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Kabul Bank case being sent to court

Kabul Bank case being sent to court

Jun 02, 2012 - 20:46

KABULinfo-icon (PANinfo-icon): A high-level meeting, chaired by President Hamid Karzai, on Saturday decided to send the Kabul Bank loan crisis case to court.

The meeting deliberated in detail on all aspects of the case and the progress made so far in connection with loan recovery, the Presidential Palace said.

Kabul Bank, once the largest private-sector lender, plunged into a deep financial crisis due to bad loans and other anomalies last year, leading the government to take its partial control.

At the meeting, the Attorney General Office presented a detailed report on the crisis, saying so far id="mce_marker"08 million had been recovered from borrowers. The report said $26 million were recovered soon after Karzai issued a decree in this regard.

It revealed properties belonging to defaulters -- Pamir Airlines and Bakhtar private television channel -- had been sold in Kabul and Dubai.

The properties include 147 apartments in the Istaqlal Township in Kabul and another 19 in the UAE, according to the report that said 150 containers and some land had been seized from loanees.

Asking the AGO to finalise its report and send it to court, the meeting was attended by the two vice presidents, deputy chief justice, the attorney general, the Kabul Bank governor and other senior officials.


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