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$1bn fraud at Kabul Bank puts UK's Afghan pull-out in peril
Coalition plans to pull out of Afghanistan are being hampered by theft and fraud totalling nearly $1bn, The Independent on Sunday can reveal. Hopes of a timely withdrawal of British troops from the region have been dealt a critical blow by revelations about massive bank frauds which have forced donors to suspend vital international aid.The Department for International Development (DfID) confirmed last night that it had followed the lead of the International Monetary Fund (IMF) in withholding contributions to bankroll hundreds of "nation-building" projects in Afghanistan. The move, to "protect taxpayers' money", came as the full extent of the scandal at Kabul Bank described as the biggest fraud in modern times became clear. A secret US government report into the debacle "indicates that insiders at Kabul Bank used fraudulent loans to misappropriate $850m (£525m), representing 94 per cent of outstanding loans" Posted by: tipper 2011-05-22 |
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