The Vice President of Afghanistan and leader of Junbish Milli party Gen. Abdul Rashid Dostum says he is saddened over the death of the former chairman of Kabul Bank Sher Khan Farnood.

Gen. Dostum in a statement said Sher Khan Farnood was the founder of the first private bank in Afghanistan and the laid the foundation for the private banking in the country, using the opportunities made available by the government.

He also expressed hopes that Kabul Bank would maintain its position as a leading private bank in Afghanistan.

Informed sources on Friday confirmed that Mr. Farnood has died at the age of 57 in Bagram prison due to the illness he was suffering from.

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.

Kabul Bank was one of Afghanistan’s largest private financial institutions founded in 2004 by Sherkhan Farnood, who was an international prominent poker player.

Khalilullah Ferozi, the former chief executive of the bank, was another key staff.

Both Sher Khan Farnood and Khalilullah Ferozi were sentenced to ten years in jail by the Appellate Court nearly four years ago after they were found guilty of involvement in the embezzlement of the bank’s funds.