Bankers Petroleum pays zero income tax out of hundreds of millions in profits

TIRANA (Top Channel) – Socialist MP Erion Braçe, invited as guest on Shqip, a Top Channel talk show hosted by the Rudina Xhunga, exposed some eerie hard evidence about the corruption that has gripped Albania at highest level of government and business elite. The biggest scandal according to Mr. Braçe, is that the Canada-based company Bankers Petroleum that has the oil extraction rights in two largest oil fields in Albania has made profits estimated in hundreds of millions of dollars, but has paid zero income tax, because of close ties with prime minister Berisha, whose governments is internationally chastised for high levels of corruption and bribery. Respublica.al has strongly condemned the inhuman and unfair practices of foreign companies in the country, but if proved, this scandal with Bankers Petroleum is expected to shake up the whole business and political world in the poverty-stricken Balkan country.

But, Bankers Petroleum is not the only oil company that pays zero income tax. Oil Stream, a who-knows-based ghost company, which was at the center of corruption scandals a year ago, also pays no income tax, despite millions of dollars in revenues from sales of country’s oil reserves. Oil Stream is responsible for selling crude oil to costumers in recent months and is being investigated by prosecution on a number of charges deriving from these practices.

Mr. Braçe also presented facts for other corruptive schemes involving officials of government with regard to national assets and natural resources like mineral ores and energy production.

The chances that these companies will ever be brought to justice are zero, given the apathy of judicial system and its complete fall under prime minister’s thumb. Albania is paralyzed between a struggling ever-shrinking budget and large profits by big companies that result in zero contribution to this already hard-hit budget.  

Mr. Braçe made these corruption cases public during a parliamentary session last Thursday and said he will continue to his fight against the smothering corruption n the country. 

A.Kola