Albania Fund Execs Arrested For Fraud

Sat., Feb. 8, 1997

Compiled From Wire Services

Police arrested the director and 11 managers of a failed high-risk investment fund on fraud charges Friday, as thousands of angry Albanians protested the loss of their life savings.

State television reported the arrest of Fitim Gerxhalliu, director of the Gjallica fund, based in the southern port of Vlora, and 11 managers. It said the company’s president and her husband - rumored to have fled the country - also were being sought.

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Albania Fund Execs Arrested For Fraud

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