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The modest company behind the 100 million euro tower. How SPAK fell into the money laundering trap of Shtufi

2026-06-12 12:04:23Aktualitet SHKRUAR NGA REDAKSIA VOX
Ilir Shtufi

The cost of building the 'Mountain of Tirana' tower in the park behind the Opera and Ballet Theater is estimated at around 100 million euros, according to the winning project by the Danish architecture studio, Cebra.

The company listed as a partner of CEBRA and that is building this tower, opposed at the time by civil society activists and the Together Movement, is 'Nova Construction 2012', 91 percent of whose shares are owned by Ilir Shtufi, while the rest is owned by his brother.

The value of the investment raised doubts about the company's financial capacity to build this tower.

But what fueled SPAK's investigations into the financing of the 64-story tower? First, there are the financial records of the company 'Nova Construction'.

According to the financial statements submitted to the National Business Center by the company itself, its budget is too modest to realize an investment of 100 million euros, as much as the tower is estimated to cost.

At the end of 2022, before receiving permission for the tower, the company declares total capital and liabilities worth about 45 million euros. Of these, 42 million euros are its liabilities. The vast majority of this value is in the form of real estate that the company has built, or is in the process of building.

For the same year, 'Nova Construction' declares profits worth 1.9 million euros and 3.4 million euros worth of goods in inventory.

The figures reflect a relatively stable financial situation for the company, but the liquidity figure, i.e. the money it has available for investment, is far from the 100 million euro value, which is the estimated cost of the tower in the park behind the Opera and Ballet Theater.


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