Kabul Bank Special Court to Deliver Verdict Next Week

News - Afghanistan


The special court on the Kabul Bank crisis will deliver its verdict at a public hearing next week, the head of the court said Sunday.

The final verdict will ultimately be delivered by the Supreme Court at a later date.

"The inspection of the cases of the all the accused will be finished by the end of this week, and if there are no other contraventions within the cases, the [special court's] final verdict will be issued at a public hearing," head of the special court Shamsurrahman Shams said.

Twenty-two people including former bank chiefs Shir Khan Farnood and Khalilullah Ferozi are charged with causing the bank's collapse through fraud and corruption. Five of the charged including former governor of Da Afghanistan Bank Abdul Qadeer Fitrat are fugitives, he added.

It was previously understood that a number of properties of the bank were put up for sale, however Shams says none of the properties have been put up for sale but they will all be sold by auction.

He said that everything else owned by the bank, apart from its properties, is priced at $17 million.

"A British company has priced all the bank's equipment at $17 million which will be sold soon," Shams said.

Meanwhile, the bank's Receivership Department said the process to sell all the bank's property inside and outside the country - except for the bank's armored vehicles - is being done transparently under the observation of a government panel.

"Kabul Bank has six armored vehicles in Kabul alone, and the Ministry of Interior will not permit them to be sold for some security reasons, and we haven't sold any of those vehicles so far. However all the other properties are being sold," said Receivership Department head Abdul Hameed Mohebbi.

Once the largest bank in Afghanistan by assets, Kabul Bank almost collapsed in 2010 after its officials transferred by both legal and illegal means abroad. Multiple loans were made to people without any guarantees. It eventually went bankrupt and faced a loss of about US$900 million.

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