New Kabul Bank

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  New Kabul Bank
logo
Country AfghanistanAfghanistan Afghanistan
Seat 10-42, Torbazkhan, Shar-e-Naw, Kabul
legal form
BIC KABUAFKAXXX
founding June 27, 2004
Website www.newkabulbank.af
Business dataTemplate: Infobox credit institute / maintenance / data out of dateTemplate: Infobox credit institute / maintenance / year missing
Total assets $ 256 million
management
Board Mohamad Aqa Kohistani (May 2016)
Supervisory board Sayed Massud (May 2016)
Corporate management

Masood Khan Musa Ghazi (May 2016)

The New Kabul Bank (formerly Kabul Bank ) is the largest credit institution in Afghanistan . Sherkhan Farnud was the bank's founder and CEO . Kabul Bank was the country's oldest private bank.

The banking supervision of the Kabul Bank is carried out by the Da Afghanistan Bank .

From 2008 to August 2010, Khalilullah Ferosi was President of Kabul Bank (as of June 2011).

In November 2012, it became known that Kabul Bank shareholders and employees had embezzled approximately $ 935 million over the years.

Products

Promotion of the Bakht account

The bank's most successful product is the Bakht account. Bakht ('Wealth' in Dari ), an Islamic banking financial product. For every 5000 Afghani that are paid into a Bakht account, the investor receives one ticket. In a three-month drawing on state television, a winner is determined and the winner then receives a check for one million Afghani. Since the launch of Bakht, the bank has quadrupled its customer base.

The football club FC Kabul Bank , which has many subsidiary clubs in all parts of the country, is sponsored by the bank.

Ownership

Mahmood Karzai , the older brother of Afghan President Hamid Karzai , was one of 16 major shareholders of Kabul Bank until the irregularities became known. The institute also co-financed President Hamid Karzai's election campaign. The bank gave him a loan of US $ 6 million with which he bought 7 percent of the bank. Because of their often dubious political and economic entanglements, the Karzai family is accused of nepotism and corruption.

The Afghan Ministry of Finance is currently the sole shareholder.

history

In 2005 the bank had many branches in Afghanistan. These were used to pay the salaries of officials, soldiers and police officers.

Since the summer of 2009, the money has often been transferred to civil servants with a delay and the interest income has been skimmed off.

In August 2010, the central bank ordered the dismissal of Sherkhan Farnud and Khalilullah Ferosi.

At the beginning of September 2010 there was a bank run . Within two days, $ 155 million was withdrawn. The founder and chairman of the board of directors, Sherkhan Farnud, and the chairman of the board, Khalilullah Ferosi, have been dismissed from their posts for mismanagement and suspicion of embezzlement of deposits. In several branches, money is said to have been stolen to a considerable extent and loans in the hundreds of millions were granted to shareholders who invested them in high-risk real estate transactions. On September 9, the police used batons to clear the queues in front of the bank. In mid-September, the Afghan Central Bank took control of Kabul Bank and the authorities opened investigations against two bank directors and shareholders.

On June 27, 2011, the US State Department announced that Abdel Kadir Fitrat , the then head of the central bank, had fled to the United States . He himself had previously worried about his safety in an interview and had resigned. He said he feared for his life over the investigation into the Kabul Bank case.

In February 2011, the International Monetary Fund (IMF) recommended that the troubled bank should be placed under bankruptcy administration and then quickly sold.

Since March 2011, the IMF has withheld part of the development aid for Afghanistan. As a condition of releasing the funds, the IMF called on the Karzei government to pay for the Kabul Bank's losses, to reform the banking system and to take legal action against those responsible.

The Deputy Attorney General of Afghanistan identified 413 illegal loans up to July 2011, most of which were granted to shareholders of the bank by means of front men such as bodyguards, gardeners or house servants, interest-free and without repayment periods.

In November 2011, it was known that 2,010 loans amounting to 579 million in the six years before the August US dollars were awarded, which could no longer be driven. Including fees, interest, and loans marked as business expenses, the total rose to $ 914 million. 207 beneficiaries of the loans were identified. These include members of parliament, ministers, provincial governors, campaign leaders, artists and a football club.

In November 2012, a report found that the bank's shareholders and employees had embezzled approximately $ 935 million over the years. The perpetrators also included relatives of Afghan President Hamid Karzai . Some of the money was brought to over two dozen countries in serving trolleys from the Afghan Pamir Airways . According to a " pyramid scheme ", as the IMF called it, they repeatedly withdrew money from customer accounts.

In early April 2016, the news magazine Bloomberg reported that the Pakistani MCB bank was planning to buy New Kabul Bank.

attacks

On December 27, 2010, an explosive device was detonated in front of the bank's branch in Kandahar .

Photo of the US after the liberation of the Kabul Bank branch in Jalalabad

At the end of February 2011 there was an attack by the Taliban (according to US reports by 12 armed bandits) on a branch of the Kabul Bank in Jalalabad , in the east of the country. The attackers disguised themselves as Afghan security forces, stormed the bank and kept it occupied for hours. 42 people died, mainly members of the security forces, who were waiting for their wages. In June 2011, two of the attackers were sentenced to death and a third to a 20-year prison term.

At least ten people were killed and 15 injured in an attack on a branch of the bank in southern Afghanistan on December 17, 2014. All five suicide bombers were killed.

Web links

Individual evidence

  1. ↑ Entry in the BIC directory at SWIFT
  2. ↑ Financial Report 2015
  3. ↑ a b c d e f g h i Luis Imbert: The robber bank of Kabul. In: the daily newspaper . November 13, 2011, Retrieved November 15, 2011 (copied from Le Monde diplomatique ).
  4. ^ Board of Shareholders (4th Mr. Mahmood Karzai) ( Memento of March 8, 2009 in the Internet Archive ) www.kabulbank.com
  5. ↑ Customers storm the Kabul bank www.spiegel.de, September 3, 2010
  6. ↑ Karzai family's wealth 'fueling insurgency' www.telegraph.co.uk, August 7, 2009
  7. ^ Another Karzai Forges Afghan Business Empire www.nytimes.com, March 4, 2009
  8. ↑ [1]
  9. ↑ Michael Isikoff: Run on Afghan Bank's deposits reported. MSNBC , September 2, 2010, accessed September 3, 2010 .
  10. ↑ Afghanistan: Self-service at the Kabul Bank ( Memento from September 8, 2010 in the Internet Archive ) www.ftd.de, accessed on September 8, 2010
  11. ^ Unrest outside Afghanistan's largest private bank orf.at, accessed on September 14, 2010
  12. ↑ Kabul Bank taken over by Afghanistan central bank www.bbc.co.uk, accessed September 14, 2010
  13. ^ The head of the Afghan central bank resigns. In: ORF . June 28, 2011, Retrieved June 28, 2011 .
  14. ↑ IMF recommends troubled Kabul Bank be wound down www.seattletimes.com, accessed on January 1, 2013
  15. ↑ spiegel.de November 28, 2012: Fraudsters flew millions in serving trolleys
  16. ^ Pakistan's MCB Bank Bids to Buy Afghanistan's New Kabul Bank. In: Bloomberg. April 6, 2016, accessed May 24, 2016 .
  17. ↑ Heavy explosion in front of the Kabul bank in Kandahar. In: ORF. December 27, 2010, accessed December 27, 2010 .
  18. ↑ Death sentences after the Taliban attack in Kabul. In: Neue Zürcher Zeitung . June 14, 2011, accessed June 14, 2011 .
  19. ^ Suicide attack on a bank in Afghanistan. In: The world . December 18, 2014, accessed May 24, 2016 .