Looted Lender for Sale as Afghanistan Seeks Buyer for Kabul Bank
For sale: One bank with 114 branches in war-torn country; defrauded out of almost all its money; occasional target of terrorists. Ready to bid? That’s what Ashraf Ghani, president of Afghanistan, is hoping. He’s seeking a buyer for Kabul Bank, once the country’s largest. The government took it over in 2010 after its owners were accused of embezzling $825 million. The privatization is a test for Ghani, who wants to show the foreign donors who provide most of his budget that he’s committed to fighting corruption. Mohammad Aqa Kohistani, director general of Afghanistan’s Treasury Department, said he has received four expressions of interest since starting the sales process in October, including three from foreign firms. He wouldn’t identify them.
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