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Millions Of Dollars Still Owed To Kabul Bank

Officials will not say how much of the $407 million owed has been recovered but Integrity Watch says only $29 million has been paid back

The office assigned to recoup money owed to Kabul Bank said on Sunday they have faced numerous challenges and some debtors refuse to repay the money owed.
 
According to information provided by the office, more than $407 million USD had been owed to the bank and only some of the money has been recovered.
 
Kabul Bank however refused to comment on how much money they had collected so far.
 
“Some debtors have signed agreements with us to pay their debt, but recently some of them have not paid their debts. A small number, one to two people, who did not respect the agreement have only paid 20 percent of their debt,” said Abdulwahid Khurasani, head of the office of Kabul Bank reconciliation.
 
Meanwhile, Nasir Timori, a researcher for Integrity Watch Afghanistan, said since the establishment of the National Unity Government (NUG), only $29 million USD of the total outstanding amount has been recovered.
 
He said the NUG has not made significant progress in this regard. 
 
“There are no mechanisms in place to collect this money - not only for Kabul Bank, but also for other money taken illegally. Government takes action, but does not follow it systematically," Timori said.
 
The Anti-Corruption Network also said government has failed in its efforts to collect all money from debtors.
 
“No one responds to people. No one says that we have committed this and what we have done about it. They do not feel themselves responsible to the people,” Khan Zaman Amarkhel, member of the Anti-Corruption Network said.
 
Recouping this money was a priority for President Ashraf Ghani and on his first day as leader he put the issue on the table.

Business

Millions Of Dollars Still Owed To Kabul Bank

Officials will not say how much of the $407 million owed has been recovered but Integrity Watch says only $29 million has been paid back

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The office assigned to recoup money owed to Kabul Bank said on Sunday they have faced numerous challenges and some debtors refuse to repay the money owed.
 
According to information provided by the office, more than $407 million USD had been owed to the bank and only some of the money has been recovered.
 
Kabul Bank however refused to comment on how much money they had collected so far.
 
“Some debtors have signed agreements with us to pay their debt, but recently some of them have not paid their debts. A small number, one to two people, who did not respect the agreement have only paid 20 percent of their debt,” said Abdulwahid Khurasani, head of the office of Kabul Bank reconciliation.
 
Meanwhile, Nasir Timori, a researcher for Integrity Watch Afghanistan, said since the establishment of the National Unity Government (NUG), only $29 million USD of the total outstanding amount has been recovered.
 
He said the NUG has not made significant progress in this regard. 
 
“There are no mechanisms in place to collect this money - not only for Kabul Bank, but also for other money taken illegally. Government takes action, but does not follow it systematically," Timori said.
 
The Anti-Corruption Network also said government has failed in its efforts to collect all money from debtors.
 
“No one responds to people. No one says that we have committed this and what we have done about it. They do not feel themselves responsible to the people,” Khan Zaman Amarkhel, member of the Anti-Corruption Network said.
 
Recouping this money was a priority for President Ashraf Ghani and on his first day as leader he put the issue on the table.

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