BUSINESS

Afghan tribunal convicts, sentences top Kabul Bank executives to 5-year prison terms

03/05/2013 02:57 EST | Updated 05/04/2013 05:12 EDT
KABUL - An Afghan tribunal has convicted two top executives from the Kabul Bank and sentenced them to five-year prison terms for their role in a massive corruption scandal that led to the collapse of Afghanistan's largest bank and threatened the country's fragile economy.

The tribunal says former bank chairman Sherkhan Farnood and former chief executive officer Khalilullah Ferozi were guilty of theft of $278 million and $530 million, respectively. More than a dozen other defendants were also sentenced on Tuesday.

The ruling came from a primary court and the defendants will have the option to appeal.