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Bank crony loan crisis erupts in Kabul: advice needed


He3

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Where will Karzai turn for the best advice?

Afghan bank chiefs removed over 'crony loans' fears
Afghanistan's authorities have ousted the managers of the country's biggest bank to try and prevent a collapse due to toxic property investments and murky loans to politically powerful customers, it has been reported.

Hamid Karzai personally approved the intervention to prevent a meltdown at Kabul Bank which could send shock waves through the Afghan economy.

Sher Khan Farnood, the chairman, and his chief executive Khalilullah Frozi were replaced by staff from the Afghan central bank this week.

The government acted after apparently unearthing evidence of massive off-the-book loans to influential power brokers and the company's own executives.

The banks finances have also been badly hit by disastrous property investments with depositors' money in Dubai. Liabilities are reported to far outweigh assets. Mr Farnood, a world-class poker player, was ordered to hand over £100 million of apartments and villas in Dubai which he had purchased with the banks money for figures including Mahmoud Karzai, the president's brother.

Haseen Fahim, brother of vice president Mohammad Qasim Fahim, has borrowed tens of millions of pounds from the bank the Washington Post reported.


Afghan bank chiefs removed over 'crony loans' fears - Telegraph
 
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SideysGhost

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When even a nest of vipers like the Karzai regime are less corrupt and more accountable than this Government then we really are well past the point of no return.
 

powderfinger

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Farnood & Frozi

Where will Karzai turn for the best advice?

Afghan bank chiefs removed over 'crony loans' fears
Afghanistan's authorities have ousted the managers of the country's biggest bank to try and prevent a collapse due to toxic property investments and murky loans to politically powerful customers, it has been reported.

Hamid Karzai personally approved the intervention to prevent a meltdown at Kabul Bank which could send shock waves through the Afghan economy.

Sher Khan Farnood, the chairman, and his chief executive Khalilullah Frozi were replaced by staff from the Afghan central bank this week.

The government acted after apparently unearthing evidence of massive off-the-book loans to influential power brokers and the company's own executives.

The banks finances have also been badly hit by disastrous property investments with depositors' money in Dubai. Liabilities are reported to far outweigh assets. Mr Farnood, a world-class poker player, was ordered to hand over £100 million of apartments and villas in Dubai which he had purchased with the banks money for figures including Mahmoud Karzai, the president's brother.

Haseen Fahim, brother of vice president Mohammad Qasim Fahim, has borrowed tens of millions of pounds from the bank the Washington Post reported.


Afghan bank chiefs removed over 'crony loans' fears - Telegraph
If Drumm & Fitzpatrick were a consultancy...They'd probably be Kabul bound,business class, in the morning.With a Powerpoint pitch for Sher Khan and Khalilulah.
It'd be top drawer advice if the A team hit Afghanistan.



 

Congalltee

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Advice? Let's see.
Legal: the part of Arthur Cox which does not have a conflict of interest.
Economics: a senior counsel who can talk a good game but knows nothing about economics.
Media: David McWilliams.
Leadership: the world's 5th best leader will be available soon.
 

He3

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Let's see if this works, for the criac...


Quel surprise. It seem to work rather well.
Heartwarming how some very particular cultural characteristics are shared between Ireland and Afghanistan.
 

He3

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Oct 1, 2008
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17,094
Advice? Let's see.
Legal: the part of Arthur Cox which does not have a conflict of interest.
Economics: a senior counsel who can talk a good game but knows nothing about economics.
Media: David McWilliams.
Leadership: the world's 5th best leader will be available soon.


Merrill Lynch...
 

He3

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If Drumm & Fitzpatrick were a consultancy...They'd probably be Kabul bound,business class, in the morning.With a Powerpoint pitch for Sher Khan and Khalilulah.
It'd be top drawer advice if the A team hit Afghanistan.



Nothing is too far-fetched these days.
 

He3

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Why would they go just to be ignored?
Their advice is worth seven million euro. Karzai could hand them over one of the newly found gold mines.
 

He3

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When even a nest of vipers like the Karzai regime are less corrupt and more accountable than this Government then we really are well past the point of no return.

The sacked Chairman of the Kabul Bank has been ordered by the Central Bank to hand over $150 million worth of Dubai property.
 

He3

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Some of the IMF staff now in Dublin have come from working in Kabul on this fiasco.

Good training.

What will they have learned there that they can apply here?
 

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