View Full Version : Caution about Warka bank.
SEABEE CAN-DO
08-01-2009, 03:17 PM
Admin: To avoid confusion, the original post was restored. The member's problem was solved and Warka is in good standing.
UPDATE Seabees account fixed. Warka in good standing. (http://www.investorsiraq.com/showthread.php?t=131896)
Original Post:
Well after 4 years and many thousands of dollars with Warka bank, I feel it is necessary to inform you That the bank has lost millions of my stocks. . They know it is lost . They know this by the information given. They will not or just don't want to fix this. I have been given the run around for 3 months? now. I have e-mails from Mr I letting me know they will do something. But nothing has been done. I contact them to get the same answer. I have millions of stocks and will be selling them off to anyone here who wants them. They are held by warka bank so it would be a transfer from my name to yours and you will need to pay me here in US or through the warkaa bank. As soon as it is all sold I will be wiring my cash back. It is sad that I have to do this but the bank is not trust worthy to me any more. Mr I knows i am doing this here as he was warned. PM me for more information if you like.
SEEBEE, if Warka sent you the confimation note of your purchase as i suspect they did with everyone who bought though them , how can they say they are lost, surely its only a matter of doing a copy, which they must have like you have, if they know that you have the stock, how is it lost? i mean what exactly is lost? the original documents or what?, if thats the case they cant have just lost yours alone can they? they must have lost many others as well.
They cant be cashed in can they?, because they must be in Warka's name, if thats true to cash them then perhaps someone has managed to change the names on the stock and thats why they cant find them, to say they are just 'lost' seems strange.
They have admitted they lost them, so i suppose you hope they will honour them....hopefully for your sake they do, and maybe ours as well if they are 'lost' as well.
DinarosaurusRex
08-01-2009, 04:58 PM
Probably a dinar pumper who is against Warka
4aprofit
08-01-2009, 05:01 PM
Did you recieve the Excel Documents for the Stocks bought?...These documents come in at a later date..sometimes up to months later...showing your purchased holdings in Certificate Form on these Word Documents...Have'nt heard of anyone else that this has happened to!
geowhiz
08-01-2009, 05:10 PM
Im sorry to hear that Seabee. It sounds like you have to treat Warka like your neighborhood bookie. My days with Warka will probably be ending by the end of the year unless they come up with an online spreadsheet to track my stocks for legitimate proof of purchases/gains.
jaycon62
08-01-2009, 05:22 PM
Well after 4 years and many thousands of dollars with Warka bank, I feel it is necessary to inform you That the bank has lost millions of my stocks. . They know it is lost . They know this by the information given. They will not or just don't want to fix this. I have been given the run around for 3 months? now. I have e-mails from Mr I letting me know they will do something. But nothing has been done. I contact them to get the same answer. I have millions of stocks and will be selling them off to anyone here who wants them. They are held by warka bank so it would be a transfer from my name to yours and you will need to pay me here in US or through the warkaa bank. As soon as it is all sold I will be wiring my cash back. It is sad that I have to do this but the bank is not trust worthy to me any more. Mr I knows i am doing this here as he was warned. PM me for more information if you like.
This is very disturbing indeed since I just sent request to purchase 1.6 mil IQD shares worth. I thought about going with Karbal, but then I have to wire the money back here and convert and send it again to Iraq. CROW, what say you on this?????????????:sweating:
mike032588
08-01-2009, 05:47 PM
I never have had problems with money. I brought and sold thousands of USD and wired back many thousands USD back and forth. Never a problem with my orders...
This is very disturbing indeed since I just sent request to purchase 1.6 mil IQD shares worth. I thought about going with Karbal, but then I have to wire the money back here and convert and send it again to Iraq. CROW, what say you on this?????????????:sweating: These problems are always worked out but it does take a lot time and is frustrating. Warka's strategy of pushing hard early to increase revenues and expand quickly does have it's down side that being slow service and account problems, these I'm sure will be taken care of and service in time will improve. Investing early in emerging markets is risky and not easy, problems are to be expected but surprisingly problems haven't been too bad so far, I know that is little comfort for SEABEE CAN-DO, but I'm sure it will work out.
