from badger’s “Comments” to a “New Post”…
Maybe this is already noted on IBS, but here’s another famous renunciant. Judging by this article, he’d be a covered expatriate. Is his name on the Federal register list?
‘Wednesday, February 20, 2013
Karzai’s Brother Renounces U.S. Citizenship To Enter Afghan Politics’
from the article above:
…”Karzai, 57, is a wealthy entrepreneur whose business interests include banking, mining, and real estate.
He lived in the United States for many years and reportedly has owned restaurants in San Francisco, Boston, and Baltimore.
Media reports say Karzai controls a 7 percent stake in Kabul Bank, Afghanistan’s largest private bank.
Last year, an independent audit found that Kabul Bank was involved in a fraud that sent nearly $900 million outside Afghanistan. Karzai denied any wrongdoing…”
And I’m wondering if he was FBAR and FATCA compliant?
Another untouchable too big (or politically important to the US) to prosecute? I wonder.
Are Karzai and his family (many US citizens who moved back to Afghanistan) all IRS tax and FBAR and FATCA compliant on their ‘foreign accounts’? Is the IRS fully cognizant of all of their Afghan ‘foreign accounts’ ? Would the IRS pursue Karzai and his clan the same as they are pursuing ordinary Canadians with TFSAs, Swiss, Swedes, and others?
…….”“If you are one of the Afghan oligarchs, where you put your money and where you live is an open question now,” Seth Jones, an analyst at the RAND Corporation, said. “That means you are thinking about moving your money and finding a backup option about where to live.
The president’s family — many of whom are American citizens who returned to Afghanistan after an American-led coalition toppled the Taliban in 2001 and brought Mr. Karzai to power — are among those who have prospered the most, by the accounts of many Afghan businessmen and government insiders. …..”
…”Mahmoud Karzai was a key figure in the scandal surrounding the near-collapse of the bank, which was Afghanistan’s largest, in 2010. It lost about $900 million in insider deals, much of which is believed to have ended up in secret bank accounts in Dubai. Last year, a federal grand jury in New York began a criminal investigation into Mahmoud Karzai’s business activities in Afghanistan, pursuing accusations of tax evasion, racketeering and extortion. No charges have been brought against Mahmoud Karzai, who is a United States citizen.”….
from; ‘Intrigue in Karzai Family as an Afghan Era Closes’ By JAMES RISEN
Published: June 3, 2012 New York Times
Submitted on 2013/02/19 at 11:21 pm
Political Meddling Hampers Inquiry Into Kabul Bank Debacle
By MATTHEW ROSENBERG
Published: November 28, 2012
KABUL, Afghanistan — “Persistent political interference has hampered efforts to unravel the colossal fraud at Kabul Bank, with President Hamid Karzai and a small panel of his top aides actually dictating to prosecutors who should be charged and who should not, according to Afghan and Western officials and the results of a public inquiry into the scandal.”
Did the Kabul bank get any bailout? See NPR story from 2010
Kabul Bank Woes Spur Call For Another U.S. Treasury Bailout
by Frank James
September 02, 2010
………..”The two officials were reportedly involved in unauthorized investments involving about $160 million in Dubai real estate, according to a big shareholder in the bank, Mahmoud Karzai, the older brother of Afghan President Hamid Karzai.
Mahmoud is making a suggestion that is likely to gain very little traction in Washington: he’s calling for the U.S. to bail out Kabul Bank.
An excerpt from the Washington Post which has been closely tracking the Kabul Bank story:
Action by the United States, said Mahmoud Karzai, would prevent a run on Kabul Bank and protect other banks, too. He said Kabul Bank is “stable and has money” but cannot withstand a stampede by panicked depositors.
“If the Treasury Department will guarantee that everyone will get their money, maybe that will work,” said Karzai, who holds 7 percent of the bank’s shares, making him the third-biggest shareholder. Karzai, who spends most of his time in Dubai – where he lives in a waterfront villa paid for by Kabul Bank – rushed to Kabul on Wednesday to join efforts to salvage the bank.”………
‘U.S. Probes Karzai’s Kin
Prosecutors Focus on Mahmood Karzai, Posing Diplomatic Risks for Washington’
September 27, 2010 By MATTHEW ROSENBERG, DEVLIN BARRETT And ADAM ENTOUS , Wall Street Journal
……”If U.S. prosecutors decide to bring charges against Mr. Karzai, they are unlikely to move until early next year, after a review of Afghan strategy by the Obama administration, officials say. The decision about whether to proceed with a U.S.-based prosecution rests with the Justice Department.
A spokeswoman for the federal prosecutor’s office in New York declined to comment. The U.S. embassy in Kabul said it couldn’t comment on “ongoing legal matters.” “……
…….”Mahmood Karzai’s status as a U.S. citizen would make him easier to prosecute than other Afghans, should prosecutors go forward. He is subject to U.S. tax law, and some of the transactions any prosecution might focus on could involve U.S. government loans, which he sometimes has used to build his businesses.”…
…….”Mahmood Karzai’s years in the U.S. gave him access to people like Jack Kemp, the late Republican congressman and vice presidential candidate, who Mr. Karzai said helped him obtain $5.5 million in U.S. government loans to finance a pair of housing developments.”…..