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60pc of Kabul Bank looted money recovered

60pc of Kabul Bank looted money recovered

Oct 02, 2015 - 01:27

KABULinfo-icon (Pajhwok): More than 60 percent of the money stolen from Kabul Bank has been recovered, Da Afghanistaninfo-icon Bank officials said on Thursday.

The bank, once the country’s largest private lender, nearly collapsed after revelations that most of its money had been loaned to its politically powerful managers and shareholders and their associates to fund reckless investments and beachfront mansions in Dubai.

Subsequently, two senior shareholders were removed and the government took the bank's control.

Sher Khan Fernud, Khalil Ferozi, Mohammad Hussain Fahim, Mahmood Karzai, Gulbahar Habibi, Abdul Ghafar Dawi, Mohammad Ibrahim, Sofi Nisar, Tahir Zahir, Daud Nasim were among those violating Article 34 of the bank law by misusing customers' deposits.

Last year, reports appeared in the media about the bank losing $300 million due to mismanagement, cronyism and dubious lending.

Khan Afzal Hadawal, central bank’s deputy governor, told reporters in Kabul almost 60 percent of the total embezzled money had been recovered.

He said the government had injected $825 million to the bank since it went into crisis and it was up to the government to collect money from debaters.

He said people who had assets in Kabul should be ready sell their properties to the government if they failed to deposit cash they owed.

He termed the Kabul Bank crisis as huge and argued that such issue required much time to be resolved.



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