English | دری

$ 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

Related Articles

Afghan women receive training in business field

Twenty-four Afghan women entrepreneurs graduated from a 10-week Peace Through Business training conducted by the Institute for Economic Empowerment of

Ministry of Finance yet to decide on tax relief for Afghan containers

The Cabinet Economic Committee has decided to wave off tax on the 3,000 Afghan containers that were stopped at the

Tokyo Court Decides in Favor of Samsung

Tokyo court ruled that Samsung has not infringed on patents held by Apple. Tokyo District Judge Tamotsu Shoji dismissed the

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.