Newspaper article International Herald Tribune

Ex-U.S. Official Pulls Bid for Kosovo Telecom Stake

Newspaper article International Herald Tribune

Ex-U.S. Official Pulls Bid for Kosovo Telecom Stake

Article excerpt

An investment fund run by the former U.S. secretary of state Madeleine K. Albright withdrew its proposal after growing scrutiny about the possibility of conflicts of interest or special treatment for the fund.

An investment fund run by the former U.S. secretary of state Madeleine K. Albright has withdrawn its bid for a majority stake in Kosovo's state telecommunications company, an executive from the fund, Albright Capital Management, has confirmed.

The withdrawal came before the Jan. 31 deadline for bids from the five consortiums on the short list of buyers for the stake in company, PTK. It also followed growing scrutiny in Kosovo and abroad about the possibility of conflicts of interest or special treatment for the fund run by Ms. Albright, who played an important role in the 1999 intervention that led to the separation of Kosovo from Serbia and its declaration of independence in 2008.

"We evaluate transactions in emerging markets on a constant basis and must decide among many potentially interesting opportunities in light of our resources and capital," Nelson Oliveira, managing director and general counsel of Albright Capital Management, wrote Wednesday in an e-mailed statement to the International Herald Tribune, responding to a query about the status of the bid. "In October, we decided to pursue other opportunities that we believed presented greater odds of success for our investors."

The withdrawal had not been officially announced by the company or Kosovo's government. According to Mr. Oliveira's statement, an announcement had not been made because of the confidentiality required by the tender process. But the fund decided to confirm that it had ended its bid "since information regarding our withdrawal from the process is now public," he wrote, referring to news reports in Kosovo based on anonymous sources.

Many analysts in Kosovo see the withdrawal as more of a face- saving retreat from a chaotic and tarnished process under increasing domestic and international scrutiny, than a calculated result of number-crunching. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.