New Kabul Bank
Masood Khan Musa Ghazi ( December 2012)
The New Kabul Bank ( formerly Kabul Bank ) is the largest bank in Afghanistan. Founder and CEO of the bank was Sherkhan Farnud. The Kabul Bank was the oldest private bank in the country.
The prudential supervision of the Kabul Bank is perceived by the Da Afghanistan Bank.
From 2008 to August 2010 Khalilullah Ferosi was president of the Kabul Bank (June 2011).
In November 2012 it was announced that the shareholders and the Kabul Bank employees have embezzled approximately $ 935 million over the years.
The most successful product of the bank is the Bakht account. Bakht (' wealth ' in Dari ), an Islamic banking financial products. For every 5,000 Afghani investor receives will be paid into a Bakht account a lot. In a three -monthly, transmitted on national television draw a winner will be determined and this will then receive a check for one million Afghani. Since the introduction of Bakht, the Bank has quadrupled its customer base.
The football club FC Kabul Bank is sponsored by the Kabul Bank.
Mahmood Karzai, the elder brother of Afghan President Hamid Karzai, was until the discovery of the irregularities one of 16 major shareholders of Kabul Bank. The Institute has also co-funded the election campaign of President Hamid Karzai. He was from the bank a loan of 6 million U.S. dollars with which he bought 7 percent of the bank. Due to their often dubious political and economic entanglements of the Karzai family nepotism and corruption is alleged.
At present, the Afghan Ministry of Finance is the sole shareholder.
2005, the Bank had many branches in Afghanistan. About this the salaries of civil servants, soldiers and police officers were paid.
Fraud and bank run
Since summer 2009, the money was often only referred to officials with delay and skimmed off the interest earned.
In August 2010, the Central Bank ordered the dismissal of Sherkhan Farnud and Khalilullah Ferosi.
Beginning of September 2010, there was a bank run. Within two days, 155 million dollars were raised. The founder and chairman of the Supervisory Board, Sherkhan Farnud, as well as the CEO Khalilullah Ferosi were dismissed because of mismanagement and suspicion of misappropriation of deposits from their posts. In several stores, money was allegedly stolen a considerable extent and have been awarded to shareholder loans in the hundreds of millions who invested in these high- risk real estate transactions. On 9 September, the police dispersed with batons, the queue in front of the bank on. Mid-September took over the Afghan central bank control over the Kabul Bank and the authorities launched an investigation against two bank directors and shareholders.
On 27 June 2011 the U.S. State Department announced that Abdel Kadir Fitrat, the former head of the central bank, had fled to the United States. He himself had previously made in an interview about his safety concerns and had resigned. He claimed that he was afraid because of the investigation in the case of Kabul Bank for his life.
In February 2011, recommended that the International Monetary Fund ( IMF) that the ailing bank should be placed under receivership and then quickly sold.
Since March 2011, the IMF holds a part of development assistance to Afghanistan back. As a condition to re- release the funds, the IMF urged the Karzai government to pay for the losses of the Kabul Bank to reform the banking system and to initiate legal action against those responsible.
The Deputy Attorney General of Afghanistan determined to July 2011 413 illegal loans, most of which were awarded over straw men as bodyguards, gardeners or house servant to shareholders of the Bank at no cost and with no repayment terms.
In November 2011, it was known that in the six years prior to August 2010 Loans in the amount of 579 million U.S. dollars have been awarded, which could no longer be driven. With fees, interest and marked as advertising cost loans, the total rose to 914 million U.S. dollars. There were 207 beneficiaries of loans granted are determined. Among them are members of parliament, ministers, provincial governors, campaign manager, artist and a football club.
In November 2012, a report came to the conclusion that shareholders and the Kabul Bank employees have misappropriated approximately $ 935 million over the years. Among the offenders were also relatives of Afghan President Hamid Karzai. The money was brought to the part in trolley of aircraft of the Afghan Pamir Airways in over two dozen countries. After a " Ponzi scheme ," as it was called, the IMF, they raised repeatedly money from customer accounts.
An explosive device was detonated in front of the branch of the bank in Kandahar on December 27, 2010.
End of February 2011, there was an attack by Taliban ( according to U.S. figures of 12 armed bandits ) on a branch of the Kabul Bank in Jalalabad, in the east of the country. In this case, the attackers disguised as Afghan security forces stormed the bank and kept them occupied for hours. In this case, 42 people died, mostly members of the security forces who were waiting for their reward. In June 2011, two of the attackers to death and a third was sentenced to 20 years in prison.