Karzai brother's Kabul Bank villa deal revealed

[JCMach1]

Source: The National

A major shareholder of Kabul Bank made Dh3 million (US$816,749) profit after using a loan from the institution to buy a Palm Jumeirah villa from the bank’s chairman, The National can reveal.

Mahmoud Karzai, a brother of the Afghan president, Hamid Karzai, bought the villa on July 2 2007 and resold it in early 2008, according to records.

Mr Karzai, who owns 7 per cent of the ailing Kabul Bank, said in an interview yesterday there was “nothing wrong” with the transaction.

“I did it to get my residency visa,” he said. “My children were going to school here. I was not a big property investor in Dubai.”

Mr Karzai confirmed the selling price was about Dh10m, against the purchase price of Dh7m... The pair are also under scrutiny over $150m worth of investments in Dubai property, including 16 properties on the Palm Jumeirah and two plots of land in Business Bay...

Read more: http://thenational.ae/apps/pbcs.dll/article?AID=/20100907/BUSINESS/709079930/1005

---

What's a cool 3million between friends? When are we going to toss Karzai and his POS government out?

[JCMach1]

1. Words cannot express how pissed off this makes me

While Karzai piddled in Dubai, he pizzled on the Afghani people. Toss the bastard out now!!!

[wordpix]

2. we're spilling US blood to continue BushCo's endless war so what's a corrupt POS gov got to with it?

:sarcasm: obviously we can't assume anything about Hamid Karzai just because corruption charges against gov officials are regularly dropped in Afghanistan and his brother can't remember his $816K+ profit made in one year's time, can we?

[IndianaGreen]

6. Karzai's brother gets money from CIA

We should bring all of our troops home NOW!

[wordpix]

3. "Mr Karzai said he could not recall the details of the final transaction" ---$817K profit & he can't

remember?

Aw, it's hard to remember making a profit like that in one year's time, I know. :crazy: :rofl:

[mike r]

4. $800K is only a minute fraction

of what the Karzai gang has stashed away in offshore accounts.

[goforit]

5. Bush trained thugs.