Pyramid schemes in Albania | Wikipedia audio article
Channel: wikipedia tts
Date: 14/01/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Pyramid_schemes_in_Albania


00:00:49 1 Pyramid schemes of 1997
00:01:13 1.1 Sudja
00:01:41 1.2 Vefa
00:02:22 1.3 Gjallica
00:02:52 1.4 People's Democracy-Xhaferri
00:03:29 1.5 Populli
00:04:02 2 Full list of Albanian pyramid schemes



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SUMMARY
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Pyramid schemes in Albania were Ponzi schemes that precipitated the 1997 unrest in Albania. They started operations in 1991 with the first being formed by Hajdin Sejdia,. After starting works for the construction of an alleged hotel in central Tirana, he escaped to Switzerland with several million dollars. The area became known as Hajdin Sejdia's Hole. Later it was filled by crews to create a local park, but it was taken over by the local prostitution scene. Following these events, some creditors were liquidated while others were not. It is alleged that most of the sums are still held in foreign banks.
Former economic advisor of Prime Minister Fatos Nano was arrested  and imprisoned  for his opposition to these schemes.