Kabul Bank ex-Chairman, CEO Jailed for 10 Years News - Afghanistan Written by TOLOnews Tuesday, 11 November 2014 16:12 The former chairman of Kabul Bank, Sherkhan Farnood, and former CEO Khalilullah Ferozi, have been sentenced each to 10 years in jail. The announcement came Tuesday in a verdict in the appellate court in capital Kabul following President Ashraf Ghanis 6-week deadline to finalize the countrys largest corruption case. Along with 10-year imprisonment, Sherkhan Farnood was also fined with over $237 million. Based on the court verdict, the properties of Mahmood Karzai, brother of former President Hamid Karzai, and Hasin Fahim, brother of late Marshal Qasim Fahim, were also frozen. The prosecutor, however, stated that the Sherkhan Farnood and Khalilullah Ferozi had right to appeal against the verdict. The trial comes as President Ghani in his first days in office announced to reopen the Kabul Bank case and begin the fight against corruption with the largest scandal. Kabul Bank, once the countrys largest financial institution, was badly shaken and collapsed in 2010 as one of the largest banking schemes in history. The former chairman and executive chief officer of Kabul Bank were sacked from their position and arrested over the embezzlement of over $900 million in cash and assets. Last Updated on Tuesday, 11 November 2014 16:23
Posted on: Tue, 11 Nov 2014 13:20:49 +0000
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