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Borrowers given 2 months to return Kabul Bank loans

in Afghan Business

Borrowers given 2 months to return Kabul Bank loans

The government on Tuesday gave borrowers two months time to return loans to the troubled Kabul Bank, the president’s office said.

The decision came at a high-level meeting chaired by President Hamid Karzai, the Presidential Palace said in a statement.

Issues related to the loans issued by the bank, which faced a grave financial crisis due to unauthorised credit and other anomalies last year, were discussed.

The meeting decided to create a special committee to identify the people responsible for the crisis and deal with them under the relevant law, the statement added.

On November 30, Da Afghanistan Bank Governor Noorullah Delawari said the near collapse of Kabul Bank was the result of non-implementation of banking laws.

So far, $74 million of the loans obtained by shareholders had been recovered and another $400 million were expected to be repaid in the near future, according to Dilawari.

“As of now, 80 percent of Kabul Bank loans are accounted for, with 20 percent loanees yet to be identified,” Delawari said, adding an investigation was underway to identify unknown credit beneficiaries.

Properties purchased with Kabul Bank loans in Dubai include 17 residential houses and two high-rise buildings, says First Deputy Governor of Da Afghanistan Bank Mohibullah Sapi.

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Kabul Bank

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