{"id":766058,"date":"2025-10-16T14:42:56","date_gmt":"2025-10-16T12:42:56","guid":{"rendered":"https:\/\/www.hashtag.al\/?p=766058"},"modified":"2025-10-16T14:42:56","modified_gmt":"2025-10-16T12:42:56","slug":"aeroporti-i-vlores-mund-te-perfundoje-prone-e-nje-fondi-investimesh-fantazme-pas-nje-kredie-te-dyshimte-100-milioneshe-marre-nga-pacolli","status":"publish","type":"post","link":"https:\/\/www.hashtag.al\/index.php\/2025\/10\/16\/aeroporti-i-vlores-mund-te-perfundoje-prone-e-nje-fondi-investimesh-fantazme-pas-nje-kredie-te-dyshimte-100-milioneshe-marre-nga-pacolli\/","title":{"rendered":"Aeroporti i Vlor\u00ebs mund t\u00eb p\u00ebrfundoj\u00eb pron\u00eb e nj\u00eb fondi investimesh fantazm\u00eb pas nj\u00eb kredie t\u00eb dyshimt\u00eb 100 milion\u00ebshe marr\u00eb nga Pacolli","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

\"\"<\/span><\/p>\n

Aeroporti i Vlor\u00ebs \u00ebsht\u00eb hipotekuar si garanci financiare kundrejt nj\u00eb marr\u00ebveshjeje huaje midis Mabco Constructions S.A. dhe Delphos Securities SARL, p\u00ebr nj\u00eb shum\u00eb prej 100 milion\u00eb dollar\u00ebsh, marr\u00eb nga Behgjet Pacolli n\u00eb mars t\u00eb k\u00ebtij viti.<\/span><\/p>\n

Dokumenti q\u00eb ka siguruar gazeta Tema tregon nj\u00eb kontrat\u00eb kredie (Facility Agreement) midis Mabco Constructions S.A. (huamarr\u00ebs) dhe Delphos Securities SARL, Compartment Bernina (huadh\u00ebn\u00ebs), e dat\u00ebs 26 mars 2025, me nj\u00eb shum\u00eb totale prej 100 milion\u00eb eurosh.<\/span><\/p>\n

\"Aeroporti<\/p>\n

 <\/p>\n

Huadh\u00ebn\u00ebsi ka vendosur si kusht dor\u00ebzimin e dokumenteve ligjore, licencave, marr\u00ebveshjeve t\u00eb koncesionit dhe garancive, si dhe miratimin nga autoritetet shqiptare dhe dor\u00ebzimin e pasqyrave financiare t\u00eb VIA-s.<\/span><\/p>\n

Po ashtu, tek paketa e siguris\u00eb \u00ebsht\u00eb theksuar se duhen garanci mbi t\u00eb ardhurat e VIA-s, p\u00ebrfshir\u00eb edhe garanci qeveritare, si dhe garancit\u00eb mbi llogarit\u00eb e projektit.<\/span><\/p>\n

N\u00eb nj\u00eb marr\u00ebveshje an\u00ebsore, si aneks i k\u00ebsaj marr\u00ebveshjeje, thuhet se VIA (Vlora International Airport) do t\u00eb b\u00ebhet bashk\u00ebhuamarr\u00ebs pas fillimit t\u00eb projektit. Para k\u00ebsaj, nuk k\u00ebrkohet miratim i qeveris\u00eb shqiptare.<\/span><\/p>\n

Pra, k\u00ebtu q\u00ebndron pika ky\u00e7e e anashkalimit t\u00eb kontrollit t\u00eb qeveris\u00eb shqiptare mbi koncesionin dhe mund\u00ebsin\u00eb e p\u00ebrfundimit t\u00eb tij n\u00eb nj\u00eb fond investimesh offshore, pas t\u00eb cilit q\u00ebndrojn\u00eb investitor\u00eb rus\u00eb dhe kazak\u00eb.<\/span><\/p>\n

 <\/p>\n

\u00c7far\u00eb p\u00ebrmban kontrata e financimit?<\/span><\/strong><\/p>\n

Kontrata tregon shum\u00ebn e kredis\u00eb dhe q\u00ebllimin e saj<\/span><\/p>\n

Totali i shum\u00ebs \u00ebsht\u00eb Facility Amount: \u20ac100,000,000, nd\u00ebrsa shuma e angazhuar: \u20ac97,000,000.<\/span><\/p>\n

