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Selected Works of Warren Coats
Article
The Kabulbank Scandal
Cayman Financial Review (2015)
  • Warren Coats
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Abstract
Kabulbank was established in 2004 by Sherkhan Farnood, one of the biggest and most successful Hawala dealers in Afghanistan. Over the next six years it grow very rapidly into the largest bank in Afghanistan. Virtually all of the bank's deposits were lent to the bank's owners and their friends directly and via dummy companies. The bank was put into conservatorship in the Fall of 2010 and into receivership in the Spring of 2011. The Kabulbank scam may be the largest theft of depositor money per capita the world has ever experienced.    
Keywords
  • Kabulbank,
  • New Kabul Bank,
  • Afghanistan,
  • Da Afghanistan Bank,
  • DAB,
  • Karzai,
  • IMF
Disciplines
Publication Date
2015
Citation Information
Warren Coats. "The Kabulbank Scandal" Cayman Financial Review (2015)
Available at: http://works.bepress.com/warren_coats/40/