Anglo Adriatic Investment Fund

The Anglo Adriatic Investment Fund SA[http://www.icpcredit.com/ReportRequest.asp?sCompanyID=203993 Details for ANGLO ADRIATIC INVESTMENT FUND SA] at [http://www.icpcredit.com ICPCredit.com] (AAIF) was established by Irish entrepreneur Declan Ganley. AAIF was the first foreign-managed investment fund in Albania, provisionally licensed on 13 April 1996[https://web.archive.org/web/20051130085441/http://www.southeasteurope.org/documents/3982Albania.pdf "Albania 1999 Country Profile"] Business Forum Report, London 17–20 April 1999, from [http://www.southeasteurope.org/ Southeast Europe Online] and definitively licensed on 22 May 1996.[http://www.seedcenter.gr/projects/MNE/1stconfer/1stconf_papers/Mema.pdf "MASS PRIVATISATION PROCESS AND POST PRIVATISATION IN ALBANIA"] {{Webarchive|url=https://web.archive.org/web/20140514085318/http://www.seedcenter.gr/projects/MNE/1stconfer/1stconf_papers/Mema.pdf |date=14 May 2014 }} by FATMIR MEMA, University of Tirana, Faculty of Economics, Albania and NEVRUZ KOÇI Albanian State Insurance Company (INSIG), Albania, a paper given in the 1–3 June 2001 SEED Conference "Restructuring, Stability and Development in Southeastern Europe." AAIF collected privatisation vouchers[http://www.irishtimes.com/newspaper/newsfeatures/2008/0531/1212156417272.html "On the mysterious trail of 'Mr No'"], Irish Times, 31 May 2008 that the government of post-communist Albania was giving to Albanians, and it used the nominal value of those vouchers for investment in areas such as fertilizer, breweries,[https://web.archive.org/web/20110717020800/http://www.blythe.org/nytransfer-subs/99eeu/The_Economic_Destruction_of_Albania%2C_Pt.I "THE ECONOMIC DESTRUCTION OF ALBANIA"] by Michel Chossudovsky, Ottawa, 1997 via [https://web.archive.org/web/19980220141104/http://www.blythe.org/ www.blythe.org] cement and pharmaceuticals. The Albanians who deposited their vouchers with AAIF received shares in the fund in return.

At one point the fund had 450,000 shareholders and vouchers with a nominal value of more than $120 million.

But AAIF had collected too many vouchers: it had 12% of all the vouchers and privatisation leks combined, more than the 10% maximum prescribed by law.Law No. 7979, entitled "On Investment Funds", dated 26.07.95, see [http://www.seedcenter.gr/projects/MNE/1stconfer/1stconf_papers/Mema.pdf] {{Webarchive|url=https://web.archive.org/web/20140514085318/http://www.seedcenter.gr/projects/MNE/1stconfer/1stconf_papers/Mema.pdf |date=14 May 2014 }} for source Following a lengthy period of negotiation and accusation between AAIF and the Albanian government, AAIF was left unable to continue with the privatisation. Even worse, the market value of the vouchers had dropped during the collapse of the Albanian economy from 25.6% of their nominal value in January 1996 to 1.7% in October 1998. AAIF was bankrupt.

AAIF was officially funded by Ganley International,[https://web.archive.org/web/20110531200846/http://austriantimes.at/index.php?id=11320 "Irish anti-EU party to set up in Austria for June elections"] Austrian Times, 19 February 2009 with a 10% stake taken by the US-based Rothschild Emerging Markets Fund. Der Spiegel stated[http://www.spiegel.de/politik/ausland/0,1518,580807,00.html "Wie ein Milliardär Europa aufschrecktv"], Spiegel Online, 28 September 2008, English translation [https://translate.google.com/translate_c?hl=en&sl=de&tl=en&u=http://www.spiegel.de/politik/ausland/0,1518,580807,00.html here] that AAIF's UK office (128 Mount Street, London, W1Y 5HA[http://www.private-equity.org.uk/profile.php?contact=Anglo-Adriatic%20Investment%20Fund "Company Profile - Anglo-Adriatic Investment Fund"] {{Webarchive|url=https://web.archive.org/web/20161010210024/http://www.private-equity.org.uk/profile.php?contact=Anglo-Adriatic%20Investment%20Fund |date=10 October 2016 }}, entry on [http://www.private-equity.org.uk/ PSEPS venture capital and private equity directory] {{Webarchive|url=https://web.archive.org/web/20090303104857/http://www.private-equity.org.uk/ |date=3 March 2009 }}) shared an address with the European branch of US investment fund Paladin Capital, and also stated that Paladin Capital's advisory board was chaired by former CIA director James Woolsey. Ganley denies any involvement with the CIA.[http://www.libertas.eu/press-office/facts "Facts not politics, learn the truth about Libertas "] {{Webarchive|url=https://web.archive.org/web/20090203012927/http://libertas.eu/press-office/facts |date=3 February 2009 }}, Libertas press office, undated

• 1997 rebellion in Albania
• Declan Ganley

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Category:Financial services companies established in 1996

Category:Investment companies of the United Kingdom

Category:Business organizations based in Albania