Well after 4 years and many thousands of dollars with Warka bank, I feel it is necessary to inform you That the bank has lost millions of my stocks. . They know it is lost . They know this by the information given. They will not or just don't want to fix this. I have been given the run around for 3 months? now. I have e-mails from Mr I letting me know they will do something. But nothing has been done. I contact them to get the same answer. I have millions of stocks and will be selling them off to anyone here who wants them. They are held by warka bank so it would be a transfer from my name to yours and you will need to pay me here in US or through the warkaa bank. As soon as it is all sold I will be wiring my cash back. It is sad that I have to do this but the bank is not trust worthy to me any more. Mr I knows i am doing this here as he was warned. PM me for more information if you like.
bee you have been in this along time,and you have always been a straight up poster.i know you are a diligent,and intelligent person trying to fix this problem.good luck.because that just sucks after all this time.
RoyalBeluga
08-01-2009, 06:17 PM
So is it just your stocks they have lost? Yours and only yours?
Anyone else having this same problem?
panhead
08-01-2009, 06:28 PM
Sorry about your situation with Warka....too bad there is no recourse in dealing with them.
So is it just your stocks they have lost? Yours and only yours?
Anyone else having this same problem? Beluga, your unbelievable, all you care about is yourself.
Sorry to hear this. That is one of the many reasons I don't trust them. Family members have dealt with them before. They will cut your throat and drink your blood. Better to have their cash in your hands. Hope it works out for you.
RoyalBeluga
08-01-2009, 06:42 PM
Beluga, your unbelievable, all you care about is yourself.
I'm asking if anyone else is having this same problem or if it is an isolated incident. I agree with you Crow problems can and do arise but if this is a one off then surely we must be thankful for that, right? I hope seabee gets his stocks back in order soon though :nod:
Sorry to hear this. That is one of the many reasons I don't trust them. Family members have dealt with them before. They will cut your throat and drink your blood. Better to have their cash in your hands. Hope it works out for you.
Little extreme for a problem with a account, wouldn't you say.:rolleyes:
Sorry about your situation with Warka....too bad there is no recourse in dealing with them. Don't get tooooo excited now..:rolleyes:
MarkOne
08-01-2009, 07:18 PM
Little extreme for a problem with a account, wouldn't you say.:rolleyes:
I guess when you're holding 'cash in hand' for the long over due and ever elusive RV (which is due anytime now, btw:rofl:) life can be a little tense!
I truly (honestly) hope that new members to this forum 'actually' read and learn from what is posted here and not just fall into the 'trap' of an overnight RV or even the thought of a gradual increase in value to 1000 IQD, 800 IQD, etc to the USD.
Iraq has NEVER shown any interest, nor a history of, any kind of an RV (just ask many a Jordanian). The "ONLY" thing they have shown an interest in (in regards to IQD appreciation) is keeping their inflation in check and the idea that they will (at any time) be jumping from 1170 IQD to 1 USD to 1 IQD to a penny, nickel, dime is NOT going to happen!!!
The ONLY way we will ever see 1 IQD = 1 USD will be due to a LOP or reprint.
Those that have found ANY bank in Iraq to put their IQD in to earn interest have done and continue to do well - but at this time, that is where the buck... ooops, the dinar STOPS!
The only other option (which I am in) would be to invest directly into their economy via the ISX!!! As the economy improves, so will the share prices, splits, dividends, paid-up shares, etc! It REALLY IS that simple!
Cash In Hand is DEFINITELY Not King with the IQD!
calstar
08-01-2009, 07:34 PM
Sorry to hear this. That is one of the many reasons I don't trust them. Family members have dealt with them before. They will cut your throat and drink your blood. Better to have their cash in your hands. Hope it works out for you.
