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New Kabul Bank’s loss-making to be zeroed in 3 months

New Kabul Bank’s loss-making to be zeroed in 3 months

Jan 03, 2016 - 17:38

KABULinfo-icon (Pajhwok): A top official of the New Kabul Bank on Sunday said the bank was facing deficit ranging from $10,000 to $15,000 on monthly basis and the loss-making would be brought down to zero over the next three months.

Syed Jan Saeed, head of the executive council of the bank, told reporters here that the bank would be privatised once the bank’s deficit came down to zero level.

Earlier, the Integrity Watch Afghanistaninfo-icon (IWA) had said the New Kabul Bank was in losses after the government failed to take stern action against individuals involved in the collapse of the original Kabul Bank.

The former Kabul Bank plunged into deep crisis after a run on deposits in 2010 when reports surfaced $935 million had been stolen from the bank by its chief executives and stakeholders.

Then president Hamid Karzai’s government was forced to bail out the country’s then biggest bank, which was later re-launched as the state-run New Kabul Bank.

So far only about a third of the $935 million stolen has been recovered, according to the receivers.

The two former heads of the bank, founder Sher Khan Fernod and former Chief Executive Haji Khalil Ferozi, had been convicted in the initial inquiry of taking $810 million of the stolen money and were both sentenced to jail for five years. Their jail terms were tripled in November last year.



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