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AGO: $480m Kabul Bank Loans Recovered Yet

(Last Updated On: August 17, 2015)

KABULBANK - 17 - 08 - 2015 - SOT - DARI.avi_snapshot_01.08_[2015.08.17_15.20.32]

Out of 277 Kabul Bank loaners Afghan police have arrested 50 loaners yet, senior AGO official said on Monday.

Attorney General Office emphasize that police will soon arrest all the scandals.

The bank collapsed in 2010 after losing almost $ 1bn, many of the bank’s staff were sent to prison but the brothers of former President Hamid Karzai and his vice-president who were also involved, were granted immunity.

KABULBANK - 17 - 08 - 2015 - SOT - DARI.avi_snapshot_00.00_[2015.08.17_15.19.03]President Ghani reopened the Kabul Bank inquiry as his first step in a fight against corruption about ten months ago saying the time for action has come, but recently only nine Kabul Bank shareholders have agreed to pay their debts in a regular interval.

The bank’s founder, Sherkhan Farnood, and ex-CEO Khalilullah Ferozi were jailed for five years after being convicted last year of taking $810m of the $935m stolen.

Eighteen others were also jailed but Karzai’s brothers and one of his vice-presidents escaped prosecution because they had returned stolen funds.

The remaining loaners have denied to provide their debts; therefore, the Attorney General Office have tasked police to arrest all of them.

“Out of 227 debtors only 50 loaners have agreed, we try to arrest the others also in cooperation with police,” Noor Habib Jalal acting head of the Attorney General Office said.

$222 million was returned back to the bank after a special tribunal set up by Afghanistan’s Supreme Court during Hamid Karzai’s era, but after Ghani resumed the investigations the amount jumped to $480 million as final verdict issued on the biggest banking fraud.

“$480 million was returned back to Kabul,” Jalal added.

Integrity Watch Afghanistan (IWA) findings show that the New Kabul Bank loss about $7 million annually and the amount has reached to a deficit of $50 million.

Reported by: Ahmad Farshad Saleh

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