Hongping Xiao will remain in custody, accused of tax evasion and abuse of power, after he was arrested last month, along with nine other current and former company officials, said an appeals court statement.

Former CEO Leonidha Cobo, an Albanian national, would also remain in custody, it said.

Bankers Petroleum, present in Albania since 2004, operates the Patos-Marinza oil field, the country's largest.

Originally a Canadian company, the firm was acquired in 2016 by the Chinese-based Geo-Jade Petroleum for more than $400 million.

According to local media, the investigation accuses senior executives at the firm of fraud going back 20 years.

"We are following with sincere attention the criminal investigations, initiated by the Albanian authorities on July 2, 2025, concerning several valued colleagues and past employees," Bankers said in an August 1 statement.

"Throughout this process, we continue to engage openly with all competent institutions, guided by a spirit of transparency, mutual respect, and adherence to the law."

Of the eight other company executives arrested in July, four were placed under house arrest, and the others are required to report regularly to authorities.

Four other company executives, including three Chinese nationals and one Canadian, are wanted by Albanian authorities.

Bankers Petroleum appointed former Croatian diplomat and oil executive Andrija Kojakovic as chairman of the board of directors in June. He will have to oversee relations with the Albanian government during the investigation.

Albania produces approximately 650,000 tons of crude oil annually, much of which it exported to the European Union.