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Defaulter’s Lawyer Wants Kabul Bank Borrowers to be treated equally

in Afghan Business

Defaulter’s Lawyer Wants Kabul Bank Borrowers to be treated equally

The defense lawyer for Sher Khan Farnood- the Chairman of Kabul Bank until late 2010- suggested that the Kabul Bank issue should be dealt with according to the banking laws and all the borrowers should be treated equally.

Sher Khan Farnood is currently in jail after being alleged for taking out unauthorized loans worth USD 279million from the Kabul Bank.

Kabul Bank, once the country’s largest private lender, came to the verge of collapse two years back as a result of issuing unauthorized loans. According to the reports, the total loans were put at USD 937 million.

Sher Khan Farnood’s lawyer, Sibghatulalh Tamim, told a press conference in Kabul that there should not be discrimination against any borrower involved in the case.

He objected the decree that President Karzai had passed for investigating the case and called it a contradiction to banking laws. He said that the recovery of loans was the auditor’s committee duty, while Karzai gave that authority to the Attorney General’s Office. Under Article 74 of the banking law, according to the lawyer, supervision of audit affairs is the duty of the bank’s financial dispute-resolution commission, but this authority has also been shifted to the AGO by Karzai.

The lawyer raised the point that relatives of high-ranking government officials had also borrowed from the Bank and demanded that they all should be treated alike and subjected to judicial scrutiny.

Defense Lawyer Tamim also criticized the auditing committee for failing to recover the massive loans and said that the Gas Group Company had borrowed more than USD 21 million.

The firm failed to return the loan within the stipulated period, the lawyer claimed. “In an effort to safeguard the interest of their favorites, some circles are trying to take a fresh look at the whole case. This amounts to trampling on the law,” he remarked.



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