Afghan Bank Commission Absolves Karzai Brother

[Octafish]

Source: The New York Times

KABUL, Afghanistan — A commission appointed by President Hamid Karzai to assess responsibility for the massive fraud at Kabul Bank issued its report on Sunday, absolving the president’s brother of any blame.

Mahmoud Karzai was among the bank’s politically connected shareholders and insiders who took out a total of $925 million in loans, often with no collateral or even documentation, the commission’s chairman, Azizullah Ludin, announced at a news conference here. Only $347 million of that amount is so far expected to be repaid, he said.

At the same time, the report suggested that loans to politically connected figures were even more widespread than previously known. Mr. Ludin said that 207 borrowers took out undocumented loans, including many members of Parliament and government ministers.

Mr. Ludin said “three or four” sitting cabinet members had received dubious loans. He did not identify them, but he did name Gen. Abdul Rashid Dostum, the military chief of staff and a leading Northern Alliance member, as taking out about $100,000 in unsecured loans.



Read more: http://www.nytimes.com/2011/05/30/world/asia/30kabul.html

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