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$40 million has been attained from Kabul Bank scandals – AGO

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More than $40 million has been returned back to Kabul Bank after the final decision of the special court on the bank embezzlement case, officials said.

President Ghani issued a decree on his initial days inquiring to re-open the Kabul Bank embezzlement case, and the court soon sentenced the biggest scandals including Ex-Chairman Shir Khan Farnood, and Ex-CEO Khalilullah Ferozi, but the government is still unsuccessful to return moneys back and trial those powerful shareholders who were also involved in Kabul Bank crisis.

Now, about four months have passed since the Supreme Court has directed the AGO to collect all the loans of the bank and credit it into the Afghanistan’s Central Bank account, but none of the loaners have paid their loans yet.

Attorney General’s Office (AGO) of Afghanistan emphasis serious follow up on this case, but a number of lawmakers believe that the government has already failed to return the moneys being embezzled.

Noor Habib Jalal Acting-Head of Afghanistan’s AGO said,” Kabul Bank Clearance Office is working hard on this case, as yet we could attain cashes and properties which worth more than $40 million, and we are following this case”.

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Earlier Integrity Watch of Afghanistan (IWA) announced that the New Kabul Bank losses about $ 7 million annually and the bank has lost about $ 50 million since it was bankrupted on 2010.

On the other hand Farhad Azimi a member of the parliament criticized the government and said,” the Kabul Bank loaners have their own part in the government, therefore; the government is not committed to execute the court decisions”.

He added, the Kabul Bank scandals are “travelling along with the government leaders to foreign trips” probably pointing to Ex-finance minister Omar Zakhilwal who is currently the economic advisor of President Ghani.

Another MP Zakaria Sawda pointed,” the government is unable to finalize Kabul Bank crisis, because Kabul Bank loaners are close relatives to the powerful people”.

Previously, a senate member said that the government is neglecting the real scandals including Zakhilwal.

Zalmai Zabuli, the Senate Complaints Commission Chief has said,” Investigations on Kabul Bank crisis case are still without any result and it is really concerning. Several documents prove involvement of government high ranking officials in Kabul Bank crisis including ex-finance minister involvement, but the question is why they are not trialing Omar Zakhilwal? Documents prove his involvement in Kabul Bank crisis, but both the government and the judiciary systems are keeping their silent about him.”

Kabul Bank corruption is the biggest scandal in Afghanistan’s financial history which is still not cleared even after two courts.

Reported by: Ahmad Farshad Saleh

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Afghan ministry of commerce meets with stakeholders to build a refinery

Nooruddin Azizi, acting Minister of Commerce and Industry, met with technical teams from Iran’s Veera Gas Sepehr Sokht Company, and Emirati Oil and Gas Company of Afghanistan.

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Nooruddin Azizi, acting Minister of Commerce and Industry, met with technical teams from Iran’s Veera Gas Sepehr Sokht Company, and Emirati Oil and Gas Company of Afghanistan, as well as officials from the Afghanistan National Standards Authority (ANSA) in a move to establish a refinery in the country.

In this meeting, the representative of Veera Gas Sepehr Sokht Company shared a plan to establish a refinery, over three stages.

The refinery would be established to process oil extracted in Afghanistan.

They also provided technical details on quantity, and quality of what the final product would be.

The Ministry of Commerce and Industry, the Afghanistan National Standards Authority (ANSA) and the State Oil and Gas Company have been entrusted by the Economic Commission to invest in the establishment of a refinery that meets global standards.

 

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Ministry of commerce allocates land for oil refineries

Daily oil extraction in Amu Darya will increase to over 2,000 tons: Chinese company

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Afghanistan sells 20,000 tons of crude oil for $10.5 million

The Ministry of Mines and Petroleum on Sunday sold 20,000 tons of crude oil for $10.5 million, said acting Minister of Mines and Petroleum Shahabuddin Delawar.

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The Ministry of Mines and Petroleum on Sunday sold 20,000 tons of crude oil for $10.5 million, said acting Minister of Mines and Petroleum Shahabuddin Delawar.

Speaking at a bidding ceremony, he said the oil was extracted from the Angut area of the Amu Darya oil field and was sold to a local company.

Delawar added that bidding for the extraction and exploration of 11 oil and gas blocks across an area of 23,000 square kilometers in Herat province will be held in the near future.

According to him, contracts will also be awarded for oil extraction in Katwaz area of Paktika Province.

Based on the rules of the Ministry of Mines and Petroleum, the winning companies are obliged to process crude oil inside the country, as it would provide job opportunities to locals.

Meanwhile, Delawar said that they are committed to using professional companies in the mining sector.

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New support fund officially launched for private sector

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A support fund for the private sector was officially launched on Thursday in the presence of Mullah Abdul Ghani Baradar, the Deputy Prime Minister for Economic Affairs of the Islamic Emirate of Afghanistan, Nooruddin Azizi, acting Minister of Commerce in Industry, officials of various ministries and members of the private sector.

The private sector support fund has been established to achieve sustainable economic growth and development, reduce unemployment, create new job opportunities, trade balance, reduce obstacles and threats to private sector activities, and provide facilities in the trade and transit process.

Also, having a reliable financial source for implementing projects and programs related to the private sector, financing programs related to the National Ports Committee, building the required facilities in ports and crossings, creating laboratories and purchasing equipment for testing the quality of imported and exported goods, are among the main aims of this initiative.

Baradar said at the event that with this system, the level of unemployment will decrease and work opportunities will be provided for citizens.

He asked members of the private sector to speed up their “activities and perform them with better quality”.

Azizi in turn said: “The projects that are prioritized through the leadership committee of the fund and in consultation with the private sector will surely increase trade, reduce prices for consumers, and accelerate imports and exports.”

He said the Ministry of Commerce and Industry is committed to providing grounds for the development of the private sector.

The private sector support fund is meanwhile made up of leaders and technical committees.

The members of these committees consist of representatives of the Deputy Prime Minister for Economic Affairs, General Directorate of Affairs, Ministries of Commerce and Industry, Finance, Agriculture, Irrigation and Livestock, Economy, Energy and Water, Telecommunications and Information Technology, Mines and Petroleum, and sectorial chambers.

The main duties of the committee are leading, approving or rejecting proposed projects, determining the contribution amount for the fund, prioritizing the projects, monitoring the activities of the technical committee, monitoring the implementation of the projects, and submitting a report on the expenses of the projects to the highest authority.

This fund is financed through the help, assistance and donations of people and organizations at a national and international level and a small amount on taxes on imported and exported goods will go towards the fund.

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