An official report in the US proves that the financial instrument to which Behgjet Pacolli attempted to illegally transfer control of Vlora Airport turns out to be part of a joint investment fund with the Russian Federation.
The financial structure to which businessman Behgjet Pacolli attempted to gain control of all shares of Vlora International Airport (VIA Sh.PK), turns out to be part of an investment fund along with Russian sovereign debt (Russian Foreign Bond), shows an official financial report in the US.
"Compartment Bernina", a sub-fund managed by investment company " Delphos Securities ", owns securities in the international fund "GMO Emerging Country Debt Fund", this document submitted to the US Securities and Exchange Commission (SEC) shows.
Based on official documents published on EDGAR, which operates under the umbrella of the US government agency SEC, this international fund has a balance of $17.5 million linked to "Compartment Bernina".
Bernina is an investment sub-fund within the company "Delphos Securities SARL", created to manage and administer investments related to Vlora Airport.
The name of this company is at the center of the scandal of October last year that came to light after the deterioration of relations between the two main partners of Vlora Airport: Behgjet Pacolli and Valon Ademi.
The clash between them was sparked by an agreement between the company owned by Pacolli, "Mabco Constructions SA", and the investment fund "Delphos Securities", through which the businessman from Mareci intended to transfer the shares of Vlora Airport to this investment fund, secretly and without notifying his partner.
This dubious scheme of attempting to hand over the Airport to an offshore company was disguised under the guise of an alleged "credit agreement" worth 100 million euros to Mabco, obtained from Delphos at unreasonably high interest rates.
The trick was allegedly simple: if Pacolli did not repay the loan with an initial interest rate of 7.6%, then the key strategic asset of the Albanian state would pass under the financial control of "Compartment Bernina".
Pacolli's scheme did not pass.
A court in Albania imposed a security measure on the shares of Vlora International Airport, preventing the implementation of the dubious deal.
The international fund "GMO Emerging Country Debt Fund" and the data of this fund published by the US Securities and Exchange Commission (SEC), prove connections between Pacolli and the Russians.
Public records from this agency show that the "GMO Emerging Country Debt Fund", in which Bernina owns 17.5 million US dollars in securities, also holds bonds issued directly by the Russian state.

The monthly report of the international GMO fund, filed with the SEC, contains entries with the names 'Russian Federation' and 'Russian Foreign Bond – Eurobond', just a few lines below the information about Bernina.
This official document from the American state regulatory body for financial markets deepens doubts about businessman Pacolli's dubious connections with the Russians and the risk of a strategic asset of the Albanian state falling into the hands of an enemy country.
Suspicions of the involvement of Russian interests through Pacolli in Vlora Airport were criminally reported to the Tirana Prosecutor's Office in September last year, the Hashtag.al portal reported, citing sources.
According to the portal's reporting, the informant who had filed the case with the Prosecutor's Office was "set in motion by the partner intelligence services" of the Albanian state.
In parallel with this complaint, another criminal investigation was launched by the Tirana Prosecution Office against Pacolli on suspicion of "fraud with serious consequences", "forgery of documents" and "computer fraud".
Meanwhile, in December last year, the Court of First Instance in Tirana excluded Pacolli and his company Mabco from decision-making rights at Vlora International Airport.
The decision stemmed from a lawsuit filed by the airport's partner company, 2A Group, owned by Valon Ademi, which had argued before the court the real risk that Vlora Airport would lose Albanian control through a secret financial scheme.
The two businessmen from Kosovo had acquired the airport under concession from the Albanian state four years ago.
Although normal passenger operations were planned to begin in the second half of 2025, the project has not yet been completed due to a legal conflict between the two partners.
Ademi claims to own 47% of the shares in the concession, while Pacolli claims to own the absolute majority of them./ Paparaci