The pyramid schemes started operations in 1991. Their activity was based on making payments to old investors using money contributed by new investors. The first scheme was that of Hajdin Sejdisë, who later fled to Switzerland with several million dollars. It was followed by "Sudja" of shoe factory worker Maksude Kadëna in 1993, then the "Populli" foundations run by an opposition politician, and "Xhaferri". By the end of 1996 the schemes peaked. The interest rates they offered were very tempting; Sudja offered 100% interest. The schemes were not criticised immediately because of a banking law adopted in 1994 which—on International Monetary Fund (IMF) advice—contained no provision that the National Bank of Albania act as a supervisor of commercial banks. The IMF changed that advice two years later, after the consequences had become visible. Despite IMF advice to close these schemes, the government continued to allow their activities, often participating in them. Between 8–16 January 1997 the schemes collapsed. On 22 January the government froze the Xhaferri and Populli firms. "Gjallica", another firm, was nearly bankrupt, while "Vefa", which had invested in Albanian hotels, fuel and factories, continued normal activity.