Albania adopts law on pyramid schemes

TIRANA - The Albanian parliament has passed legislation to regulate the pyramid investment schemes whose collapse pushed the …

TIRANA - The Albanian parliament has passed legislation to regulate the pyramid investment schemes whose collapse pushed the Balkan nation to the brink of anarchy, the Albanian news agency ATA reported yesterday.

The agency said parliament adopted the controversial legislation on Friday. Widespread rioting shook Albania in February and March when five of the schemes collapsed. Four other pyramid investment companies are still operating but have stopped paying interest.

The assembly, which is dominated by President Sali Berisha's Democratic Party, had wanted the law to pass control of the five collapsed schemes into the hands of a group of government appointed financial experts along with the four still operating. But the Finance Minister, Mr Arben Malaj, a Socialist in the nine party National Reconciliation government appointed in March, said the collapsed schemes should not be included because they were already being investigated by state prosecutors.