Q\u00ebllimi \u00ebsht\u00eb financimi i nd\u00ebrtimit dhe operimit t\u00eb Aeroportit Nd\u00ebrkomb\u00ebtar t\u00eb Vlor\u00ebs (VIA) dhe shpenzimeve t\u00eb p\u00ebrgjithshme korporative t\u00eb lidhura me k\u00ebt\u00eb projekt.<\/span><\/p>\n

Termat kryesor\u00eb financiar\u00eb<\/span><\/p>\n

\u00a0 Interesi fillestar: 7.625% n\u00eb vit<\/span><\/p>\n

\u00a0Periudha e interesit: Nj\u00eb vit pas disbursimit dhe \u00e7do vit m\u00eb pas<\/span><\/p>\n

\u00a0Interesi p\u00ebr vonesa: Nga 9.625% deri n\u00eb 13.625%, n\u00eb var\u00ebsi t\u00eb koh\u00ebzgjatjes s\u00eb mospagimit<\/span><\/p>\n

Pagesa e k\u00ebstit: \u00c7do vit, me detyrim p\u00ebr t\u00eb shlyer t\u00eb pakt\u00ebn 20% t\u00eb shum\u00ebs s\u00eb huas\u00eb n\u00eb \u00e7do vit t\u00eb fundit t\u00eb periudh\u00ebs s\u00eb huas\u00eb<\/span><\/p>\n

 <\/p>\n

Tarifat<\/span><\/p>\n

Tarif\u00eb strukturuese: 1% e shum\u00ebs s\u00eb huas\u00eb, e zbritur q\u00eb n\u00eb disbursimin e par\u00eb<\/span><\/p>\n

Tarif\u00eb monitorimi: 0.25% e shum\u00ebs s\u00eb mbetur, paguhet \u00e7do vit<\/span><\/p>\n

Tarif\u00eb parashlyerjeje: 2% e shum\u00ebs s\u00eb mbetur n\u00ebse paguhet p\u00ebrpara vitit t\u00eb pest\u00eb<\/span><\/p>\n

Kushtet paraprake<\/span><\/p>\n

Huadh\u00ebn\u00ebsi ka v\u00ebn\u00eb si kusht dor\u00ebzimin e dokumenteve ligjore, licencave, marr\u00ebveshjeve t\u00eb koncesionit dhe garancive, si dhe miratimin nga autoritetet shqiptare dhe dor\u00ebzimin e pasqyrave financiare t\u00eb VIA-s.<\/span><\/p>\n

N\u00eb paket\u00ebn e siguris\u00eb p\u00ebrcaktohet qart\u00eb se duhen garanci mbi t\u00eb ardhurat e VIA-s, p\u00ebrfshir\u00eb garanci qeveritare dhe garanci mbi llogarit\u00eb e projektit.<\/span><\/p>\n

Paketa e siguris\u00eb (kolaterali)<\/span><\/p>\n

Garanci mbi t\u00eb ardhurat e VIA-s, p\u00ebrfshir\u00eb edhe ato me garanci qeveritare.<\/span><\/p>\n

Garanci mbi llogarit\u00eb e projektit n\u00eb Shqip\u00ebri.<\/span><\/p>\n

Prioritet: Lidhja me kolateral t\u00eb rendit t\u00eb par\u00eb (first-ranking security interests).<\/span><\/p>\n

Marr\u00ebveshja an\u00ebsore (Side Letter) dhe aksesimi i VIA-s<\/span><\/p>\n

VIA (Vlora International Airport) do t\u00eb b\u00ebhet bashk\u00ebhuamarr\u00ebs pas fillimit t\u00eb projektit.<\/span><\/p>\n

Para k\u00ebsaj, nuk k\u00ebrkohet miratim i qeveris\u00eb shqiptare.<\/span><\/p>\n

Marr\u00ebveshja an\u00ebsore rregullon detyrimet paraprake t\u00eb VIA-s ndaj huadh\u00ebn\u00ebsit.<\/span><\/p>\n

Ngjarjet e mospagimit (Events of Default)<\/span><\/p>\n

Mospagesa e detyrimeve financiare.<\/span><\/p>\n

Shkelja e kushteve t\u00eb marr\u00ebveshjes.<\/span><\/p>\n

\u00a0Ndryshimi i kontrollit t\u00eb Behgjet Pacollit mbi kompanin\u00eb Mabco cil\u00ebsohet si ngjarje q\u00eb aktivizon klauzol\u00ebn e parakohshme t\u00eb shlyerjes.<\/span><\/p>\n

