15 Aug 2011

Afghan Gov’t Says Banker on Prosecutor’s List

Afghan President Hamid Karzai’s chief spokesman, Waheed Omer, told Reuters that Abdul Qadir Fitrat (pictured here) was on the attorney general’s list of people to prosecture after the bank that Mr. Fitrat was the governor of, Kabul Bank, needed to be bailed by the Afghan Central Bank to the tune of $820 million.

For his part, Mr. Fitrat, who has since fled to the United States and has resigned from his position, said that he had resigned and feld to the US for fear of his life as he was involved in the investigation into what happened to the bank that led to the crisis and the bailout by the Afghan Central Bank.

Western officials have said that the problems at the bank were a classic ponzi scheme, with bad loans, corruption, and mismanagement being the source of its problems.

For the original article from CNBC.com, please click here. Please note that the photo of Mr. Fitrat comes from Outlookafghanistan.net and is unaccredited.