The financial adventure with the loan taken from Delphos seems to have cost Kosovar businessman Behgjet Pacolli dearly. The Tirana Court of Appeal has dealt a heavy blow to Pacolli, as it has excluded him from the administration of the Airport until the trial on the merits of the conflict between him and Valon Ademi.
With the decision taken this Thursday, the Appeal has confirmed the measure of the Court of First Instance that had excluded the company Mabco from the right to vote and administration in the concession company Vlora International Airport, leaving the administration of the airport in the hands of Valon Ademi.
The conflict between the two shareholders of Vlora Airport erupted publicly last summer and at its core was the clash over the shares of the airport. But later another sensational development became public.
Mabco SA, Pacolli's company, had received a 100 million euro loan from a shell investment fund in Luxembourg, called Delphos Compartment Bernina. But the loan had a catch, as it forced the inclusion of Vlora Airport as an additional borrower. Practically through this loan, the flow of income from Vlora Airport was mortgaged to the Investment Fund. The other shareholder of the Airport, businessman Valon Ademi, accused Pacolli of having done everything in secret and this was in open violation of the law.
To this end, Ademi appealed to the Court of First Instance in Tirana, requesting the exclusion of Pacolli from decision-making in the company and the suspension of voting until the case is reviewed on its merits. The Court of First Instance decided to accept the lawsuit. After this, Pacolli launched a public attack, declaring that his company was being taken over despite the fact that he owned 98 percent of the shares.
Mabco's hope was that the decision would be appealed, but the Court of Appeal has left the measure in force until the issue of shares between the two shareholders is examined in its entirety. Through this decision, the Court of Appeal has confirmed the suspicions and blocked the possibility of Vlora Airport becoming part of the Delphos loan, which is accused of Russian connections by Valon Ademi.
The clash
At the heart of the clash lies control over the concessionaire VIA, created to implement the concession contract with the Ministry of Infrastructure, for the construction and operation of Vlora airport.
The conflict over control of the VIA concessionaire has been going on for months in successive lawsuits.
The company "2A Group" claims that in April 2025 it purchased about 47% of the shares of the majority partner Mabco, based on a share purchase agreement.
However, Mabco disputes the validity of this contract and claims that the transfer cannot produce legal consequences without the approval of the contractor, in this case the Ministry of Infrastructure. The Court has now ruled to exclude Mabco, until the issue of the shares is judged on the merits.
Editorial
