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Ghani wants court verdict fully enforced in Kabul Bank case

Ghani wants court verdict fully enforced in Kabul Bank case

Dec 16, 2015 - 17:49

KABULinfo-icon (Pajhwok): President Ashraf Ghani has ordered the authorities concerned to fully implement the court verdict in the Kabul Bank scandal and step up the collection of lost money.

The president issued the orders during a meeting at the Presidential Palace discussing the Kabul Bank issue, progress made so far in the case, a statement from the palace said.

The committee tasked by the president to deal with financial matters of the bank informed the president about the debts recovered so far.

After hearing from the committee, the president said the collection of lost money should be speeded up and the court decision be implemented against those still owing money to the bank.

He also tasked municipalities of Kabul and provinces to identify assets of Khalilullah Ferozi and help the committee in transferring those assets to Da Afghanistaninfo-icon Bank.

The Attorney General Office was tasked to write formal letters and order police to summon those owing small amounts to the bank and those not cooperating with the authorities.

Once the country’s largest lender, the bank plunged into deep crisis in 2009, when it lost $987 million in fraudulent property deals, massive off-book loans and credit to fake corporations, prompting the government to take over the bank’s affairs and change its name to New Kabul Bank. The government had to finance a bailout of $825 million to the bank.

Of $987 million squandered money, the government says it has so far recovered $437 millions. Twenty-four defaulters have paid their debts until now.

Some of the major shareholders including Mahmood Karzai, Gul Bahar Habibi, Hassin Fahim, Daud Nassir, Mohammad Anwar Jigdalak, Mohammad Tahir Zahir, Mahboob Frotan, Mohammad Ismail Ghazanfar and Amrullah have started paying their debts in installments. According to the AGO, the assets of these individuals are not frozen anymore.

In October 2014, the president ordered reopening of the Kabul bank case and reinstating its assets.



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