Afghan government takes over Kabul Bank

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The Independent Online

Afghanistan's central bank has stepped in to take control of the troubled Kabul Bank, its governor said, after suspected irregularities raised concerns over the country's top private financial institution.

The central bank's governor, Abdul Qadir Fitrat, said investigations had also started into the dealings of the bank's top two directors and shareholders, who were told to resign, and a brother of the Afghan First Vice-President, Mohammad Qasim Fahim.

Kabul Bank's troubles have threatened to add a financial crisis to Afghanistan's other woes, ahead of parliamentary elections on 18 September.