Bad things, Man!!!
Bad things, Man!!! True, he should just move on, if you feel that way this is not the place to be, very disrespectful.
trusty
08-01-2009, 07:45 PM
Hindsight...but I recommend an online account.
A few suggestions:
Make frequent screen shots/e-copy of your bank account.
If they purchase stock then your account is debited...do a screen shot and create an e-file notate what the debit was for.
Always make sure you get an Excel sheet on each purchase....keep those on e-files.
Keep e-files of your dated Authorization letters.
When there is a debit to your account...then follow up if you don't get an Excel sheet.
That's a much stronger position than just saying they failed to credit you with your stock.
When you have a problem you can attach those pertinent files where you show a debit but nothing was purchased... ask why the debited your account on that date?
By keeping e-files you can then attach those files to Warka.
I hope you they get your account straightened out...I know it is frustrating for you.
Trusty
Fishindinar
08-01-2009, 08:16 PM
I asked for all the stocks I purchased and Warka provided them for me and they didn't miss any. I printed a copy of all the stocks I purchased and keep them on file.
panhead
08-01-2009, 09:06 PM
I guess when you're holding 'cash in hand' for the long over due and ever elusive RV (which is due anytime now, btw:rofl:) life can be a little tense!
I truly (honestly) hope that new members to this forum 'actually' read and learn from what is posted here and not just fall into the 'trap' of an overnight RV or even the thought of a gradual increase in value to 1000 IQD, 800 IQD, etc to the USD.
Iraq has NEVER shown any interest, nor a history of, any kind of an RV (just ask many a Jordanian). The "ONLY" thing they have shown an interest in (in regards to IQD appreciation) is keeping their inflation in check and the idea that they will (at any time) be jumping from 1170 IQD to 1 USD to 1 IQD to a penny, nickel, dime is NOT going to happen!!!
The ONLY way we will ever see 1 IQD = 1 USD will be due to a LOP or reprint.
Those that have found ANY bank in Iraq to put their IQD in to earn interest have done and continue to do well - but at this time, that is where the buck... ooops, the dinar STOPS!
The only other option (which I am in) would be to invest directly into their economy via the ISX!!! As the economy improves, so will the share prices, splits, dividends, paid-up shares, etc! It REALLY IS that simple!
Cash In Hand is DEFINITELY Not King with the IQD!
your welcome to your opinion....
Little extreme for a problem with a account, wouldn't you say.:rolleyes:
I guess when you're holding 'cash in hand' for the long over due and ever elusive RV (which is due anytime now, btw:rofl:) life can be a little tense! I never said it was going to RV over night.
I truly (honestly) hope that new members to this forum 'actually' read and learn from what is posted here and not just fall into the 'trap' of an overnight RV or even the thought of a gradual increase in value to 1000 IQD, 800 IQD, etc to the USD.
Iraq has NEVER shown any interest, nor a history of, any kind of an RV (just ask many a Jordanian). What does a Jordanian know?? The "ONLY" thing they have shown an interest in (in regards to IQD appreciation) is keeping their inflation in check and the idea that they will (at any time) be jumping from 1170 IQD to 1 USD to 1 IQD to a penny, nickel, dime is NOT going to happen!!! Really. How do you know?
The ONLY way we will ever see 1 IQD = 1 USD will be due to a LOP or reprint. Yea okay.
Those that have found ANY bank in Iraq to put their IQD in to earn interest have done and continue to do well - but at this time, that is where the buck... ooops, the dinar STOPS!
The only other option (which I am in) would be to invest directly into their economy via the ISX!!! As the economy improves, so will the share prices, splits, dividends, paid-up shares, etc! It REALLY IS that simple! NO IT'S NOT!!!
Cash In Hand is DEFINITELY Not King with the IQD!
