Was the Governor of Afghanistan's State Bank fit for his job?
Read Yourself Fitrat's written statement Sept 2010, when it was clear that Kabul Bank has collapsed.
Afghanistan Central Bank Governor Adbul Qadeer Fitrat said on 20110627 in a hotel in a northern Virginia suburb of Washington he has resigned his post because he feared for his life for his role in investigating a scandal surrounding Kabulbank. Waheed Omer, the chief spokesman for Afghan President Hamid Karzai, told Reuters in Kabul that Fitrat's name was on a list of people the attorney general's office planned to prosecute over the scandal (20110628)
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[Note: The date in the upper right on the scanned copy of the letter, 02.09.2010 is European style dating: it means Sept. 2, 2010.]
Apr. 21, 2011:
Afghanistan’s government will divide and sell the country’s biggest bank, which collapsed last year (2010) from losses on loans to its owners, including brothers of President Hamid Karzai and his vice president.
A government commission will take more than $570 million in fraudulent loans from Kabul Bank before the rest of the company is offered for sale, central bank Governor Abdul Qadeer Fitrat told reporters yesterday. He declined to say whether the plan had support from the International Monetary Fund, which has withheld loans to Afghanistan pending a solution of the Kabul Bank crisis.
A stricter law to prevent further bank failures “is still being studied” for reconsideration by a panel named by the cabinet, central bank spokesman Aimal Hashoor said in a phone interview April 18, 2011. Karzai legal adviser Nasratullah Stanekzai, who attended a January 2011 cabinet meeting that rejected the bill, said a panel hasn’t been named and Karzai’s office isn’t pushing to get the law rewritten.
Rumors say a second private Afghan Azizi Bank might run into heavy waters. Mirwais Azizi, the founder of the rival Azizi Bank in Kabul, has also poured money into Dubai real estate, with even more uncertain results. A Dubai company he heads, Azizi Investments, has invested heavily in plots of land on Palm Jebel Ali, a stalled property development. Azizi did not respond to interview requests. His son, Farhad, said Mirwais was busy.
Karzai's cabinet met 11 days ago and the Finance Ministry sent a letter containing proposals to address two outstanding issues -- parliamentary approval of a supplementary budget and the auditing of a second Afghan bank -- to the IMF.(20110619)