The lights blinked on and off in the newly remodeled basement of the Shah Bobo Jan Palace on the grounds of the Afghan Academy of Science, and then they finally died out. At the podium, the translator joked that if Kabul Bank, Afghanistan‘s largest private bank, had not needed to be bailed out by the government, the money could have been used to rebuild andrestore the city’s power grid.
Drawing a similar conclusion, a report on the Kabul Bank crisis released Wednesday by the Independent Joint Anti-Corruption Monitoring & Evaluation Committee, also revealed new details about how a small group of men profited from fraudulent loans. It called out local authorities for succumbing to political pressure and the international community for not doing enough to stave off the catastrophe which led to a near-complete meltdown of Afghanistan’s banking system in 2010.
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