- Title: ALBANIA: PYRAMID INVESTMENT SCHEME RAILS
- Date: 19th December 1996
- Summary: TIRANA, ALBANIA (DECEMBER 19, 1996 / RECENT) RTV - ACCESS ALL DECEMBER 19, 1996 1. GV DEPOSITORS WAITING TO WITHDRAW THEIR MONEY FROM SUDE (6 SHOTS) 0.55 2. MV SUDE COMPANY PRESIDENT SPEAKING TO CROWD THROUGH MEGAPHONE 1.12 3. MV MEDIA 1.15 4. MV SUDE COMPANY PRESIDENT, GUARDED BY POLICE, SPEAKING TO CROWD THROUGH WINDOW 1.35 5. LV CROWD 1.41 6. MV ALTIN BIBA, WHO INVESTED 2,000 U.S. DOLLARS IN SUDE, SAYS HE DOES NOT EXPECT TO GET HIS MONEY BACK (ENGLISH) 1.57 7. MV INVESTORS READING LIST OF PEOPLE WHO WILL GET THEIR MONEY BACK 2.10 RECENT 8. MV ALBANIANS QUEUEING TO INVEST IN SUDE (2 SHOTS) 2.29 Initials Script is copyright Reuters Limited. All rights reserved.
- Embargoed: 3rd January 1997 12:00
- Keywords:
- Location: TIRANA, ALBANIA
- City:
- Country: Albania
- Reuters ID: LVA8DCFQDHIV3O0X9RQR1L7BL2MY
- Story Text: INTRO: An investment scheme in Albania, one of several former communist states attempting a transition to a market economy, has back-fired on investors and looks set to become a "get-poor-quick" opportunity.
Police on Thursday (December 19) blocked hundreds of Albanians trying to reach the capital's main Skanderbeg square to protest against a bankrupt pyramid scheme company that cannot return deposits.
Scuffles broke out as depositors in the Sude pyramid scheme company, which offered returns of up to 50 percent per month, were stopped by special police forces from approaching the company headquarters.
Trading in the company, run by a business woman called Sude, was suspended in November and pledges made to return the money but so far only a dozen investors have received refunds.
Interior ministry sources were not available to comment.
Pyramid schemes emerged in Albania after the overthrow of communism, pledging big returns on small investments despite warnings from bankers that the pyramid system could implode.
Thousands of Albanians lost their life savings after the president of one 'get-rich-quick' pyramid scheme company dissappeared with millions of dollars.
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