State television reported the arrest of Fitim Gerxhalliu, director of the Gjallica fund, based in the port of Vlora, and 11 managers, and said the company's president and her husband, rumoured to have fled the country, were also sought. On Tuesday, Mr Gerxhalliu announced that he had no money to pay investors. The next day, thousands of angry Vlora residents clashed with police who fired plastic bullets and a water cannon at the crowds. AP - Tirana
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The director and 11 managers of a failed high-risk investment fund were arrested on fraud charges as thousands of angry Albanians who sank life savings into the company protested for a third straight day yesterday.