100 million euros for tower after TKOB, nova construction company has no money

2023-08-09 15:24:45Fokus SHKRUAR NGA REDAKSIA VOX
64-storey Nova Construction Tower

The cost of building the "Mount of Tirana" tower in the garden behind the Opera and Ballet Theatre is estimated at about 100 million euros, according to the winning project of Danish architecture studio Cebra. The company listed as a partner of CEBRA and which will build this tower, opposed by civil society activists and by The Movement Together, is 'Nova Construction 2012'.

Among other things, protesters, as well as some of the deputies and leaders of the official Democratic Party, raise doubts about the financial capacity of the company to build this tower. The last person to raise concern about the possibility of money laundering in the tower was the leader of the Democratic parliamentary group, Gazment Bardhi.

But what fuels the hesitations about funding the 64-storey tower? First, there are the financial data of The Nova Construction Company. According to last year's financial statements submitted to the National Business Centre by the company itself, its budget is too modest to make a 100 million euro investment, as much as the tower estimates.

The company declares at the end of last year the total capital and liabilities amounting to approximately 45 million euros. Of these, 42 million euros are its obligations. The vast majority of this value is in the form of real estate that the company has built, or has in the process of construction.

Meanwhile, for 2022 'Nova Construction' declares profits in the value of 1.9 million euros and 3.4 million euros worth of goods that it has in inventory.

The figures reflect a relatively stable financial situation for the company, but the liquidity figure, i.e. the money it has in the position to invest is far from the value of 100 million euros, which estimates the cost of the tower in the garden behind the Opera and Ballet Theatre.