The family of Hamid Karzai, the Afghan president, has been linked to more than a dozen expensive homes in the Gulf, raising fears that Western aid money sent to Afghanistan is being misused. The Daily Telegraph today reveals a property empire in Dubai assembled at a cost of £90 million that is owned or occupied by close relatives and associates of Mr Karzai.
The property holdings emerged as Mr Karzai, who leads one of the world’s poorest and most deprived countries, has struggled to salvage Afghanistan's biggest private bank, Kabul Bank, which bankrolled the purchases.
The centrepiece of the holdings is a portfolio of 14 villas on the Palm Jumeirah, Dubai’s showpiece property development, registered in the name of Sher Khan Farnood, the former chairman of Kabul Bank. Kabul Bank also owns an apartment, two business plots and a loss-making airline, Pamir Airlines, in Dubai.
Mahmoud Karzai, President Karzai’s brother and the third-largest shareholder in the bank, like Mr Farnood, 46, occupies a “Signature” villa valued at up to £4 million. Other properties are valued between £3 million and £1 million.
He also made a £500,000 profit following the sale of a Dubai bought with a loan from Kabul Bank.
Amid ongoing disruptions to maritime shipping in the Middle East due to the closure of the...