P\u00ebrfaq\u00ebsime dhe angazhime t\u00eb huamarr\u00ebsit<\/span><\/p>\n

Dor\u00ebzimi i pasqyrave financiare t\u00eb p\u00ebrvitshme dhe t\u00eb nd\u00ebrmjetme (p\u00ebr Mabco dhe VIA).<\/span><\/p>\n

\u00a0Respektimi i ligjeve kund\u00ebr korrupsionit dhe atyre p\u00ebr sanksionet nd\u00ebrkomb\u00ebtare.<\/span><\/p>\n

P\u00ebrdorimi i fondeve vet\u00ebm p\u00ebr projektin e aeroportit dhe q\u00ebllime t\u00eb lidhura me t\u00eb.<\/span><\/p>\n

N\u00eb faqet e fundit (78\u201379), n\u00ebnshkruesit jan\u00eb:<\/span><\/p>\n

P\u00ebr huamarr\u00ebsin (Mabco Constructions S.A.)<\/span><\/p>\n

P\u00ebr huadh\u00ebn\u00ebsin (Delphos Securities SARL, Compartment Bernina): Bart Turtelboom, me pozicionin Manager.<\/span><\/p>\n

 <\/p>\n

\u00c7far\u00eb fshihet pas kontrat\u00ebs?<\/span><\/strong><\/p>\n

Nga nj\u00eb hetim m\u00eb i thelluar kuptohet se Delphos Securities SARL, nj\u00eb shoq\u00ebri me p\u00ebrgjegj\u00ebsi t\u00eb kufizuar e inkorporuar sipas ligjeve t\u00eb Luksemburgut, \u00ebsht\u00eb nj\u00eb subjekt i pasiguruar i titullarizimit (soci\u00e9t\u00e9 de titrisation) sipas ligjit t\u00eb Luksemburgut t\u00eb dat\u00ebs 22 mars 2004 mbi titullarizimin, e ndryshuar.<\/span><\/p>\n

Selia e saj \u00ebsht\u00eb n\u00eb adres\u00ebn 10, rue Antoine Jans, L-1820 Luxembourg, dhe \u00ebsht\u00eb e regjistruar n\u00eb Regjistrin e Tregtis\u00eb dhe Shoq\u00ebrive t\u00eb Luksemburgut (RCSL) me numrin B291432.<\/span><\/p>\n

Ajo p\u00ebrfaq\u00ebsohet nga Bart Turtelboom, banues n\u00eb Zvic\u00ebr, mbajt\u00ebs i pasaport\u00ebs me num\u00ebr ES170112, q\u00eb vepron n\u00eb em\u00ebr t\u00eb ndarjes s\u00eb saj (Compartment) Bernina.<\/span><\/p>\n

\"Aeroporti<\/p>\n

Pra, financuesi i saj real \u00ebsht\u00eb Compartment Bernina, e cila \u00ebsht\u00eb nj\u00eb kompani offshore.<\/span><\/p>\n

Nga ana tjet\u00ebr, Bart Turtelboom ka qen\u00eb i p\u00ebrfshir\u00eb n\u00eb \u201cKlubin e Parisit\u201d me Rusin\u00eb, ve\u00e7an\u00ebrisht n\u00eb lidhje me borxhin rus ndaj k\u00ebtij klubi, si pjes\u00eb e r\u00ebnd\u00ebsishme e karrier\u00ebs s\u00eb tij n\u00eb financat nd\u00ebrkomb\u00ebtare. Ai ka punuar n\u00eb transaksione q\u00eb kan\u00eb t\u00eb b\u00ebjn\u00eb me Rusin\u00eb dhe tregjet n\u00eb zhvillim.<\/span><\/p>\n

Nd\u00ebrsa Compartment Bernina, formalish nuk dihet kush e zot\u00ebron, por pas saj q\u00ebndrojn\u00eb personazhe nga Kazakistani dhe Rusia.<\/span><\/p>\n

