Sale of Kabul Bank Assets Challenging, Receivership Says
[Tolo News] Kabul Bank's receivership manager on Thursday said that the efforts to auction the bank's properties as soon as possible are happening both inside and outside the country, but the asset sale is challenging.
Hamidullah Mohebbi said Kabul Bank currently holds eleven properties worth more than 119 million Emirati Dirhams (US$32.4 million) in Dubai.
Following President Karzai's order on Wednesday for urgent action of the Kabul Bank assets still pending sale, as well as the sale of the properties of its former shareholders in Dubai, Mohebbi said the receivership managers were making a serious effort for enact this order, given little had been done on these properties since the beginning of the bank's crisis two years ago.
He said that in the first step, the properties of its former shareholders in Dubai will be put into auction.
"We are putting a lot of effort into asking from Dubai Land Department for a close date, but it depends on them. They fix the auction date and the mechanism of sale according to their rules and systems. This is related to them according to the laws in Dubai. We will try our best to have it sooner," Mohebbi told TOLOnews Thursday.
Posted by: Fred