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Hearing resumes in Kabul Bank case

Hearing resumes in Kabul Bank case

Nov 11, 2014 - 13:13

KABULinfo-icon (Pajhwok): The Kabul court of appeal on Tuesday resumed an open hearing on the Kabul Bank case in presence of the bank’s former chairman Khalilullah Ferozi and CEO Sher Khan Farnood.

Only a fewer number of the accused in the multimillion dollars scam that once plunged the national economy into a deep crisis, were present with their defence lawyers at the court.

The court called both Ferozi and Farnood as the main accused in the case after they confessed to their crimes. However, the two insisted a number of other shareholders were also involved in the scandal.

The court on Monday adjourned the hearing without handing down any verdict. The trial resumed today at 10:30am.

The bank plunged into deep crisis in 2009, when it lost $835 million in fraudulent property deals, massive off-book loans and credit to fake corporations, prompting the government to take over the bank’s affairs.

The hearing began ahead of a presidential deadline that expires this weekend. President Ashraf Ghani Ahmadzai on Oct 1 issued a decree, directing relevant state institutions to immediately address the Kabul bank issue and restitute its assets.



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