The 2025 audit report on Trepça identified a series of financial irregularities, including missing documentation for assets worth more than 42 million euros, uncertainty over the valuation of inventories worth more than 23 million euros, and an overstatement of accounts receivable. These issues were discussed by the Committee for Oversight of Public Finance, where concerns were raised about the accuracy of the financial statements and management’s responsibility.
During the review of the report, committee chair Besian Mustafa said the large number of findings raised serious concerns about how the company’s financial position had been reported.
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Mustafa said the financial statements did not accurately reflect Trepça’s situation. According to him, the company had not fully met the requirements for two inventories related to the measurement and presentation of stock. For a significant portion of the inventory, valued at 23 million 187 thousand euros, sufficient evidence had not been provided about the methodology used to determine its value, creating uncertainty about its accuracy.
He added that Trepça had not properly reported a customer liability under accounts receivable, resulting in an overstatement of 376 thousand 245 euros. The committee chair also said the company had not ensured the complete and accurate recording of its fixed assets and had not provided documentation for assets worth 42 million 755 thousand 994 euros. As a result, there is a risk that the assets and financial results may be materially misstated and fail to present a fair picture of the company’s position.
Trepça Board Chair Shpëtim Dobra said several steps had been taken to address the shortcomings, but acknowledged that many issues remained unresolved.
According to Dobra, five recommendations have been fully implemented, four partially implemented, and 27 others are still in progress. Management has set the end of 2026 as the deadline for completing them.
Dobra said the measures taken include establishing committees, drafting internal procedures, and improving records. However, he stressed that some issues remain open and require greater commitment and faster progress.
Trepça Chief Executive Officer Faton Ahmeti linked some of the findings to the consolidation of the financial statements, a process that, according to him, was carried out for the first time in 2024.
Ahmeti explained that the process brought to light problems that had not previously been identified in the same way. The financial statements cover the company’s units in southern and northern Mitrovica, while four of the findings relate to the Leposaviq unit.
According to the chief executive, 10 findings were identified in total, six of them new. He said the relevant disclosures had been made in the financial statements and the units had been presented separately as Mitrovica South and Mitrovica North. Ahmeti stressed that performance had improved compared with 2024 and revenues had increased.
These remarks prompted a response from MP Eman Rrahmani, who objected to the way the audit findings had been presented.
Rrahmani called for the company’s full situation to be presented to the committee and raised questions about management’s responsibility and oversight of the northern unit.
He asked whether Trepça’s leaders had control over and the ability to oversee the northern unit, stressing that failing to present the full picture was a problem for the committee’s work.
In response, Ahmeti said he was not denying the audit findings, but that they should be separated by unit because of the way the financial statements had been consolidated.
He explained that all 10 findings were included in the report, but separating them was necessary to determine which financial statement each one related to.
On Wednesday, the chief executive of the Regional Water Company “Hidrodrini” also reported to the committee.
Following the report on Trepça, the chief executive and board chair of the Independent Commission for Mines and Minerals are also expected to appear before the committee regarding 2025.
