'Fraud at Kabul Bank is being pinned, not on the Afghans who did it, but on their international advisers.'
"Never face off against a world-class poker player unless you are prepared to call his bluff.
That should be one of the main lessons international investors take away from Kabul Bank, which is rapidly transforming itself from a major financial scandal into an Afghan-style morality play.
Kabul Bank got caught with multiple and very well connected hands in the till; instead of asking for mercy, the shareholders sought to shift responsibility to their international advisors.
The consulting firm Deloitte is likely to end up as the villain. According to Kabul Bank and the U.S. Agency for International Development (USAID), it failed to provide the proper technical assistance to alert the bank’s shareholders that rash loans, outright fraud and illegal money transfers were bound to get them into hot water one day."........From Global Post........
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