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The Albanian Banking Association's bug "hid" the microcredit scandal; Spokesperson for Raiffeisen and Procredit?!

2025-09-24 19:37:44Fokus SHKRUAR NGA REDAKSIA VOX
The Albanian Banking Association's bug "hid" the microcredit
Spiro the Beetle

The microcredit scandal has dozens of responsible parties, where Albanians were deceived and extorted for years in the "eyes " of all the bankers, who only rubbed their hands when the next installment was received. A frightening abuse, which has been routinely allowed by law enforcement or even controlling institutions, where in this case even the highest body, the Bank of Albania, failed.

The delays of the Supervisory Council, or the leaders of other bodies, in making a quick decision, brought thousands of victims of the financial scheme as well as victims with loss of life, such as the case of Pal Trashaj who sacrificed himself at the doors of SPAK. But, even more frightening was the negligence or involvement of several other structures to "hide" this scandal.

One of the most active roles in minimizing the involvement of the Bank of Albania, or even second-tier banks, was played by the Albanian Association of Banks. A body that acts to cover up the successive scandals of the banking sector, also playing the "role" of spokesperson.

In this case, this role has been taken by none other than Spiro Brumbulli, a name that has been woven into the management of several banks for years. For several years, Mr. Brumbulli has been elected Secretary General of the Association of Banks. But, since his election to that position, the microcredit business has surprisingly flourished, while there are suspicions that it is all a scheme in the banking sector, with Brumbulli himself at the helm.

His role was to coordinate all second-tier banks, intentionally becoming their "spokesman", although some second-tier banks were directly involved in this scheme.

Sources from the justice system told the VoxNews editorial team that there are several banks that were more involved in this scheme, including his former employers, before he was catapulted into the association, turning it into a "crow's nest" for himself, his family, or even his friends.

Currently, Brumbulli manages the finances of the Association of Banks, receiving quotations with or without papers. This money is suspected to be the profits of second-tier banks from the microcredit scandal, while he himself has appeared in the media dozens of times removing responsibility from the banks and placing it on the bailiffs.

"A bailiff closes the entire sales process within his office. There are so many problems in the way microcredit properties are executed," he said in a public appearance, shifting the focus from those in charge to those under charge.

In fact, bailiffs are the implementing link of irregularities, since the main ones responsible are the second-tier banks that sold the bad loans, drowning them with non-existent fines and obligations. But, even after they were sold to microcredit companies, these second-tier banks still gave loans to citizens, but this money never went into the accounts or pockets of citizens, but went to the pockets of microcredit companies.

Regarding this scandal and the idea that the state should buy bad loans, Brumbulli said that “it is a relationship between private individuals”. Of course, yes, since this is how bankers, those who create these companies, people close to the association or even the Bank of Albania get rich. Brumbulli has often defended the “ crime ”, saying that “ there are 26 financial institutions that are supervised by the Bank of Albania, we are talking about the case of two institutions that have become a problem, MCA and another one”.

He has also been the spokesman for the Bank of Albania, which did not act quickly, allowing this terrible abuse. "Out of 26, there are 2 and it is not that they were not under supervision. Measures have been taken by the Bank of Albania. In 2022, they were given 1 year to make adjustments, after a year they did not make adjustments, they were given 6 months to sell the portfolio", he claimed.

But who are Brumbull's "clients" and why is he protecting them in this scandal?!

His public statements are a " slap in the face " to Albanians to divert responsibility from second-tier banks to certain individuals.

"Out of the entire portfolio of bad loans, those were sold to consumers, because they were simpler and the cost of recovering them is very high. The banks wanted to clean up their books and portfolios," Brumbulli said again in these scandalous revelations, while again asserting that " debt collection companies are not taken on themselves, because they are the responsibility of the bailiff."

Of course, the scheme was clear in these exits, becoming the spokesperson for the institutions that had direct responsibility. The Prosecution's file clearly states that "the persons taken as defendants have invested the profits from bad loans in banks as investment accounts or as treasury bonds". So, the investments were made in banks where these persons have purchased bad loans and after extorting citizens, they have reinvested them in these banks.

Aren't these second-tier banks responsible?!

Brumbulli has had a directive for a comprehensive defense, as the investigations revealed that several second-tier banks have sold thousands of portfolios with bad loans to MCA and FINAL. Meanwhile, the defendant Elda Ibro has invested the money in second-tier banks in the form of bonds. The late Olsi Ibro and Arben Meksuti also had investments.

According to the prosecution's file, which VoxNews has also researched, the two second-tier banks, Raiffeisen and Procredit, are involved in the microcredit affair, where it is suspected that Albanians were extorted in the amount of 40 million euros. The indictment has proven that both Procredit and Raiffeisen had preferential relationships with companies such as MCA and Final, which bought the unpaid loans and exerted pressure on citizens to take out new loans to repay the debts.

(Continued... “How Brumbulli turned the Association of Banks into a “crow’s nest” for himself and his family”)

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This article is exclusive to VoxNews, and is copyrighted under Law No. 35/2016, "On Copyright and Related Rights". The article may be republished by other media only by citing VoxNews and placing the source link at the end, otherwise any violator will be held liable under Article 178 of Law No. 35/2016.


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