Lies behind ARMO sale

Experts say that the resale of 85% of the ARMO shares is a suspicious financial transaction that deepens the oil sector crisis.

“We are looking at the application of the same scheme that was used with the privatization of ARMO 5 years ago, and now they are giving a small touch for a new model. I think that all problems of this society, the financial ones and the obligations to third parties, the state budget or individuals are not resolved with this transaction”, declared Kastriot Bejtja, expert in the oil industry.

Bejtja thinks that the transaction concludes a dark 5 year period of the oil administration in Albania, where the public property has been stolen by a group of people through deceit, and that are tolerated and directed by the Ministry of Economy.

“The conclusion is very clear. This is a scheme for robbing the public property, with a decline of the reputation of the Albanian state in all oil industry activities”, Bejtja declared.

Bejtja says that the damage is incalculable, and the those who are responsible still lead the highest posts in the Ministry of Economy.

“Since the officials of this ministry are causing an incalculable damage to the Albanian state and the public interest, I think that they should face the law and show what damage they have done”, Bejtja declared.

The privatization agreement of ARMO foresaw a series of legal obligations to the private sector, together with the respective punishments. According to the agreement, the new owner should ivnest 200 million USD for five years, modernize the technology and produce oil of European standards. By the end of five years none of the conditions was fulfilled and the company has even accumulated financial obligations of hundreds of millions of USD to the state, employees and third parties.

The Ministry of Economy which should monitor the privatization and collect the fines accepted to allow the transaction that transferred ARMO to an off shore company in the Virgin Islands.

TOP Channel, 16.08.2013