Case Study

Forensic asset identification to seize and sell assets closes Albanian Ponzi scheme

Brief

The World Bank appointed a Big-4 accountancy firm to support the liquidation of various Ponzi schemes operating in Albania.

A forensic investigation programme over 2-years was required to identify, repossess and sell the assets fraudulently acquired by the schemes.

Work

Following a detailed forensic analysis of capex, legal and financial records, the assets, ranging from real estate to distilleries and cement factories to aircraft, were inspected and valued.

The assets were then re-possessed and marketed for sale. A transparent and robust sale process was designed and built to ensure assets could be sold locally and internationally

Outcome

A complex and challenging engagement lasting over 2 years achieved realisations over $5m.

Testimonial

The administrators appointed under the new law were required to report regularly to the government but otherwise had complete independence. They were given broad powers to carry on the companies’ businesses, pay their debts, sell their assets, fire staff and managers, seize the assets of individuals connected with the schemes, and hire experts to trace assets abroad.” Finance & Development. the International Monetary Fund.

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