TV News LIES

Tuesday, May 23rd

Last update05:20:13 AM GMT

You are here News War Afghan elite 'plundered $900m' from leading bank

Afghan elite 'plundered $900m' from leading bank

E-mail Print PDF

Mahmoud KarzaiA coterie of well-connected Afghan businessmen and politicians may have plundered as much as $900m from the country's biggest commercial bank, three times the amount of earlier estimates, and the equivalent of about 7 per cent of Afghanistan's total gross domestic product.

Kabul Bank's funds were treated like personal accounts, it is claimed by several well-known members of Afghan society. Mahmoud Karzai, a brother of the Afghan President and prominent shareholder in Kabul Bank, told The New York Times that the bank's former chairman lent himself about $98m (£62m) to buy one of Afghanistan's airlines, and then used deposits to subsidise the carrier in an attempt to drive rivals out of business.

Yet so difficult has the hunt for the missing millions become that the very same man, Sherkhan Farnood, had been brought in to help trace the missing cash. Officials say the value of questionable outstanding loans written by the bank is far greater than originally thought – and auditors poring over the lender's books think up to $800m is potentially unrecoverable.

The crisis is so severe – with fears that a run on the embattled Kabul Bank could lead to its collapse – that Afghanistan's central bank chief, Abdul Qadir Fitrat, was forced yesterday to deny reports that the embattled lender was close to failure. He claimed the sums at stake were smaller than reported and that auditors had been able to account for all but $100m lent to members of Afghanistan's elite.

The case is acutely embarrassing both for President Hamid Karzai, whose tenure has seen Afghanistan turn into a mafia state, and the Obama administration, which has adopted a policy of ignoring institutionalised corruption after several bitter diplomatic spats with Mr Karzai got it nowhere.

More...


Most Recent Related Stories...


Blast hits NATO convoy in central Kabul

NATO convoy hit in Kabul; many dead 5/3/17At least eight people were killed in a large explosion in Afghanistan's capital, Kabul, officials said,...

Afghanistan: 36 Islamic State fighters killed by large blast

MOAB blast killed 36The attack on a tunnel complex in remote eastern Afghanistan with the largest non-nuclear weapon ever...

U.S.-led fight on ISIS has killed 352 civilians: Pentagon

US led fight on ISIS has killed 352 civiliansAt least 352 civilians have been killed in U.S.-led strikes against Islamic State targets in Iraq...

U.S. uses 'mother of all bombs' for first time in Afghanistan

Mother of all bombs dropped in AfghanistanThe United States dropped a massive GBU-43 bomb, the largest non-nuclear bomb it has ever used...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!