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British Accounting Company Blamed for Kabul Bank Scandal

in Afghan Business

British Accounting Company Blamed for Kabul Bank Scandal

The British-bsaed auditing firm, Pricewaterhouse Coopers (PwC), is being blamed for the massive fraud in which 900 million USD went missing from Kabul Bank. The firm is most likely to be sued for the Scanal.

Minister of Finance Dr. Omar Zakhilwal told U.K. Newspaper The Independent that that there is enough evidence that justify legal actions to be taken against PwC.

He also said that Afghanistan’s Central Bank’s supervision failed to show a green light for Kabul Bank, but the British PwC gave it a clean bill of health each year.

“It is likely there will be legal action, we think there is enough there in the report for this to take place,” he said. “It is true that our Central Bank has a supervision branch which failed in this case. But PwC gave Kabul Bank a clean bill of health year after year and this misled the Central Bank.”

Meanwhile, Afghan Finance Ministry financial advisor Najib Manali blamed both the Afghanistan central bank and PwC for incompetency in identifying problems within Kabul Bank.

“Both PricewaterhouseCooper and the Central Bank auditors are at fault for failing to recognise the failure of system within Kabul,” Najib Manali told TOLOnews.

“This shows their incompetency that they didn’t see the signs, and they never shared [any concerns] with the Afghan government.”

The British Government is funding about $4.5m of the inquiry into the collapse being conducted by forensic accountants Kroll Associates.

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  1. Anonymous
    Anonymous 13 May, 2012, 15:40

    Please cite your sources. Some of these articles are obviously written by other people and are taken directly from other news website. Yet you state that they are written and posted by wadsam. It’s fine if you re-post the story. Just be sure you include the original author and the website you found it on. Thank you. And good luck.

    Reply this comment
    • wadsam
      wadsam Author 14 May, 2012, 03:52

      It is from Tolo News. Most of the articles are cited.
      Thank you for your comment. God bless!

      Reply this comment

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