Kabul Bank’s fraudster bosses jailed for five years
6 March 2013 7:20 AM IST
An Afghan court on Tuesday sentenced two senior Kabul Bank executives to five years in jail for a staggering USD 900 million fraud that caused the country's largest bank to collapse in 2010.
Judge Shamsul Rahman Shams also said the men must pay back millions of dollars they gained from the sophisticated network of corruption in which cash was used to buy homes in Britain, Dubai, Switzerland and the United States.
The bank’s former chairman, Sher Khan Farnoud, and its former CEO Khalilullah Ferozi were both in court to hear the verdicts, along with some of the 20 other accused who were jailed for between six months and four years.
The judge told Ferozi that he must re-pay USD 530 million and Farnoud USD 278 million.
Judge Shamsul Rahman Shams also said the men must pay back millions of dollars they gained from the sophisticated network of corruption in which cash was used to buy homes in Britain, Dubai, Switzerland and the United States.
The bank’s former chairman, Sher Khan Farnoud, and its former CEO Khalilullah Ferozi were both in court to hear the verdicts, along with some of the 20 other accused who were jailed for between six months and four years.
The judge told Ferozi that he must re-pay USD 530 million and Farnoud USD 278 million.
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