|History and Biodata
AFGHAN INVESTMENT COMPANY (AIC)
Mahmood Karzai - brother of President Karzai - was in the Board of Directors of AIC which controls two coal mines and a cement factory. He shares resposibilty for payment of workers in Afghan Coal LLC and Afghan Cement LLC. Does he care? Alleging non-payment of salaries over the last three months (Nov., Dec. 2009, Jan. 2010) hundreds of workers of two coal extraction companies went on a strike in northern Baghlan province on Wednesday. The 350 workers of Afghan Coal warned of blocking the highways leading to Karkar and Dodkash coal reservoirs in Pul-i-Khumri, if their demands were not met. Afghan Coal Company Director Eng. Munir Ahmad confirmed non-payment of salaries to employees. However, he said all-out efforts were on to clear workers' dues as soon as possible.
Karzai has sold his AIC shares, raising questions about the future of this nationally important asset. “I had to sell my shares at the AIC, because I had to pay money to Kabul Bank,” Mahmoud Karzai told Afghanistan Today.
The president’s brother had come under pressure from the government to repay millions of dollars in loans when the dubious lending practices of the country’s biggest financial institution became public and plunged the bank into crisis.
Karzai’s shares were bought by Mirwais Azizi, the CEO of Azizi Bank, who thereby increased his AIC investment. “He bought them only recently, there have not been any changes in the strategy, yet. But maybe there will be plans in future”, said Mohammad Muneer, the managing director of AIC’s coal mining section. Azizi could not be reached for comment.(20110711)
Sherkhan Farnood, Khalilullah Fruzi, Mrs. Farida Farnood and Sherin Khan have ceased to be the shareholders as they have sold their shares to Afghan Investment Company on March 16th, 2010. These shares are on sale.
Board of Directors Afghan Investment Company (AIC)
Mirwais Siddiqi,................................................................ Head of AIC (20110814)
1. SHERKHAN FARNOOD Chairman
2. (MAHMOOD KARZAI CEO - sold his shares of ACI to Mirwais Aziz)
3..ABDUL HASEEN FAHIM Vice Chairmen
4. ABDUL GHAFAR DAWI Chief Secretary
5. EHSANULLAH BAYAT Member
6. Mrs. FARIDA FARNOOD Member
7. HAJI M. TAHIR ZAHIR Member
8. HAJI AZIZULLAH Member
9. QUSHQAR MURAD Member
10. H.SHERIN KHAN Member
11. GULBAHAR HABIBI Member
12. ABDULLAH HAMEEDI Member
13. MOHD NAEEM GULBAHARI Member
1. MAHMOOD KARZAI CEO
2. ABDUL HASEEN FAHIM Vice Chairmen
3. ABDUL GHAFAR DAWI Chief Secretary
On April 20, 2005 an idea was born in a meeting that took place in the Afghanistan International Chamber of Commerce. The idea was to build a consortium for the purpose of bringing investment and build industries in Afghanistan in order to create jobs and help the economic growth of the country, Afghanistan. Afghan Investment Company (AIC) was created and 4500 shares of the AIC were sold in the first meeting of the shareholders.
As its first endeavor, the shareholders decided to build the first modern cement plant in the city of Pol-e-Khomri, the province of Baghlan, located 250 Kilometers north of Kabul. 34 shareholders paid $10,000 per share in order to finance rehabilitation of the coal mines, to complete and finish Ghori II Cement Plant and a new modern cement plant with the capacity of 4000 TPD.
The main objective of this consortium is to make contribution toward the development of infrastructure projects in order to resurrect the Afghan economy after 30 years of turmoil. Afghan Investment Company is formed by a group of highly successful and established Afghans with a solid base in Afghanistan and in-depth knowledge of the local conditions.
Sherkhan Farnood is the chairman of AIC, he is also the Chairman and CEO of Kabul Bank, a leading financial institution in the country. He is assisted by a glittery of board members including Abdul Hussain Fahim-Vice Chairman, Mahmood Karzai-CEO and Abdul Ghafar Dawi as Secretary.
AIC is registered as a Holding Company with two subsidiaries, AFGHAN CEMENT LLC and AFGHAN COAL LLC. AFGHAN CEMENT LLC Afghan Cement LLC, a subsidiary of Afghan Investment Company is the largest cement-manufacturing unit in Afghanistan with a production capacity of 400 MT clinker per day. It has a countrywide distribution network and its products are preferred on projects of national repute both locally and internationally due to the unparallel and consistent quality. Afghan Cement Company acquired Ghori Cement Factory in Pol-e-Khomri under the privatization initiative of the Government in April 2007.
Starting from the privatization, the focus of the management has been on increasing capacity as well as utilization level of the plant. Ghori plant enjoys above-standard specifications with regards to its products due to the comparative advantage of having easy access to immense deposits of high-grade limestone / clay / coal /gypsum at relatively low cost.
In the first three months of its operation AIC invested and repaired Ghori I and was successful to increase the plant production capacity from 150 TPD to 400 TPD. CAPACITY ADDITION To meet the increasing demand, AIC is in the process of completing Ghori II cement plant which was abandoned half finished by PSP when the red army left Afghanistan 20 years ago. Ghori II Cement Plant like Ghori I is wet system. Ghori II has two wet kilns each with a capacity of 500 TPD production. Ghori II shall be in operation in 2009.
Furthermore, the group is also setting up Ghori III Cement Plant which will be a new state of the art Greenfield Cement Plant near the existing Ghori II facility with a production line of 4000 TPD clinker. The plant is expected to be in operation by the end of 2010. GHORI CEMENT Ghori Cement enjoys above-standard specifications due to high-grade limestone / gypsum used and close monitoring of chemical composition and grinding fineness giving our customers a product of high strength and lasting durability.
ACI strives for maintaining ideal initial and final setting time Our Cement has the privilege of being trusted in building following mega projects: * Nangrhar Canal * Mahiper and Naghlo Power Plants * Salang Highway * Sardih-e-Ghazni Dam * Sheberghan Petroleum and Gas Project * Cod-e-Barq Mazar-e-Sharif * Perwan Irrigation Canal * Ministry of Communication * Kabul Macroreyan * Other Govt. Buildings AFGHAN COAL LLC AFGHAN COAL LLC, a subsidiary of AIC, is developing and operating four coal mines namely Karkar, Dudkash, Ahandara and Khurdara near the existing cement facility at Pol-e-Khomri under the privatization initiative of the government in April 2007. The output shall primarily cater to the needs of the existing and proposed cement plants and the proposed captive 25 MW thermal power plant.