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Afghan elite castigated over huge Kabulbank fraud

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Afghan elite castigated over huge Kabulbank fraud


A report into Afghanistan’s biggest financial scandal which prompted the collapse of the KabulBank two years ago has blamed politicians and bankers, as well as law enforcers and international monitors for failing to investigate properly.

The government-backed inquiry is seen as a crucial test of the country’s ability to manage its own finances.

“935 million dollars have been lost through loan books scheme, an additional 66.2 million dollars were lost for other forms so-called non-loan disbursement. The Afghan government had to spend 825 million dollars to save the bank when it was guaranteeing the deposits,” the Head of the Independent Joint Anti-Corruption Committee, Drago Kos, told a news conference in Kabul.

The chief investigator has vowed to put perpetrators of the fraud behind bars. Those implicated include several among the country’s elite, including top bankers and politicians.

The scandal forced the government to bail out the bank and relaunch it under a different name: the New Kabul Bank.

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