“Comment is free, but facts are sacred.” — C. P. Scott, 1921.
Bankers Petroleum under investigation: suspected of evading taxes for 20 years
Erblin Vukaj · Originally published: 4 July 2025
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The Fier prosecutor’s office has issued 14 pretrial measures against executives of Bankers Petroleum Albania on suspicion of large-scale financial fraud. The investigation raises suspicions of a systematic scheme to evade taxes and misappropriate tax funds at the expense of the state budget.
A 20-year scheme of fictitious “losses”
From 2004 to the end of 2024, Bankers declared losses every year in the accounts submitted to the Albanian authorities. But the Fier prosecutor’s office notes that the company recorded sales and exports worth more than 532 billion lekë, around 5.3 billion euros.
Prosecutors suspect that the company reported fictitious losses to avoid paying corporate income tax. At the same time, it also received value-added tax (VAT) refunds. Investigators have also described this form of benefit as suspicious.
The investigation began on 30 December 2024 following a referral from the General Directorate of Taxes. Prosecutors suspect that, to artificially inflate its expenses, Bankers used forged documents, partner companies and individuals both inside and outside the country.
Pretrial measures against executives, 5 people wanted
In its press release, distributed on Wednesday, the prosecutor’s office said it had enforced 9 pretrial measures against current and former Bankers executives.
Among them, current administrator Huanqin Xiao and former administrator Leonidha Çobo have been detained over their possible role in the scheme. Five other people, most of them foreign nationals, have been declared wanted.
The prosecutor’s office said it had conducted searches at the company’s premises and in private homes, where various documents were seized.
Intervention at this stage aims to prevent possible damage to evidence and the continuation of the suspected criminal activity.
Company: We are cooperating and have contributed to the economy
In a response to the media, Bankers Petroleum Albania denies wrongdoing and stressed its contribution to the economy.
It said it had invested 4.5 billion dollars and paid more than 730 million dollars in mineral royalties. The company even claims that the Albanian state owes it 36 million dollars in unrefunded VAT.
Bankers stresses that standards of integrity and transparency have risen since its change of ownership in 2016. It said it would cooperate with the Albanian authorities and that its operations would continue as normal.
The history of Bankers in Albania
Bankers Petroleum Albania was established in 2004 as a subsidiary of a Canadian company, which secured a 25-year concession to exploit the oil reserves at Patos-Marinzë, one of Albania’s principal oilfields.
In March 2016, the Chinese company Geo-Jade formalised its purchase of Bankers’ parent company for 442 million dollars. The deal formed part of a wider Chinese investment interest in infrastructure and energy in the Balkans.
The change of ownership took place while the government had officially raised allegations of tax evasion against its subsidiary in Albania.
Bankers had been asked to justify around 220 million dollars in expenses, while a claim had been raised for around 75 million dollars in unpaid corporate income tax.
Various audits upheld the company’s position, a conclusion with which the government disagreed, taking the case to an arbitration tribunal. In 2024, the tribunal ruled in favour of the Albanian government.