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New Kabul Bank not functioning efficiently: IWA

New Kabul Bank not functioning efficiently: IWA

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Aug 29, 2015 - 19:15

KABULinfo-icon (Pajhwok): The Integrity Watch Afghanistaninfo-icon (IWA) on Saturday said their investigations suggested that the New Kabul Bank lost $65 million in the past six years.

The IWA Head Sayed Akram Afzali told reporters the semi government bank was in miserable condition as it could not improve after it was hit by financial crisis.

He said incompetent administration, irresponsible attitude of officials especially in the centre and at the Ministry of Finance (MoF) were main causes of huge loss to the bank in the past six months.

According to Afzali, the government should strive hard to regain the lost money of the bank.

Earlier, the Attorney General’s Office (AGO) said more than $480 million of the embezzled Kabul Bank money have been recovered and over 50 individuals had been arrested.

The acting Attorney General Noor Habib Jalal said out of total 227 accused suspects 50 had been detained by police and efforts for the arrest of remaining suspects were underway.

Efforts were being made to recover all the money lost to the infamous Kabul Bank scandal, revealing another two accused in the case had been referred to the primary court.

He said the AGO had made it clear that not a single penny looted from the once largest private bank would go unaccounted for and that the 155 defaulters should be barred from leaving the country and their assets be frozen.

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