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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Afghan govt: Bad audit compounded Kabul Bank woes By DEB RIECHMANN,Associated Press - Friday, February 18 Send IM Story Print KABUL, Afghanistan – Afghan officials said Thursday that an "erroneous" audit and inadequate help from international banking advisers compounded long-running financial problems at the embattled Kabul Bank. The comments came after a top U.S. Treasury Department official visited Kabul to discuss ways to improve oversight of the nation's budding private banking sector. Kabul Bank _ the nation's largest lender _ nearly collapsed last year after allegations of mismanagement, cronyism and questionable lending. "Afghan and U.S. officials agreed that while at the heart of the crisis lay the unethical and fraudulent behavior of the bank's executives and the inadequacies of the supervision department of the central bank, this was compounded by the erroneous audit by PricewaterhouseCoopers and inadequate international technical assistance and supervision," the Afghan Finance Ministry said in a statement issued late Thursday. The U.S. government took issue with the finance ministry's statement. The responsibility of supervising Afghan banks rests with the Afghan government, not with outside auditors or international banking advisers, said a U.S. official, speaking on condition of anonymity to discuss the delicate issue. The official said the international community had worked to help the Afghan government develop its capacity to oversee the banking sector, but that Afghan officials had not expressed an interest in taking the assistance and putting it into action. The audit was conducted by A.F. Ferguson & Co., a Pakistan-based member firm of PricewaterhouseCoopers, an international accounting and consulting company. In an e-mailed statement, A.F. Ferguson said: "We don't understand the basis for this comment." In October 2010, deputy finance minister Mohammad Mustafa Mastoor told The Associated Press that audits done by the company did not mention lending irregularities. "Unfortunately, we were getting clean reports from PWC (PricewaterhouseCoopers)," Mastoor said at the time. "They submitted clean reports." Afghanistan's central bank took control of Kabul Bank in mid-September after a run on the lender sparked by the removal of two top executives. It has spent the past several months combing the Kabul Bank's books to determine the size of its exposure and recoup loans. The bank has close ties to Afghanistan's ruling elite. Sherkhan Farnood, the former bank chairman and a world class poker player who raised money for President Hamid Karzai's re-election campaign, owns 28 percent of the bank's shares. The president's eldest brother, Mahmood Karzai, owns 7 percent. A brother of one of Afghanistan's two vice presidents is also a shareholder. The bank plays a key role in the Afghan economy by handling payrolls for government workers and security forces. Afghan officials have repeatedly tried to reassure the public that the lender is sound, hoping to prevent another bank run that could further destabilize the country's fledgling banking system. Neal Wolin, deputy secretary of the U.S. Treasury Department, met with Karzai, Afghan Minister of Finance Omar Zakhilwal and Central Bank Governor Abdul Qadir Fitrat. Wolin discussed the importance of reforming and strengthening the Afghan financial sector and "stressed the need for the Afghan government to take swift and decisive action to ensure a credible, effective resolution of issues related to Kabul Bank," the Treasury Department said in a statement. Wolin's two-day visit came just days after the International Monetary Fund recommended that Kabul Bank be placed into receivership and then quickly sold off as part of a broader effort to stabilize the country's shaky financial system. Wolin expressed U.S. support for the IMF position. That stance put the IMF at odds with Afghan officials, who want to keep the bank afloat. Afghan leaders have said they would stand fully behind Kabul Bank and are committed to collecting all the lender's outstanding loans. ___ AP Business Writer Adam Schreck in Kabul contributed to this report. 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