Albanian c-bank cancels licences of Final, Micro Credit NFIs

The Court of First Instance in Tirana has granted the request of the Prosecutor's Office to put under arrest the owners of both NFIs, Bank of Albania said in a press release on Thursday.

“[…] we are in a situation in which they no longer meet the criterion of high ethical reputation, which, among other things, requires that the individual is not under criminal prosecution, in trial for criminal offenses, or convicted on criminal charges,” Bank of Albania said.

Arben Meskuti, sole shareholder at Final, was imprisoned for his individual bailiff activities, while Elda Ibro, sole owner of MCA, was put under house arrest for unlawful operations by her company, local media reported.

Earlier this week, the Prosecutor’s Office said it has requested the arrest of nine individuals directly and indirectly involved with MCA, debt recovery company ADCA, and bailiff service providers SHP Zig, FS, and FLASH which had acquired a total of 7.3 million euro ($7.9 million) worth of non-performing loans from banks. In its investigation, the prosecutors had found cases of unfounded blocking of salaries and sequestration of properties, the Prosecutor's Office said.

Last week, central bank governor Gent Sejko said the NBFIs had undergone regular inspections, which identified deficiencies and issued recommendations for correction. After MCA failed to implement these recommendations, its lending activities were suspended in 2022, and further restrictions were imposed in December 2023, effectively revoking its licence.

($ = 0.925 euro)