Bankers Petroleum Albania: 2025 tax-evasion and money-laundering probe (Fier prosecution, later SPAK)
Status: Under investigation. Investigation deadlines extended by three months (reported). No indictment or trial found in sources reviewed.
Summary
In early July 2025 Albanian prosecutors issued 14 precautionary measures and arrested nine people linked to Bankers Petroleum Albania, as part of a probe into alleged VAT fraud, concealment of income, money laundering and abuse of office (intellinews; General Prosecution statement as reported). Prosecutors allege the company reported losses for about 20 years while earning large oil revenues. The company denies wrongdoing and says it is cooperating. The Fier prosecution declared itself incompetent and the case went to SPAK (Balkanweb headline). A court later extended investigation deadlines by three months. Reported later in 2026: the former executive Leonidha Cobo and the Chinese CEO Hongping Xiao asked the GJKKO for release, with Xiao reported as the only defendant in pre-trial detention in one report. This record extends the Patos-Marinza arbitration record (case-patos-marinza-bankers-petroleum) and does not repeat the ICC arbitration.
Key facts
- Charges named in reporting: creation of fraudulent VAT schemes, concealment of income, laundering proceeds of crime, abuse of office.
- Reported loss declarations: one report gives sales and exports 2004-2024 of ALL 532 billion with declared losses of ALL 11.7 billion each year; another outlet gives ALL 117 billion. The figures conflict (see financials).
- Bankers CEO Hongping Xiao reported as the only defendant in pre-trial detention; other defendants reported under house arrest or lighter measures (intellinews summary).
- A Balkanweb headline reports the Fier prosecution declared incompetence and transferred the case to SPAK.
The record
Four lists kept apart on purpose: what is established, what is only alleged, what is still open, and what those concerned said.
What is proven (1)
Established by documents or official records, as stated in the research. A recorded charge or indictment proves only that the accusation was made.
- Prosecutors issued precautionary measures and arrests in July 2025 (reported; General Prosecution statement as cited by intellinews).
What is alleged (1)
Accusations, not findings. Those accused are presumed innocent.
- AllegationTax evasion and laundering over about 20 years, and the amounts above. No court has ruled on these.
Allegations and who made them (1)
Each line is an allegation as recorded, with the person or body that made it where the record names them.
- AllegationProsecutors allege the company inflated expenses to report losses and to obtain VAT refunds (reported by Tirana Times and others). The company disputes this.
Open questions (3)
- Current stage: indictment, trial, or SPAK file number. Not found.
- Which of the conflicting loss figures (ALL 11.7 bn or ALL 117 bn) is correct, from the primary prosecution document.
- Whether the Albanian state's arbitration win (ICC, 2024) affects the tax case. Not analysed.
Responses (2)
Responses of the people and organisations concerned, as recorded.
- Bankers Petroleum Albania says it is cooperating, has retained legal teams, and is exploring arbitration under international investment treaties, arguing its rights as a foreign investor are being violated (intellinews and Tirana Times summaries).
- Bankers Petroleum Albania said it was concerned about the legality and proportionality of the measures (search summary).
Figures
Money trail →Declared losses and sales in tax probe (conflicting figures)
11,700,000,000 lek
Incomplete figureotherSource label: UnverifiedStated definition: One report (Citizens.al, July 2025) gives declared annual losses of ALL 11.7 bn against sales and exports 2004-2024 of ALL 532 bn. Another outlet gives ALL 117 bn. Figures conflict; allegations only. Incomplete.
Date: Jul 2025 · Payer: Bankers Petroleum Albania · Payee: Not applicable (tax base)
- Bankers Petroleum nen hetim: dyshohet se per 20 vite shmangu taksat (opens in a new tab)Citizens.al · 4 Jul 2025 · journalism · SQ
- Albania issues arrest warrants in tax, money laundering probe targeting Bankers Petroleum (opens in a new tab)Intellinews · Jul 2025 · journalism · EN
Timeline
Full timeline →Police
Prosecutors issue 14 precautionary measures and arrest nine linked to Bankers Petroleum Albania
Tax-evasion and money-laundering probe. Charges named include VAT fraud, concealment of income, laundering and abuse of office. Company denies wrongdoing.
Sources for this record
Every source the research cites for this record, grouped by its source label. 5 sources.
Source label: Officially reportedOfficially reported · 5 sources
- Publisher
- Intellinews
- Date
- Jul 2025
- Publisher
- Citizens.al
- Date
- 4 Jul 2025
- Publisher
- Balkanweb
- Date
- unknown
- Publisher
- Albanian Daily News
- Date
- unknown
- Publisher
- Shqiptarja.com
- Date
- unknown