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Even though it has been operating in Albania for over 20 years and has not paid any taxes on its profits, the company Bankers Petroleum has threatened the Albanian state with international arbitration.
In an official statement, this company, involved in a criminal investigation for money laundering, fraud and tax evasion, accuses the Fier Prosecution Office of "disproportionate" actions and warns that it will appeal to international courts to protect the "rights of foreign investors."
The investigation has revealed that Bankers deliberately inflated expenses to avoid paying income tax, channeling funds into fictitious companies or through dubious contracts. Despite selling oil worth over 532 billion lek, the company declared 684 billion lek in expenses, a financial maneuver that has raised serious suspicions of money laundering and transferring profits abroad.
Instead of answering before Albanian justice, Bankers chooses to victimize himself, ignoring the fact that he has unilaterally exploited one of the country's most strategic resources, without giving anything in return to the Albanian state budget.
Full reaction
The company is following with concern the investigations into some of its current and former executives and employees. We would like to reiterate that the change of control to the current investors occurred in September 2016.
These developments come after months of surveillance of telephone communications and the seizure of personal and work items of some of our employees, carried out in circumstances that raise serious concerns about procedures and proportionality, culminating in restrictive measures against individuals and work equipment.
We reconfirm that:
-The agreements under which the Company operates in Albania, and the "cost recovery" system in those agreements, which is at the center of this criminal investigation against the Company's directors and employees, were assessed in a final award issued by an ICC arbitration in 2024;
-However, the Company is fully cooperating with the competent Albanian investigative authorities;
-All employees have the right to be presumed innocent and have the right to independent and fair legal protection;
-The company is providing full legal support to all affected staff and guarantees full legal representation at every procedural stage, strongly supporting their right to a fair and impartial process.
Considering the potential impact that these developments may have on the integrity of its operations in Albania, the Company has engaged legal teams both in Albania and abroad to co-lead the legal defense, both domestically and before international arbitration bodies.
The Company is currently evaluating all available international legal avenues, including proceedings before international investment institutions and arbitration under the ICC Rules, in order to protect its rights as a foreign investor and maintain the legal certainty of its operations.
The company will continue to fulfill its contractual obligations and adhere to Albanian laws. We believe that neither the aforementioned mechanisms nor their instigation should replace the dialogue regarding the implementation of the final award issued in the aforementioned ICC arbitration, which we have long expressed our readiness to finalize and implement.
Our company will not accept any unjustified interference that harms its staff, their families, its reputation, or its long-term investment in the country.
In this challenging environment, our core team has demonstrated unity and professionalism, ensuring that the Company's operations continue without interruption.
We remain fully committed to our partners and all stakeholders by fulfilling our obligations with the same quality and reliability, to Albanian institutions and above all, to all our employees, who have served our mission with integrity and professionalism.
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