Pyramid schemes in Albania Pyramid schemes in Albania were Ponzi schemes that precipitated the 1997 unrest in Albania . Former economic advisor of Prime Minister Fatos Nano was arrested and imprisoned for his opposition to these schemes.Pyramid schemes of 1997 The unrest of the year 1997 came as a tragic consequence of the bankruptcy of some 25 firms. The face value of the schemes' liabilities totaled $1.2 billion.Sudja This firm was established in 1993 by Maksude Kadëna, also known as Sudja, who had worked in a shoe factory . Strangely, when Sudja was arrested she was living in a dilapidated apartment complex . The collapse triggered several protests in Tirana, which was also its area of operation .Vefa Vefa Holding was the main pyramid firm. It was created in 1994 by Vehbi Alimuça and spread across the country . Vefa invested in various fields of economy such as hotels, fuel, stores and factories. Best known is the bomb assassination a few weeks before the elections of 26 May 1996 to Vefa's supermarket in downtown Tirana. Vefa was often seen as the firm's rentier PD. It went bankrupt in 1998, while its president was in prison.Gjallica The Gjallica firm was created by three former State Security effective originating from Kukes. President of the company was Shemsie Kadria. Gjallica had its centre in Vlora. The firm went bankrupt on February 5 , 1997, prompting violent protests in Vlora, which later turned into rebellion against the government .People's Democracy-Xhaferri This firm was established in 1995 and began to extend its activities in the villages of Lushnja, Fier and Berat. Officially it was a "foundation" but in fact became one of the most severe pyramidal firms in the country. Its leader, Rrapush Xhaferri, was arrested on January 22 , 1997, which triggered violent demonstrations in Lushnje January 24–25.Populli This Populli firm was created on July 16 , 1996 and was extended in the same area as the Xhaferri. Its President was Bashkim Driza the former State Security agent . He worked deeply with the Albanian opposition parties and financed their campaigns and newsletters. During the riots of 1997, he left with a U.S. helicopter.Populli Demokracia Popullore-Xhaferri Kamberi Cenaj Silva Malvasia Kambo Grunjasi Dypero Bashkimi Beno Pogoni B&G Kobuzi Arkond Adelin A.Delon Agi M.Leka Company Global Limited Co. ÇashkuThe nine major pyramid firms in relation with creditors
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