10/09/2013 00:00
...for the scandal of Kabul Bank, Afghanistan's largest financial institution, which has admitted that it is close to insolvency. It is part-owned by Mahmoud Karsai, brother of President Hamid Karsai and also by Haseen Fahim, brother of the Vice President. The bank's difficulties stem from many things but reckless lending for properties in Dubai (16 villas on the lavish Palm Jemeira development) and ill-conceived business ventures are certainly among them. How long will the west accept President Karsai's assurances about eliminating corruption when this kind of thing can happen so close to him?
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