Pajhwok Services

Photo Service

SMS News Service

Pajhwok combines its expertise and experience in news reporting with a telecom firm and thus reach a wider audience in an 
effective way.

To subscribe: 
English News Update : Send 83 to 824
Dari News Update : Send 84 to 824
Pashto News Update : Send 85 to 824

Election Coverage

Special Mining Page

Afghan Peace Process Special Page

Addvertise With Pajhwok

Daily Newsletter

Sending Time (GMT / Kabul time)

Suggest a Story

Pajhwok is interested in your story suggestions. Please tell us your thoughts by clicking here.

$50m Kabul Bank loans to be recovered in 2 weeks

$50m Kabul Bank loans to be recovered in 2 weeks

Feb 27, 2013 - 17:00

KABUL (PAN): Kabul Bank loans worth $50 million would be recovered in a fortnight through the auction of defaulters’ property, the central bank governor announced on Wednesday.

Da Afghanistan Bank Governor Noorullah Delawari told reporters in Kabul $175 million loans had already been repaid to the bank, whose recovery would reach $225 million over the next two weeks.

The government took over part of the bank after it came to the verge of collapse as a result of issuing unauthorised loans.

Delawari said an amount of $270-300 million belonging to the bank remained unaccounted-for. Apparently, he added, the money had been illegally transferred abroad, but the government was doing its bit to recover it. 

Only one country, where the Kabul Bank money was stashed, has promised cooperation with Afghanistan, according to the official. Without naming that country, he linked the 2009 banking crisis to illegal credit of $835 million.

Kabul Bank’s former chairman Sher Khan Farnoud and CEO Khalilullah Ferozi are among the 22 people accused in the big-time fraud case.

Drago Kos, the chief investigator who looked into the scandal, vowed last year to put the perpetrators behind bars. Without giving details, he said a dozen shareholders and seven private companies were involved in the massive scam.

Delawari hinted the court would soon hand down its verdict in the case, hoping the government would be able to recover the money it had spent on reinforcing the Kabul Bank.

The central bank, with the cooperation of the finance ministry, has already set in motion the bidding process for the bank in compliance with a cabinet decision on its privatisation.





Download “Pajhwok” mobile App, on your smartphone to read and access latest news, features, interviews, videos and photos about Afghanistan.