Press Release – November 07, 2015
Office of the President
Islamic Republic of Afghanistan
Whereas addressing the Kabul Bank case to recover the loans from the shareholders is one of the main commitments of the government of Islamic Republic of Afghanistan;
Recognizing the need to ensure that recovering the loans of this bank is by way of seeking all possible solutions within the letters of the laws of the land and international best practices;
On the basis of the legal advice of the Kabul bank clearance committee and the good will to expedite the collection process of the loans of Kabul Bank, a memorandum of understanding (MoU) was signed by the Ministry of Urban Development with Nabi Zada Wardak and Khalilullah Ferozi on 13th of Aqrab of the current year (November 4, 2015).
For further precision and care aimed at compatibility of this MoU with the applicable law of the land and given the binding nature of the court’s verdicts regarding the sentenced individuals under the Kabul Bank’s case, the President of Afghanistan has issued the order to urgently and thoroughly review the project.
Based on the findings of the review, the President has taken the following decisions:
1- All parts of the court’s verdict on conviction of Khalilullah Ferozi and his liability to pay back the loans are unalterable and binding. It is binding by the text of the constitution that no institution apart from the judicial branch of the country is authorized to amend the court’s verdict.
2- Since this MoU is not binding and fails to carry the legal weight of a contract and because of the inherent weakness of its legal basis, it is null and void.
3- Regarding the 68 Jeribs of property allotted by Khalil Ferozi for construction of the project of the Ministry of Urban Development, the Kabul Bank clearance committee has been ordered to review the grounds for transferring this property as per the laws of the land to Kabul Bank as a compensation for the outstanding debts, and present their recommendations in this regard as soon as possible.
4- The Attorney General’s office is to report as soon as possible on the full enforcement of the court’s verdicts regarding those convicted in the case of Kabul Bank.#