Property of Afghan bank bosses frozen, but not Karzai's brother's
By Andrew Higgins
WashPost
Sunday, September 5, 2010
DUBAI, United Arab Emirates - Struggling to contain asset-stripping at Afghanistan's biggest bank, Afghan authorities have barred the sale of Kabul properties held by the troubled bank's principal owners. But the freeze excludes President Hamid Karzai's brother, who is the third largest Kabul Bank shareholder.
The Afghan Central Bank ordered the property-sale ban in a letter reviewed by The Washington Post. Sent to Kabul municipal authorities, it targets five people, including Kabul Bank's two biggest shareholders - who were ousted last Monday as executives of the bank - and the brother of Afghanistan's vice president, who is both a shareholder and major borrower.
No restrictions were placed on the president's own brother, Mahmoud Karzai, who has also borrowed money from Kabul Bank, including $6 million that he used to buy a 7 percent stake in the now crumbling bank.
"They couldn't freeze my property because I don't have it," said Mahmoud Karzai in a telephone interview from Kabul. "I don't have a single house or parcel of land in my name in Afghanistan."
(More here.)
WashPost
Sunday, September 5, 2010
DUBAI, United Arab Emirates - Struggling to contain asset-stripping at Afghanistan's biggest bank, Afghan authorities have barred the sale of Kabul properties held by the troubled bank's principal owners. But the freeze excludes President Hamid Karzai's brother, who is the third largest Kabul Bank shareholder.
The Afghan Central Bank ordered the property-sale ban in a letter reviewed by The Washington Post. Sent to Kabul municipal authorities, it targets five people, including Kabul Bank's two biggest shareholders - who were ousted last Monday as executives of the bank - and the brother of Afghanistan's vice president, who is both a shareholder and major borrower.
No restrictions were placed on the president's own brother, Mahmoud Karzai, who has also borrowed money from Kabul Bank, including $6 million that he used to buy a 7 percent stake in the now crumbling bank.
"They couldn't freeze my property because I don't have it," said Mahmoud Karzai in a telephone interview from Kabul. "I don't have a single house or parcel of land in my name in Afghanistan."
(More here.)
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