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Afghan President Blames Foreigners For Kabul Bank Mismanagement


Afghan President Hamid Karzai

Afghan President Hamid Karzai

Afghanistan's president said today he is working to reform the beleaguered Kabul Bank but that foreign advisers share a large part of the blame for mismanagement at the nation's largest private lender.

President Hamid Karzai told reporters that all bank shareholders have been removed and those who do not return lent funds will face criminal investigation.

Kabul Bank nearly collapsed last year under allegations of mismanagement, cronyism, and questionable lending.

Some of the country's international allies are holding back funding until it is clear that the financial system is being cleaned up.

compiled from agency reports
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