FLASH NEWS
The government issues an alarm that Pacolli may have left Vlora Airport hostage to Delphos
2026-06-10 12:56:11 / AKTUALITET
The Albanian government has been put on alert after suspecting that businessman Behgjet Pacolli may have imposed irrevocable obligations on Vlora Airport from the 100 million euro loan agreement linked to the Delphos fund.
Kapitali publishes an official letter from a few days ago, where the Minister of Infrastructure, Enea Karakaçi, notes that Mabco has submitted false information to the ministry regarding the obligations imposed on the Airport concessionaire company by the loan agreement with Delphos and the amendment that the parties have made to it.
" It is noted that some of the provisions of the amendment to the loan agreement do not appear to be in accordance with the way this financing agreement was presented by Mabco Constructions SA in its previous correspondence with the Contracting Authority, " Karakaçi addresses Behgjet Pacolli's company.
The head of infrastructure highlights the articles of the 100 million euro loan agreement between Pacolli's Mabco and the Delphos fund, which risk imposing obligations on the concessionaire company Vlora International Airport and consequently the airport itself.
"The provisions of the Amendment to the Loan Agreement appear to provide for different elements than stated in your letters. In particular, the provisions contain specific obligations to ensure VIA's adherence to the financing documentation, to obtain from it the status of the Subsequent Borrower, to submit VIA's documentation to the lender, and to administer the operating accounts and project revenues in accordance with the mechanisms set forth in the financing documentation, " Karakaçi writes.
The amended 100 million euro loan agreement that Mabco received from the Delphos fund provides that even in the event of objection from the minority partner, Valon Ademi's 2A Group, the validity and enforceability of VIA's adherence to the loan agreement will not be affected.
" The very existence of these provisions clearly shows that VIA's accession was not conceived as a purely hypothetical and undetermined possibility for the future, but as an element foreseen and integrated into the loan agreement, " notes the letter that Karakaçi addressed to Mabco.
For this reason, the head of the energy sector says that the loan received from Delphos should be analyzed in relation to the obligations arising from the Concession Contract, the Direct Agreement, the Loan Contract, as well as other contracts that have been signed to finance the project with the National Commercial Bank.
But the Ministry of Infrastructure suspects that Pacolli's Mabco may have hidden information or other documents. Therefore, Karakaçi has asked the company to clarify whether the documentation it has forwarded to the Ministry of Infrastructure for the loan received from Delphos is complete, accurate and unchanged.
Likewise, the ministry wants to know whether there are agreements, annexes or guarantee documents for this loan, which have not been forwarded to the Ministry of Infrastructure, as well as whether Mabco has taken or planned to take actions to include VIA in the loan agreement.
Until all this information is reviewed, the government has asked Mabco to take no action.
" Until the completion of the required verifications and clarifications, we request that Mabco Constructions SA and the Concessionaire not take any action, sign or execute any documents related to the financing agreement between Mabco and Delphos Securities, as any such action would constitute an invalid action and a serious violation of legal and contractual obligations ," warns Karakaçi.
This is the first time that the Albanian government has officially raised concerns that Mabco may have imposed irrevocable obligations on Vlora Airport, despite this denunciation having been made several times publicly by the minority partner, Valon Ademi, but also by the media.
According to the letter from the head of Infrastructure, the government has also found justification for the delayed intervention, as it writes that Mabco has not fully informed it about the loan, but has submitted incomplete documentation that does not correspond to what was written in the loan agreement./kapitali.al
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