\"Aeroporti<\/p>\n

Thelbi I Marr\u00ebveshjes<\/span><\/strong><\/p>\n

Ky Facility Agreement, ndon\u00ebse i paraqitur si marr\u00ebveshje huaje midis Mabco Constructions S.A. dhe Delphos Securities SARL, n\u00eb substanc\u00eb nuk ka karakteristikat e nj\u00eb huaje klasike bankare.<\/span><\/p>\n

Elementet kontraktore dhe struktura e saj tregojn\u00eb se objektivi real nuk \u00ebsht\u00eb thjesht financimi i projektit, por marrja e kontrollit ekonomik dhe operacional mbi aeroportin p\u00ebrmes instrumenteve t\u00eb borxhit.<\/span><\/p>\n

Formalisht, kontrata nuk parashikon transferim kuotash ose ndryshim pron\u00ebsie. N\u00eb pamje t\u00eb par\u00eb, aksionar\u00ebt mbeten t\u00eb nj\u00ebjt\u00ebt dhe dokumenti duket si marr\u00ebveshje financimi. Por n\u00eb realitet, ajo sh\u00ebrben si marr\u00ebveshje kontrolli, ku huadh\u00ebn\u00ebsi merr t\u00eb gjitha elementet q\u00eb normalisht i p\u00ebrkasin pronarit:<\/span><\/p>\n

Kontroll mbi t\u00eb ardhurat dhe llogarit\u00eb bankare.<\/span><\/p>\n

\u00a0Veto mbi ndryshimet statutore apo koncesionare.<\/span><\/p>\n

\u00a0Mund\u00ebsi p\u00ebr marrje t\u00eb kontrollit n\u00eb \u00e7do moment p\u00ebrmes klauzolave t\u00eb \u201cdefault\u201d-it.<\/span><\/p>\n

Parapagim i ndaluar p\u00ebr 5 vite, q\u00eb e lidh projektin juridikisht dhe financiarisht me kreditorin.<\/span><\/p>\n

Mekanizmi i \u201cAccession Letter\u201d, q\u00eb e kthen vet\u00eb shoq\u00ebrin\u00eb koncesionare n\u00eb huamarr\u00ebse.<\/span><\/p>\n

K\u00ebto elemente e b\u00ebjn\u00eb t\u00eb qart\u00eb se: Shoq\u00ebria koncesionare humbet pavar\u00ebsin\u00eb financiare, Huadh\u00ebn\u00ebsi fiton kontrollin ekonomik mbi flukset financiare nd\u00ebrsa aksionar\u00ebt mbeten formal\u00eb, nd\u00ebrsa pushteti real kalon tek kreditori.<\/span><\/p>\n

Ky instrument juridik arrin t\u00eb nj\u00ebjtin efekt si shitja e aksioneve, por pa kontrat\u00eb shitjeje t\u00eb hapur.<\/span><\/p>\n

N\u00eb thelb, kemi t\u00eb b\u00ebjm\u00eb me nj\u00eb shitje t\u00eb maskuar \u2014 nj\u00eb struktur\u00eb e nd\u00ebrtuar posa\u00e7\u00ebrisht p\u00ebr t\u00eb transferuar kontrollin e aeroportit te huadh\u00ebn\u00ebsi, n\u00ebn petkun e nj\u00eb marr\u00ebveshjeje huaje.<\/span><\/p>\n

<\/p>\n

VINI RE<\/span>: Ky material \u00ebsht\u00eb pron\u00ebsi intelektuale e TEMA<\/a><\/span><\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"

Aeroporti i Vlor\u00ebs \u00ebsht\u00eb hipotekuar si garanci financiare kundrejt nj\u00eb marr\u00ebveshjeje huaje midis Mabco Constructions S.A. dhe Delphos Securities SARL, p\u00ebr nj\u00eb shum\u00eb prej 100 milion\u00eb dollar\u00ebsh, marr\u00eb nga Behgjet Pacolli n\u00eb mars t\u00eb k\u00ebtij viti. Dokumenti q\u00eb ka siguruar gazeta Tema tregon nj\u00eb kontrat\u00eb kredie (Facility Agreement) midis Mabco Constructions S.A. (huamarr\u00ebs) dhe Delphos […]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":32,"featured_media":766059,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-766058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ballina"],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/766058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/comments?post=766058"}],"version-history":[{"count":99999,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/766058\/revisions"}],"predecessor-version":[{"id":766060,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/766058\/revisions\/766060"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media\/766059"}],"wp:attachment":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media?parent=766058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/categories?post=766058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/tags?post=766058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}