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“The Chief of audit of Kabul Bank is a liar.” -President Karzai’s brother

in Afghan Business

“The Chief of audit of Kabul Bank is a liar.”  -President Karzai’s brother

Mahmmood Karzai rejected the accusations regarding Kabul Bank issue.

He said that poor management and inefficiency in the government have been the reasons why the issue of Kabul Bank was not dealt with properly.

Mahmood Karzai  referred to  Abul Hamid Muhibi the Chief of Audit for Kabul Bank as liar and said, “Before going to parliament, he should  have asked me for money. He does not have the right to report to the Parliament.”

On Wednesday, Mr. Muhibi reported a list of people who have borrowed money from Kabul Bank. The list reads as follows:

Sher Khan Farnood: USD 279 million

Zahid Walid Company (under the Supervision of Haseen Fahim, brother of the First Vice President of the Government): USD 4.4 million

Mahmood Karzai, Tahir Zahid and Ghulam Daud: USD 16 million each

Shukrullah Shakir: USD 2.1 million

Haji Khalil: USD 29 million

Khalilullah Ferozi: USD 5.7 million

Gas Group Company: USD 121 million

Hayatullah: USd 1.7 million

Pamir Airways: USD 98 million

Gulbahar Adibi: USD 30 million

He added “If he has any documents he should come to me instead of announcing in parliament.  I am accused because I am the brother of President Karzai .And opposite groups raising these issues for their own political advantages.”

The bank was involved in a major financial scandal in 2010, when it’s Chairman Sherkhan Farnood and other insiders were spending the bank’s $1 billion for their own personal lavish style living as well as lending money under the table to family, relatives and friends. In September 2010, one of the principal owners of the bank said that depositors had withdrawn $180 million in two days and predicted a “revolution” in the country’s financial system unless the Afghan government and the United States moved quickly to help stabilize the bank. In November 2010, reports appeared that Farnood and chief executive Khalilullah Frozi both had been sacked from duties; as of early 2011 both were effectively under house arrest and could not leave the country, and in July 2011 both were formally arrested and detained in Kabul






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Kabul BankKabul Bank Scandal

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