English | دری

USD 300mn recovered from Kabul Bank’s embezzled money

in Afghan Business

USD 300mn recovered from Kabul Bank’s embezzled money

delawariThe Afghanistan Central Bank Governor Noorullah Delawari said the Kabul Bank scandal has been “resolved” with the recovery of more than USD 300mn funds.

Delawari told the Associated Press that the government is continuing its efforts to recover the remaining funds that have been identified to be worth USD 500mn-600mn of assets.

On his second day of presidency, Dr. Ashraf Ghani issued a decree to reopen the Kabul Bank scandal case.

He had announced that curbing corruption was at the top of his presidency agenda, and insisted that graft would not be tolerated under his rule.

Kabul Bank was seized by the government in 2010 after the exposure of a staggering USD 900 million fraud, which led the International Monetary Fund to temporarily halt its hundreds of millions of dollars of loans to the country.

Renamed New Kabul Bank, the institution was bailed out by the government.

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.

Related Articles

USD 6mn pledged to fuel female participation in upcoming Afghan elections

In a bid to increase the number of women participating in the upcoming elections, the Asia Foundation and UK’s Department

Afghanistan’s first grid-tied solar power opened in Kabul

Mr. Ghulam Faruq Qazizada, acting minister for Energy and Water, officially opened Afghanistan’s first project for grid-tied solar power in

Azerbaijan to offer assistance to Afghanistan

Azerbaijan is willing to assist Afghanistan in fighting against drugs and insurgency and building Afghan infrastructure. Azerbaijan has allocated EUR

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Your e-mail address will not be published.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*