Deals
Afghan Firm Offers $31 Million to Buy Defrauded New Kabul Bank
- Ministry got ‘best financial offer’ to buy bank: Kohistani
- Bank has lost $65m in the past six years: U.S. investigators
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Afghanistan’s Joint-Stock Company has offered $31 million to purchase New Kabul Bank, which was once the country’s largest lender before it was defrauded six years ago.
“The financial offer received from the JSC is the best we received compared to the previous offers,” Mohammad Aqa Kohistani, treasury director at the Finance Ministry, said by phone on Thursday. JSC, a company with operations in Dubai, has also placed a $20 million financial guarantee and “plans to build and develop capacities of staff workers, install international-standard machines, and it has also pledged to invest $1 billion in the bank in the next five years.”