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2026-10-04 14:44:07Investigim SHKRUAR NGA REDAKSIA VOX
Selim Sevgen

Within a short time, the concessionary company that exploits the chrome mine in Bulqiza, as well as several enrichment factories in  Klos, Burrel and Elbasan , has changed management, with the place of Albanians being taken by other foreigners, mostly Turks.

The suspicions are that the scheme is the same as the " Bankers " phenomenon, harvesting the underground, reducing salaries, and creating "shell" companies that carry out operational activities. 

Vox News has continuously followed the problems of the concessionaire firm that exploits an Albanian asset, its attempts at collection schemes or issuing loss-making balance sheets.

Last year, Albchrome came out with a loss of 15 million euros, while it continues its activity and maneuvers on how to obtain chrome, branch it out into several other firms, and then transfer it outside of Albania. 

Facsimile: Albchrome's decision dated September 15, 2026 on the appointment of the new administrator of the concessionaire 

According to documents available to Vox News , on September 15, 2026, the sole partner of the concessionaire company, Sabit Sagir, decided to appoint Selim Sevgen to the position of administrator of the limited liability company.

Then, on other agenda items, the firm changed the powers of the senior administrators, Zeyner Erbeyler and Teuta Ustundag. 

The appointment of a third administrator is suspected to have been made to create another more sophisticated scheme to maneuver, given that Sevgen is known as the "master" of compiling letters, changing balance sheets or collaborating with the Albanian side. The new administrator is an old acquaintance of the state authorities, as he was previously the head of the Beralb company, which operates in the Fushë Arrëz area, with another very dubious concession, of copper deposits. 

Facsimile: The new administrator of Albchrome was a shareholder in 2 companies in Albania that operated in the former Metalurgjiku area in Elbasan 

According to documents researched by Vox News, Sevgen was a shareholder in two companies registered in Albania.

The first, "CTM", was founded in October 2023 and the second, "ALB TYRE". Both companies were headquartered in the former Metalurgjiku area in Elbasan.

The first CTM company was deregistered in 2024, while the company "ALB TYRE" was suspended in July 2026, a few weeks before Sevgen took over as administrator of Albchrome. 

Facsimile: Albchrome Company Financial Report for 2025, published in August 2026 at the National Business Center

Albchrome published its financial balance sheet a few weeks ago at the National Business Center, where it states 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!

"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.

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.

Meanwhile, even 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 losses is being drawn up to avoid paying 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? Why are the administrators changing every month? Are "loopholes" being created like in the case of Bankers?

©Copyright Vox News

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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