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| Afghanistan |
| Kabul Bank Shareholders Assets to be Seized |
| 2011-04-27 |
| [Tolo News] Assets and properties of Kabul Bank shareholders will be seized within and outside the country, a top official in Ministry of Finance said on Tuesday. Najibullah Manalay, advisor to finance ministry, said all countries with investments by Kabul Bank shareholders have been urged to block their assets. Officials said they will make their all-out efforts to recover Kabul Bank money and they will even sell assets and properties belonging to shareholders. Shareholders should pay their loans in a months time and if they fail we will sell their assets and properties, finance officials said. But properties of those with legal papers in their deals with the bank will be protected, officials said. Afghan Ministry of Finance also accuses international audit companies of being involved in Kabul Bank corruption. "A number of international auditors were assigned to monitor some projects. Three months before the Kabul Bank crisis the auditors had reported to the central bank that things were normal in the bank," Mr Manalay said. Finance ministry has announced that Kabul Bank will stand back on its own feet after recovering its loans in three months. And then it will be sold to the private sector based on a transparent bidding procedure. Kabul Bank, the country's leading private bank, nearly collapsed last year but was taken over by Afghanistan Central Bank in September. |
| Posted by:Fred |