underground resources is one of the biggest scandals that has befallen Albania, by all governments over the last 35 years. Starting from oil, chrome, iron, nickel or other metals found in our country. The central government has squandered these resources in the worst way, giving them as concessions to several companies with very dubious pasts, which after filling their pockets well and truly, leave as if nothing had happened.

The delayed investigations of the Fier Prosecutor's Office revealed a multitude of irregularities by the concessionaire that exploits the Patos-Marinza oil field, where the Bankers executives had abused at the expense of the state itself, or in other words, at the expense of Albanians. In that case, the investigations are half-hearted, as they have not delved into the names of the officials, even ministers, who allowed those abuses.

But, without the echo of that investigation, it seems that history is repeating itself again with one of the biggest assets in the Albanian underground, the chrome in Bulqiza. The owners of the concession have changed hands several times, while the famous mine is currently being managed by a Turkish firm. VoxNews has investigated some very suspicious actions of the leaders of Albchrome, which in addition to the mine in Bulqiza also manages the ferrochrome plants in Klos, Burrel and Elbasan.

Where does the chrome money go in Bulqiza? The scandal deepens, Albchrome writes
Facsimile: Albchrome company balance sheet for 2024, with a loss of 720 thousand euros

The data published by our editorial team shows that senior executives, as well as administrators of some factories, have seriously abused the management of this property, which is "owned" by the Albanians themselves and not by those who manage it or those (central government officials) who have granted permission.

In fact, the concessionaire firm operated with two balance sheets, making the situation extremely suspicious, "copying" in this case its sister company Bankers. The scheme is the same for all concessionaires; they inflate costs, pay themselves, exploit workers, and in the end, they issue balance sheets with a loss.

According to documents researched by VoxNews, in 2024 the concessionaire firm Albchrome recorded a loss of 720 thousand euros. The balance sheet was published in recent days at the National Business Center, where the sole partner of this company also issued a document. "To approve the financial statements of the company for the fiscal year 2024, for the period from January 1, 2024 - December 31, 2024 with a loss of 71,492,641 lek, which will be covered by the company's accumulated profits," the document states.

Naturally, several questions arise; Where does the chrome money go in Albania? Is it possible that a balance sheet with a loss is being drawn up to avoid paying obligations? How much have the costs been inflated, by paying subcontractors, in order to draw up this balance sheet? What salaries do the administrators, directors, managers and those who manage this wealth of Albanians receive?

Of course, the controlling institutions, but also the law enforcement ones, must act with the aim of stopping this terrible abuse. If in every country in the world the mines bring income for the state, the workers, the community or even for the company that manages them, it is completely different in Albania. They all end up with losses!

But if they don't make a profit, why keep them?

Or to pay the huge salaries they receive. To pay subcontractors, which in most cases they manage themselves.

Where does the chrome money go in Bulqiza? The scandal deepens, Albchrome writes

Where does the chrome money go in Bulqiza? The scandal deepens, Albchrome writes
Facsimile: Albchrome has changed several administrators, following loss-making balance sheets and allegations of mismanagement

In recent days, the Turkish leaders of Albchrome have held several extended meetings, whether in Turkey, Tirana or even in Bulqizë, Burrel, Klos or even Elbasan. The aim is to remove several executives of the concessionaire firm from management, following reports of horrific abuses.

According to documents that the Albchrome company itself has published in the Central Bank, Cemil Acar has been removed from the position of Company Administrator. Sokol Sinani, who managed the Ferrochrome Plant in Elbasan, has also been removed. It is learned that Ms. Teuta Üstündağ has been appointed as administrator for financial matters. Ms. Teuta once worked at the Ministry of Health, during the time it was headed by Mr. Ilir Beqja. She has also headed the Turkish company Kurum.

Ms. Zeynep Erbeyler has also been appointed, who will deal with administrative and operational issues. Mr. Erjon Duraj has also been appointed for the same administrative and operational issues.

In addition to these changes, VoxNews has learned that Albchrome has also communicated the dismissal of several other administrators, in high management positions. In recent weeks, there has been a "witch hunt", where mass resignations have been requested, this as a result of the mismanagement of chrome, where there have also been abuses and fictitious invoices. There will also be changes in the management positions of the Chrome Mine in Bulqiza, which manages the process of extraction and transportation to the Ferrochrome Plants or even to the Port of Durrës.

VoxNews' warnings about major abuses of this wealth have already found support from the concessionaire firm Albchrome itself. But, at the same time, the "sleep" of those who should control or even investigate them is also very frightening, which makes these institutions complicit in the management of this wealth. The abuses are frightening, not to mention on the same level as Bankers.

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This article is exclusive to VoxNews, and is copyrighted under Law No. 35/2016, "On Copyright and Related Rights". The article may be republished by other media only by citing VoxNews and placing the source link at the end, otherwise any violator will be held liable under Article 178 of Law No. 35/2016.

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