Albanian prosecutors launched an investigation into Energoinvest's transactions and offshore accounts

(Patria) - Specialized prosecutors for corruption in Albania (SPAK) have launched an investigation into transactions totaling 3.6 million euros made by the company Energoinvest, which built the electricity interconnector for Kosovo, to a company based in the United Arab Emirates. The Pandora Papers referred to the leak of millions of documents that revealed offshore accounts worldwide. According to the leaked information, the Bosnian company Energoinvest paid this amount to the UAE consulting company AL Energy Transition, owned by Albanian citizen Vasil Kallupi, writes euractiv.com.

SPAK refused to provide further information about the investigation to the media as it is ongoing. Although the transactions are not necessarily illegal, the fact that they are channeled through an offshore jurisdiction raises suspicion. The company, founded at the time in Yugoslavia, is known throughout the Balkans and has worked on numerous energy projects in Albania. This includes the power line between Albania and Montenegro, and one in the south of the country. In 2020, it was awarded a contract to build a line between Albania and North Macedonia, along with the Croatian company Končar.

The company from the United Arab Emirates, which received 39 payments totaling over 3.6 million euros, lists Kallupi as its CEO on its website, and the business plan names him as project manager. However, company documents list Jola Duro, a woman from Tirana, as the ultimate beneficial owner.

After this information was leaked, Energoinvest issued a statement on October 5.

"Regarding the information and the connection of Energoinvest with business with 'offshore' companies, what we can confirm at this moment is that Energoinvest does not own any 'offshore' companies or have any 'offshore' accounts anywhere in the world. Energoinvest has accounts in the countries where it conducts business, but each of them is registered through the competent Ministries, and approval has been obtained for the collection and holding of funds for them."

They further clarified that regarding payments to other companies, which in certain periods and on certain projects were partners, suppliers, contractors, service providers, and the like, which Energoinvest has dozens of in the execution of complex works, it is clear that Energoinvest has no control over nor can it influence the business strategy and decisions regarding bank accounts of other companies with which it cooperates.

"Regarding the specific information, considering that the alleged business arrangement occurred more than 8 years ago during the time of previous Energoinvest managements and a period when Energoinvest was executing projects in Libya, Algeria, Iraq, Albania, Serbia, Macedonia, and Montenegro, we will have more information and will be able to communicate it after a detailed review of the business and financial archives from the mentioned period," stated Energoinvest.

However, the company has never made any further statements on this matter.