Criminal investigations have been launched in Tirana over a series of suspicious transactions involving Behgjet Pacolli and the ownership structure of Vlora Airport. Pacolli, a well-known Kosovar businessman and former foreign minister, is suspected of defrauding his business partner, Kosovar entrepreneur Valon Ademi. Even more alarming, however, is a financial deal that may have placed this strategic national asset into the hands of an offshore company registered in Luxembourg.
According to investigative reports, Pacolli is now under investigation by both the Tirana Prosecutor’s Office and SPAK (Special Anti-Corruption Structure) for allegedly orchestrating a complex financial scheme involving Vlora International Airport, one of Albania’s key infrastructure projects.
The Suspicious Financial Agreement
Documents revealed last week show that Pacolli’s company, Mabco Constructions S.A., used Vlora Airport as collateral in a €100 million loan deal signed on March 26, 2025, with Delphos Securities Sarl, an offshore firm based in Luxembourg.
The agreement stipulates that if Pacolli fails to repay the loan — which carries an initial interest rate of 7.6% — Delphos Securities Sarl would gain economic control of Vlora Airport.
Alarmingly, Delphos Securities Sarl is registered as a titrization company in Luxembourg, and is suspected of links to Russia.
Connections to Russian Financial Interests
One of Delphos’s three executive directors, Bart Turtelboom, is a former Emerging Markets Director at GLG Partners, a major British hedge fund. According to Bloomberg reports (2011), during his tenure, Turtelboom actively invested in Russian markets and even bet on the rise of the Russian ruble.
Turtelboom now serves as one of three directors of Delphos Securities Sarl, alongside Erman Cekicioglu and Eugenio Quintiliani. The company’s ultimate ownership remains unknown.
Through the March 2025 loan deal, Pacolli effectively created a pathway for Delphos — and possibly foreign interests — to gain control over Vlora Airport, a move that could threaten Albania’s economic sovereignty.
Legal Action and Accusations
In addition to Behgjet Pacolli, criminal proceedings have been opened against his brother Emin Pacolli and company associate Nelson Çela. All three are under investigation for “aggravated fraud,” “document falsification,” and “computer-related deception.”
The allegations center around the claim that Pacolli’s group sold shares of Vlora Airport to Delphos Securities Sarl, without informing or obtaining consent from the Kosovar partner 2A Group, owned by Valon Ademi — the company that originally won the concession to build and operate Vlora Airport.
According to a criminal complaint, Ademi accuses Pacolli of misrepresenting the share distribution. Official records show Pacolli holding 98% of shares and Ademi 2%, though Ademi presents a 2022 notarial agreement stating he owns 47%, and Pacolli 53%. This contract, however, was never registered with Albania’s National Business Center (QKB).
Court Intervention and Frozen Shares
The Tirana Court has since frozen all airport-related shares pending a final decision. On October 17, 2025, the court suspended any shareholder decisions within Vlora International Airport – VIA Sh.P.K., including the right of Mabco Constructions S.A. to vote, until the April 2025 sale of 49% to 2A Group Sh.P.K. is formally registered.
These judicial measures aim to prevent further transfer or alienation of airport assets while the fraud investigation continues.
Internal Power Struggles and Project Risks
The case has caused significant turmoil within Pacolli’s business circle. Valon Lluka, the project’s first administrator and a close associate of Pacolli, was abruptly dismissed, followed by the resignation of his replacement, Mentor Hajdaraj, after just one month in office.
The €104 million investment is now at risk of being completely stalled, as authorities work to untangle the legal and financial complexities surrounding the airport’s ownership.
But analysts warn that the greatest danger is not the halted project itself — it is the potential loss of state control. If Pacolli’s agreement with Delphos Securities Sarl remains valid, the Vlora Airport project could ultimately fall outside Albania’s legal and economic jurisdiction, placing a critical national asset in foreign hands.
