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Afghanistan's central bank takes control of the troubled Kabul Bank 14.09.2010 Rate Topic: -----

#1 User is offline   Sultan Faghal Gabari Icon

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Posted 15 September 2010 - 08:40 AM

Afghanistan's central bank has reportedly stepped in to take control of the troubled Kabul Bank.

Reuters quotes Central Bank Governor Abdul Qadir Fitrat as saying that the move comes after suspected irregularities raised concerns over the bank, which is Afghanistan's largest private-owned financial institution.

Fitrat said that investigations had also been started into the dealings of the bank's top two directors and shareholders, who were told to resign, and a brother of Afghanistan's First Vice President, Mohammad Qasim Fahim.

Kabul Bank had more than 1 million customers and handled salary payments for many state-sector jobs before reports emerged recently of financial malfeasance.

compiled from Reuters and RFE/RL reports
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#2 User is offline   Sohrab Icon

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Posted 15 September 2010 - 11:34 AM

I think Fahim's brother and Karzai's brother had big share in this bank. God knows what political motivations are behind all these.
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