Sunday, May 26, 2024

Another commercial banking firm goes bankrupt in Afghanistan

Immigration News

Khaama Press
Khaama Presshttps://www.khaama.com
Khaama Press is a Kabul-based independent and non-political news organization established in 2010.

The Central Bank officials confirmed that another private banking firm, the Afghanistan Commercial Bank has gone bankrupt due to the violations of banking system.

Officials in the Central Bank of Afghanistan confirm that Afghanistan Commercial Bank has gone bankrupt.

Afghanistan Commercial Bank is the third private banking firm to go bankrupt in less than ten years.

According to reports, the dilemma of Afghanistan Commercial Bank dates back to 2012 when it was offering small loans under the license of BRAC Bank.

Meanwhile, the officials are saying that the bank has gone bankrupt due to major violations which existed since the start of its operations, including ambiguous, untraceable loans and withdrawal of the capital of the bank by its shareholders.  

This comes as one of the largest banks of the country, Kabul Bank went bankrupt in 2010.

Kabul Bank was seized by the government in 2010 after the exposure of a staggering $900 million fraud, which led the International Monetary Fund to temporarily halt its hundreds of millions of dollars of loans to the country.

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1 COMMENT

  1. I have worked for BRAC as Country Representative from 2018-2019, was under arrest on 20 days in my office and later was given a bail, as I denied to pay bribe to keep the verdicts against BRAC sleeping as my predecessors did. 8 months later, I was issued a visa to come home. It has seriously impacted my emotional health and dented my reputations. During the appointment, they hid the legal issues. They have a verdict issued from Pakitka Court in 2112 to close BRAC’s programs from Afghanistan and to pay a penalty of US$ 3.2 million US$, (due to embellishment done by BRAC staffs in NSP project) which, as of today, they did not comply with, rather continue to operate by bribing various departments and individuals. Anyone talks against them are instantly fired. This is one of the highest level corrupt NGOs and continue to get the reward of best NGO in the world. They do not put minimal security protocols to save staffs. Often local staffs are killed and they pay some money to compensate their families. They need to adhere to the verdict closing BRAC from Afghanistan, paying the penalty amount. Please undertake an investigation and find out more from BRAC’s staffs. BRAC is a giant NGO and so, does not care about those verdicts as they continue to get millions from donors. Please do investigate and find out more while keeping my ID confidential for my safety. I will be willing to prove more insights against BRAC, should you wish to get them.

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