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The Turks' scheme for extorting chrome - Albchrome lost 15 million euros in 2025, was the money channeled to banks?!

2026-08-14 17:10:40Investigim SHKRUAR NGA REDAKSIA VOX
Photo montage - Vox News

The Turks who manage chrome in Albania, especially with the mine in Bulqiza and the enrichment factories in Burrel and Elbasan with "Albchrome", have found a perfect scheme to extort the wealth of Albanians, with maneuvers similar to "Bankers", by channeling the money into banks, again linked to the same groups.

Vox News has continuously denounced successive scandals related to the management of the underground, where state institutions seem to be totally "asleep", to the point of only giving useless approvals and making fictitious reports on the continuity of work, when in fact they should be more controlling and referencing, as here we are dealing with a well-organized network.

Documents that Vox News has researched shed light on the next scandals with concessions, given that the company that has taken over the management of the mines and factories makes very suspicious balance sheets, and in fact, during the last two years that it has reported, it has issued them with losses, in large figures. If the loss in 2024 was around 720 thousand euros, in 2025, the same company has issued the balance sheet with a loss in a very high figure, a full 15 million euros.

The suspicions are that the Albanian chrome money has gone to several banks, which have given loans to the concessionaire company and have already been paid off to the "hairs of the head", perhaps with the famous scheme of catapulting this money into the banking system, to lose track of it. If these statesmen of ours did the defendant with the company that manages the Patos - Marinzë oil field, will they do the same with the chrome mines?!

The Turks' scheme for extorting chrome - Albchrome lost 15 million euros in

The Turks' scheme for extorting chrome - Albchrome lost 15 million euros in
Facsimile: Albchrome Company Financial Report for 2025, published in August 2026 at the National Business Center

According to official documents, the company "Albchrome", which has changed owners several times, operates with two concessions. The first, dated June 1, 2000, with a 30-year term for a ferrochrome factory in Elbasan and two chrome mines in Përrenjas and Pojska. In 2016, the term was extended until December 31, 2040.

The company received another concession on 22 June 2001, for a 30-year term for a chrome mine in Bulqiza, a mineral factory in Bulqiza, a mineral selection factory in Klos and a ferrochrome factory in Burrel. On 25 July 2016, the Albanian Parliament approved the extension of the concession period until 31 December 2040.

The same company has recently published its financial balance sheet at the National Business Center, where it writes that it "declares the company's financial result for 2025 with a loss of 1,436,436,389 lekë. This loss will be covered by the company's accumulated profits ". A very large amount, over 15 million euros!

In the same document, it is written that it authorizes Ms. Teuta Ustundag and Ms. Zeynep Erbeyler, in their capacity as administrators of the company, to carry out further actions.

"Financial performance. The year 2025 was a year of market instability, following a period of highly destabilized electricity prices, as well as the war crisis in Ukraine that the industry went through. During 2025, full production capacity was not operated, due to board decisions assessing the impact of the electricity market and demand and sales of the final product," the documents state.

But, despite the company coming out with a huge loss, it is learned that the Bulqiza massif contains the largest reserves of the highest quality chrome ore in Albania. “The construction of the new well no. 9 has enabled the deepening of the mine from level 17 to level 21, giving access to a new part of the body and the life of the mine has been extended by at least 15-17 additional years,” the company writes.

The Turks' scheme for extorting chrome - Albchrome lost 15 million euros in

The Turks' scheme for extorting chrome - Albchrome lost 15 million euros in
Facsimile: The concessionaire company Albchrome writes that it has received a loan and found it impossible to liquidate it in 2025

But where did Bulqiza's chrome money go?! The company's own documents shed light on a scheme to appropriate the Albanian underground, as a good portion of the money generated from production went to second-tier banks, which gave it loans.

"In assessing the going concern principle, management has also considered compliance with the terms of existing financing agreements, including financial covenants related to borrowings ," the documents state.

It is further specified that as of December 31, 2025, the company has not fulfilled some of the financial covenants set forth in the loan agreement and as a result the remaining portion of the loan has been classified as a short-term liability in the statement of financial position.

"As of the date of authorization of these financial statements, the lender has not requested immediate repayment of the loan and the company continues communications with the financial institution regarding the management of financing obligations," the document continues.

The Turks' scheme for extorting chrome - Albchrome lost 15 million euros in
Facsimile: Albchrome company balance sheet for 2024, with a loss of 720 thousand euros

The exploitation of underground resources is one of the biggest scandals that has befallen Albania, by all governments over the last 35 years. Starting from oil, chrome, iron, nickel or other metals found in our country. The central government has squandered these resources in the worst way, giving them as concessions to several companies with very dubious pasts, which after filling their pockets well and truly, leave as if nothing had happened.

Although the “Bankers” case only touched the surface, it seems that history is repeating itself again with one of the largest assets in the Albanian underground, the chrome in Bulqiza. The owners of the concession have changed hands several times, while the famous mine is currently being managed by a Turkish firm. The data published by our editorial office shows that the big leaders, but also the administrators of several plants, have seriously abused the management of this asset, which is “owned” by the Albanians themselves and not by those who manage it or those (central government officials) who have granted permission.

According to documents researched by Vox News, in 2024 the concessionaire firm Albchrome recorded a loss of 720 thousand euros. Naturally, several questions arise; Where does the chrome money go in Albania? Is it possible that a balance sheet with a loss is made in order not to pay obligations? How much have the costs been inflated, by paying subcontractors, in order to produce this balance sheet? What salaries do the administrators, directors, managers and those who manage this wealth of Albanians have?

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

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