No paperwork on near $500 million of Kabulbank loans

May 29, 2011 12:24

KABUL - A failed Afghan bank doled out nearly half a billion dollars in unsecured, undocumented loans to a roster of Kabul's elite, including sitting cabinet ministers and a powerful former warlord, anti-corruption officials said on Sunday.

Azizullah Luddin, chairman of the High Office of Oversight and Anti-corruption, also said that records suggested the government would only be able to get back around two thirds of Kabulbank's $925 million in outstanding loans.

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