Lajme flash
KLSH discovers millions of lek in shares and assets incorrectly registered in the Municipality of Vlora
2026-11-14 14:15:00 / AKTUALITET
The Municipality of Vlora has not correctly reflected in its 2025 financial balance sheet the value of the shares it owns in six joint-stock companies, including Flamurtari Football Club, Vlora Parking and the Fruit and Vegetable Wholesale Market.
The Supreme State Audit Office has found that the municipality's participation in the capital of these companies has been underestimated by around 175.5 million lek.
According to the final financial audit report, the account where equity participations are recorded resulted in a value of 2 million lek at the end of 2025, unchanged from 2024.
But from verifying data at the National Business Center, the Albanian Supreme Audit Office (KSAI) found that the Municipality of Vlora owned shares in several companies with a value much higher than what was recorded in the accounting.
The largest part of the identified value is occupied by the Fruit and Vegetable Wholesale Market, where the municipality owns 100% of the shares, worth 156,816,000 lekë. This company represents the vast majority of the capital identified by the audit.
Meanwhile, the Municipality of Vlora also owns 100% of the shares in Vlora Parking, worth 3,500,000 lekë, Markata e Peshkut, with 3,500,000 lekë, Flamurtari Football Club, with 3,500,000 lekë, and KF Oriku, with 4,100,000 lekë.
In the Vlora Regional Water Supply and Sewerage Company, the municipality owns 41.35% of the shares, worth 4,135,000 lek.
The problems with the reflection of shares are part of the broader shortcomings that the SAI has identified in the administration of the assets of the Municipality of Vlora. The audit found that 37 assets with a total value of 200,315,653 lekë were incorrectly classified in the 2025 balance sheet.
Of these, seven assets worth 96,594,903 lek were recorded in the category of buildings and constructions, while another 30 assets, worth 103,720,750 lek, were reflected in the category of roads, networks and water works, although they belonged to other categories. Also, the accounting included a value of 37,387,815 lek, inherited from former municipalities and recorded as “Other”, without a clear analysis of the assets it represented.
Likewise, the financial administration of public contracts has also resulted in deficiencies. According to the KSAI, the Municipality of Vlora still had 51,904,240 lek of contract guarantees registered, although their term had expired and the municipality had not filed any claims against the contractors for the quality of the works. This had led to the overestimation of the relevant accounting account. The audit also found that 52 project studies, worth 115,857,512 lek, continued to appear in the studies and designs account, without being distributed according to the relevant assets, even though the investments had been completed in previous years. For these issues, the KSAI requires the correction of the records and the reconciliation of assets with the financial and technical documentation, within the framework of the preparation of the financial statements for 2026.
According to the auditors, these deficiencies are in violation of the rules for the preparation of financial statements of public institutions and of the National Accounting Standard No. 14, which determines the accounting treatment of investments in participations.
In conclusion, the Supreme State Audit Office has recommended that the Directorate of Finance, Budget and Accounting take measures for the accurate registration of equity participations, by the closing of the financial statements for 2026./ ekofin.al
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