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Shkruar nga Pamfleti
The Fier court has remanded in prison the head of 'Bankers Petroleum'. Chinese Hongping Xiao, was arrested after an operation against the oil company, charged with money laundering and tax evasion. According to the prosecution, for 20 years the banker has been declaring losses and avoiding tax obligations, but in reality has many profits.
Security measures have been left in place for the other 8 people. Five more people, Chinese citizens, are still being sought.
Since 2004, Bankers has drilled about 1,000 new oil wells in the Patoz-Marinëz area. Over 20 years, Bankers has produced about 13 million tons of oil.
The company's revenues from oil production are over 4 billion Euros, almost as much as the annual budget of Albania. For 20 years, Bankers Petroleum Albania has paid zero tax on its profits to the Albanian state budget.
The agreement stipulates that Bankers Petroleum Albania is obliged to pay annual profit tax at the rate of 50% of the profit.
Bankers Petroleum has been manipulating expenses every year, fabricating and inflating expenses. After 20 years, the Bank's expenses exceed its income.
In 2011, Bankers fabricated $247 million in irregular expenses to avoid paying $60 million in taxes. A €100 million fine for fraud and manipulation, confirmed by the Supreme Court, was also suspended.
The dispute between the Albanian government and Bankers began in 2014, when the National Agency of Natural Resources, (AKBN), the institution representing Albania in the concession contract, conducted an audit of Bankers' balance sheet and the company's procurement procedures for 2011 and concluded that the vast majority of the company's expenses for that year were irregular.
In a report compiled by the National Agency of Natural Resources, it is stated that Bankers should pay the state budget $60 million in profit tax, as through fraudulent balance sheets it has declared inflated expenses and in violation of the contract it has with Albania. To avoid taxes and hide profits, Bankers had fabricated $247 million in expenses.
Based on the AKBN audit, the General Directorate of Taxes submitted a claim to Bankers for $60 million in unpaid taxes.
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