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$ 437mn recovered of $987mn stolen from Kabul Bank

in Afghan Business

$ 437mn recovered of $987mn stolen from Kabul Bank

The Afghan government is still in the process of recovering the millions of dollars that disappeared from Kabul in mysterious insider loans.

Legal advisor to the President, Abdul Ali Mohammadi, said on Sunday $437mn of the total $987mn stolen from Kabul Bank had been recovered, but $578mn remained unpaid.

The Afghan government seized Kabul Bank in 2010 and bailed it out at $825mn to overcome the crisis that pushed Afghanistan’s banking system to the brink of ruin.

President Ghani reopened the Kabul Bank case soon after taking oath and the Kabul Bank Clearance Committee was formed to expedite inquiry into the scandal.

The Kabul Bank scandal, known as the “Ponzi Scheme”, involved transfer of about USD 900mn to 19 individuals and companies, including the Bank’s shareholders and relatives of prominent Afghan politicians.

Tags assigned to this article:
Afghanistan banksKabul BankKabul Bank Scandal

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