Afghan bankers' assets frozen

[maddezmom]

Source: WaPo

By Andrew Higgins
Washington Post Foreign Service
Monday, September 6, 2010

DUBAI, UNITED ARAB EMIRATES - Struggling to contain an escalating crisis at Kabul Bank, Afghan authorities have barred the sale of Kabul properties held by the bank's principal owners.

But the freeze excludes President Hamid Karzai's brother, Kabul Bank's third largest shareholder, who says he does not own property in the Afghan capital.

The Afghan Central Bank ordered the property-sale ban in a letter reviewed by The Washington Post. It was sent to Kabul municipal authorities and it targets five people, including Kabul Bank's two biggest shareholders - who were ousted last Monday as executives of the bank - as well as 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 crumbling bank.



Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/09/05/AR2010090503735.html

[davidinalameda]

1. he borrowed money from the bank to buy shares in it?

that seems a bit unorthodox, I think