30 Nov 2012 (AFR, Fin Times) – Kabul bank fraud benefited well-connected

[COMMENT: Very interesting insight into the allegedly corrupt workings of some banks.]

(30 Nov 2012, AFR, p19, Victor Mallet in New Delhi and Financial Times)

Report brands Kabul Bank a fraud

‘Kabul Bank, which accounted for more than a third of Afghanistan’s banking assets before it was seized by the authorities two years ago, was a billion-dollar fraud for the benefit of a few well-connected Afghans, says a report. “Its failure and subsequent bailout represents approximately 5-6 per cent of Afghanistan’s gross domestic product, making Kabul Bank one of the largest banking failures in the world,” stated Wednesday’s report, funded by foreign donors, from the Independent Joint Anti-Corruption Monitoring and Evaluation Committee.’

Read more at FT.com