Director of AKSK, Igli Tafaj and Gentian Likaj
Communication Progress, one of the largest public funds for information technology, has changed its ownership structure. Previously owned by two partners, Communication Progress will now have only one owner.
Enkelejdi Zoraqi has decided to sell 50 percent of the shares he owned in this company to his partner, Gentian Likaj, for 232 thousand euros or about 22 million lekë. This transaction makes Likaj the sole owner of the company Communication Progress.
Sale of shares in Communication Progress
Communication Progress is one of the largest beneficiaries of public funds from the National Agency for the Promotion of Economic Development. Last year, the company achieved a turnover of 5 million euros and a net profit of 820 thousand euros.
The company's official sale price is significantly below its market value, raising risks for under-declaration and tax evasion with capital gains tax. According to data from the company's balance sheet, at the end of last year the company had total assets of almost 4.85 million euros, while total liabilities recorded in its books were 865 thousand euros. This means that the company's net book value was 4 million euros.
The sale of half of the company's shares for just 232 thousand euros is almost 9 times below net book value, a red flag for possible tax evasion.
Communication Progress has benefited from around 20 million euros in direct payments from the state treasury. The company has been particularly strengthened in recent years, thanks to its collaboration with Soft & Solution, the company with the greatest influence in AKSHI.
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