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Afghan government to merge 3 national banks

The Afghan Finance Ministry has reportedly proposed to the presidential palace merging of the three national banks of Afghanistan—Bank Millie Afghan, the New Kabul Bank and Pashtanay Bank—and forming one stronger national bank. According to reports, ARG has approved the proposal

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President Ghani issues decree to reopen the Kabul Bank scandal case

On his second day of presidency, Dr. Ashraf Ghani Ahmadzai issued a decree to reopen the Kabul Bank scandal case. This comes after he announced that curbing corruption was at the top of his presidency agenda, and insisted that graft

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Afghanistan central bank dismisses SIGAR’s report regarding possible banking crisis

Da Afghanistan Bank (DAB), Afghanistan’ central bank, rejects reports by the Special Inspector General for Afghanistan Reconstruction (SIGAR) that has warned of a possible banking crisis to loom. According to the report, DAB lacks the required ability to regulate commercial

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Afghanistan central bank dismisses SIGAR's report regarding possible banking crisis

Da Afghanistan Bank (DAB), Afghanistan’ central bank, rejects reports by the Special Inspector General for Afghanistan Reconstruction (SIGAR) that has warned of a possible banking crisis to loom. According to the report, DAB lacks the required ability to regulate commercial

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Kabul bank loans yet to be recovered from Mahmud Karzai and Haseen Fahim

After passing four long years, as many as $11 million loan paid to Afghan Investment Company (AIC) by four banks— with guarantors Mahmud Karzai, Haseen Fahim and Mirwais Azizi— to the Ghori Cement Factory, however, the due loan with interests

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USD 250,000 stolen from New Kabul Bank

According to reports, 14 million AFN (about USD 250,000) was stolen from a branch of New Kabul Bank in the Baraki area of Kabul city. The staff members behind the robbery have been identified. Two of the three accused staff

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“Individuals behind Kabul Bank’s collapse must be investigated”

The Independent Joint Anti-Corruption Monitoring and Evaluation Committee criticized the special tribunal’s verdict handed down to the defendants of the Kabul Bank crisis. The special tribunal sentenced the two former executives of Kabul Bank to five years in prison and

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“Individuals behind Kabul Bank's collapse must be investigated”

The Independent Joint Anti-Corruption Monitoring and Evaluation Committee criticized the special tribunal’s verdict handed down to the defendants of the Kabul Bank crisis. The special tribunal sentenced the two former executives of Kabul Bank to five years in prison and

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Attorney General does not accept Kabul Bank’s special court verdict

The Attorney General’s Office does not agree with the verdict of the special tribunal on the Kabul Bank crisis, saying that the punishment was too soft. “We will ask for an appeal, as we concluded that the verdict issued by

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Ministry of Finance rejects Kabul Bank’s only bid

Kabul Bank’s only bid offered by a local consortium known as MTZ was rejected by the Ministry of Finance, as the firm’s plans were not consistent with the current banking system.  The officials said new recommendations would be submitted to

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Two defendants of Kabul Bank scandal receive prison sentence

Kabul Bank’s former chairman Sherkhan Farnood and former Chief executive Khalil Ferozi receive a 5 year prison sentence in today’s hearing of the case. Twenty other former employees of the bank have also been involved in the scandal. Kabul Bank

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Kabul Bank’s special tribunal urges the government to take the verdict seriously

Kabul Bank’s special tribunal head Shams-ul-Rahman Shams said Monday that the government must heed the verdict of the court on the 22 defendants, which will be handed down tomorrow. “We demand the executive power to take the court’s decision seriously

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USD 50mn of Kabul Bank loans to be recovered in a fortnight

Da Afghanistan Bank (DAB), central bank of Afghanistan, announced Wednesday that Kabul Bank loans worth USD 50mn would be recovered in the next two weeks through the auction of defaulters’ property. Kabul Bank, Afghanistan’s first private bank, was on the

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Only one bidder of the scandal-hit Kabul Bank steps forward

Three domestic and two international groups were approved through the Expression of Interest stage for the purchase of New Kabul Bank shares, but only one stepped forward to bid. The bidders approved included, Ali akbar Zhawandai Consortium, Forbes and Manhattan,

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The Adventure of Afghanistan’s Pashtanay Bank: Is it fight against corruption or fight against Afghanistan's banking system?

Establishment of banking system in 1312 (equivalent to 1913 in Gregorian calendar) with the inauguration of Bank Milli Afghan (Afghan National Bank) was a major accomplishment, as it later served as the foundation for Afghanistan’s central bank, Da Afghanistan Bank.

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The Adventure of Afghanistan’s Pashtanay Bank: Is it fight against corruption or fight against Afghanistan’s banking system?

Establishment of banking system in 1312 (equivalent to 1913 in Gregorian calendar) with the inauguration of Bank Milli Afghan (Afghan National Bank) was a major accomplishment, as it later served as the foundation for Afghanistan’s central bank, Da Afghanistan Bank.

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Kabul Bank defendants’ final trial to begin soon

Kabul Bank’s special tribunal has completed the investigation on Kabul Bank’s defendants after two years. Head of the tribunal Shams-ul-Rahman Shams said Monday that trial of the defendants will begin soon. “Our investigation is completed.  We are working on the

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Afghanistan makes it to the top list of the corruption index

Afghanistan, once again, is ranked as the most corrupt country by the Transparency International, receiving 8 out of 100 marks. The other two countries that made it to the top list are North Korea and Somalia, each having the same

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REPORT OF THE PUBLIC INQUIRY INTO THE KABUL BANK CRISIS

Kabul Bank, Afghanistan’s first private bank and the representative of the first experience of Afghans with formal banking structures, collapsed nearly two years ago after a number of individuals embezzled million of dollars money that belonged to the citizens. The

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Kabul Bank properties to be auctioned soon in Palm villas of Dubai

Kabul Bank’s special tribunal is seeking to close the issue of the sales of bank assets as soon as possible. On the top of the list are the sales of eight properties on the Palm Jumeirah in Dubai worth a

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Two more suspects in the collapse of the Kabul Bank brought to the court

The second day of the prosecution on the fall of Kabul Bank was launched on Saturday. Twenty-two people have been alleged for embezzlement of Kabul Bank money and only seven of them have attended the court to present their information

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First court session on Kabul Bank’s case ends inconclusive

The first public hearing of Kabul Bank’s case was held in Kabul on Wednesday. After 16 months of negotiations and controversies over the case of Kabul Bank, its first public hearing ended without a result. The court officials say they

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Kabul Bank properties to be sold in Dubai soon- Noorullah Delawari

Officials of  Da Afghanistan Bank (DAB), Afghanistan’s Central Bank, say that the properties of Kabul Bank will be put out for sales in the next three weeks in Dubai city as per the orders of President Hamid Karzai. “A delegation,

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Serious efforts to resolve the issue of the Kabul Bank- IMF

The International Monetary Fund (IMF) said on Monday Afghanistan has achieved progress in structural reforms; however, efforts should be intensified to resolve the Kabul Bank issue. Paul Ross, head of an IMF mission that wound up Kabul talks with Afghan

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Abdul Ghafar Dawi has not yet returned Kabul Bank loans-Hameedullah Mohebbi

Head of the Kabul Bank Receivership Department, Hameedullah Mohebbi, said Abdul Ghafar Dawi, ower of the Dawi Oil Corp, has not yet returned a loan of worth about USD 40mn to Kabul Bank. Mr. Mohebbi called on Abdul Ghafar Dawi

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