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Efforts to return loans from Kabul Bank scandals still continues – AGO

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(Last Updated On: October 25, 2022)

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Kabul Bank embezzlement case is still under investigation by the Attorney General Office of Afghanistan, Officials.

Baseer Azizi AGO spokesman said that the Attorney General Office of Afghanistan is currently struggling to reimburse millions of dollars being embezzled from the Kabul Bank one of the largest private banks in Afghanistan between 2004 – 2010; while ,senate members accuse the government for neglecting the case.

Azizi said,” We are strongly struggling to return Kabul Bank moneys back, and we could return about $220 million so far. We have blocked the properties of those who have borrowed a large amount of money from the bank and we are also tracking to detain those who have escaped from the country.”

President Ghani issued a decree on his initial days inquiring to re-open the Kabul Bank embezzlement case, and the court soon sentenced the biggest scandals including Ex-Chairman Shir Khan Farnood, and Ex-CEO Khalilullah Ferozi, but the government is still unsuccessful to return moneys back and trial those powerful shareholders who were also involved in Kabul Bank cases.

Most of the scandals escaped out of the country without being trialed.

On the other hand, acting head of the Afghanistan Central Bank warns if the debitors fail to pay their loans they will sell their properties being freezed.

Acting Head of the Afghanistan Central Bank Khan Afzal Hudawal said,” We are trying to collect and return the Kabul Bank moneys, and I would like to warn the loaners once again if they fail to pay their loans we will sell their properties being freezed”.

Lawmakers believe that the government is neglecting the real scandals including ex-finance minister Omar Zakhilwal.

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Zalmai Zabuli, the Senate Complaints Commission Chief said,” Investigations on Kabul Bank crisis case are still without any result and it is really concerning. Several documents prove involvement of government high ranking officials in Kabul Bank crisis including ex-finance minister involvement, but the question is why they are not trialing Omar Zakhilwal? Documents prove his involvement in Kabul Bank crisis, but both the government and the judiciary systems are keeping their silent about him.”

Earlier Ex-Kabul Bank Chief Executive Officer accused Mohammad Omar Zakhilwal being involved in Kabul Bank embezzlement crisis during a live court, but Mr. Zakhilwal rejected the accusation saying I haven’t signed anything.

Reported by: Rafi Sediqi

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Turkey’s 77 keen to start up cement plant in Jawzjan

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(Last Updated On: March 27, 2024)

Turkish construction company 77 officials have met with the acting minister of mines and petroleum, Shahabuddin Delawar, about investing in a cement factory in Yatim Taq area of Jawzjan province.

The minister, Shahabuddin Dalawar, has said the ministry will cooperate with the company but first needs a proposal, including details around how they plan to implement the project as well as social development plans.

Turkey’s 77 company has been working on electricity generation projects in Afghanistan for several years.

A number of industrialists say that if more investment is made in the cement production sector, not only will domestic demand be met, but the country’s cement will also be exported.

At the moment, cement is being produced by private companies in the provinces of Kandahar, Parwan and Herat.

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Pakistan delegation discusses solutions with Azizi to resolve trade issues

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(Last Updated On: March 26, 2024)

Officials of the Afghan Ministry of Commerce and Industry on Tuesday held a meeting with the visiting delegation of Pakistan’s Ministry of Commerce where they discussed challenges around trade relations between the two countries.

The Acting Minister of Commerce and Industry Nooruddin Azizi said due to recent political tensions, trade and transit relations between Afghanistan and Pakistan have faced problems. He said efforts are being made to find solutions to the existing problems and to distance political issues from trade issues.

The visiting delegation is in Kabul at the invitation of the ministry of commerce and industry.

Azizi said the Pakistani delegation said at the meeting that all commercial, transit and economic issues between the two countries will be discussed and efforts will be made to keep trade issues separate from political issues.

“We want to talk about issues that are especially in the field of trade and transit, and we want to prioritize all issues related to trade, we are trying to separate trade and transit from political issues,” said Azizi.

He also expressed hope that his meeting with the Pakistani delegation will help solve the existing challenges and improve and expand trade and transit relations between the two countries.

According to economic experts, since Afghanistan is a transit route between Central Asia and South Asia, the Islamic Emirate can use it to pressurize Pakistan so as not to create trade problems.

“Pressure should be put on Pakistan with the same means we have so that the agreement signed between us and Pakistan and they are forced to comply. We must use this agreement and use it correctly and we should be emotional and not say hostile words, but we want our right,” said Seyed Masoud, an economic expert.

Officials from the ministry also said that talks were held on other issues, including implementing the PTA preferential trade agreement or TAD, finalizing negotiations about APPTA, determining the date of air transit, 24-hour operations in the ports of Torkham, Chaman, and Spin Boldak.

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Pakistani delegation in Kabul to talk trade amid ‘deteriorating ties’

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(Last Updated On: March 25, 2024)

Despite ongoing tension between Kabul and Islamabad, the Ministry of Industry and Commerce of the Islamic Emirate has announced that a Pakistani delegation is visiting Kabul this week to discuss issues around bilateral trade relations.

According to reports, during this visit, the Pakistani Ministry of Commerce’s delegation is expected to discuss ways to remove obstacles around transit and trade at border crossings between Afghanistan and Pakistan.

Mohammad Zubair Motiwala, the Executive Director of Pakistan’s Trade Development Authority, said: “A high-level delegation led by the Pakistani deputy Minister of Commerce visiting Kabul on March 25 to build confidence and strengthen trust in trade flow between the two neighboring countries.”

“I hope this visit will lead to bilateral cooperation between the two countries. Both countries need to review their policies to simplify trade, reduce restrictions, and streamline transit at border points,” he said.

Abdul Salam Jawad, the spokesperson for Afghanistan’s ministry confirmed to the media on Monday that a delegation from Pakistan’s Ministry of Commerce arrived in Kabul for discussions on issues related to bilateral trade.

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