What are you two talking about. You that dumped your money in the ISX think you have control, but you don't. Those people over there can't agree on jack and you trust them with your money. I wish you luck. To each his own. Cash in hand is king. I have control, not some american hating fool who will stick to me in a heart beat. :giggle:
MarkOne
08-01-2009, 10:13 PM
your welcome to your opinion....
simply my opinion and facts.
I was being sincere when I stated that I hope new members read and learn. I 'was' once a new member myself and compared to some, I am still a new member. I also bought IQD based on a hope of a sudden RV and due to ALOT of reading and research on the internet, I realized that the ISX would be a better place for me and so that is where I invested ALL of my IQD.
I am also being sincere when I say here that I Really Don't Want Anyone To Lose Money in this investment, but those that go around stating 'cash is king' and 'cash in hand is king' are not doing a service to those who might believe ONLY that. In fact, many on here have made quite a return on their investment due to buying their IQD early and/or high returns on their IQD CDs and it is still possible to do so (the latter). Those that have paid anywhere near $1,000 or more USD per million at anytime within the last year are going to have a hard time with returns unless they have it invested either in a bank account (CD) or the ISX.
The following is my opinion even though some (if not most) is backed up by statements or actions made by Iraq I'm still considering it my opinion:
I do not believe Iraq has ever or will ever decide to give away their vast wealth in the form of a significant sudden or slow appreciation of their currency. It would be far less expensive and make far more sense to simply reprint the currency without the inflationary caused zeros (LOP) and value their currency as they wish at that time. No one would get 'screwed' or 'ripped off', it would be a two year exchange period as they stated with the only real problem being for the investor to find the best deal on the exchange rate.
theopptomist
08-01-2009, 10:17 PM
It's good to see there is no such thing as a CASH PUMPER!
BABYBULL24
08-01-2009, 10:22 PM
Well after 4 years and many thousands of dollars with Warka bank, I feel it is necessary to inform you That the bank has lost millions of my stocks. . They know it is lost . They know this by the information given. They will not or just don't want to fix this. I have been given the run around for 3 months? now. I have e-mails from Mr I letting me know they will do something. But nothing has been done. I contact them to get the same answer. I have millions of stocks and will be selling them off to anyone here who wants them. They are held by warka bank so it would be a transfer from my name to yours and you will need to pay me here in US or through the warkaa bank. As soon as it is all sold I will be wiring my cash back. It is sad that I have to do this but the bank is not trust worthy to me any more. Mr I knows i am doing this here as he was warned. PM me for more information if you like.
That sucks - I hate dealing with my bank around the corner. Could imagine trying to deal w/one a half a world away.
Good luck - hope it works out for you.
Peace
MarkOne
08-01-2009, 10:29 PM
What are you two talking about. You that dumped your money in the ISX think you have control, but you don't. Those freakin morons over there can't agree on jack and you trust them with your money. I wish you luck. To each his own. Cash in hand is king. I have control, not some american hating fool who will stick to me in a heart beat. :giggle:
You don't have control unless you are in-country. You state that you don't trust them but you have "their" currency (I'm assuming out-of-country) and I am guessing you are 'trusting' them to not only make you wealthy out-of-country, but also to exchange your (THEIR) currency at the then going rate.
Also, a Iraqi Dinar Investor (or 2 or a thousand or ???) in Jordan would be able to tell you EXACTLY what Iraq did with their (Iraq's) currency (some of this should sound VERY familiar):
Walid Abu Bakir still goes to work, although he isn't sure why.
All the usual things are in place -- the two telephones on his desk, the calculator he uses to tally figures and the neatly stacked piles of green Iraqi dinars that sit on the shelf in front of him.
But while 10 days ago the stacks of bills, which constituted his entire financial holdings, were worth $50,000, today they are little more than scraps of paper.
In an effort to fight runaway inflation, Iraq decided last week to invalidate its 25-dinar note. Mr. Abu Bakir, a black-market currency trader, has been wiped out, along with tens of thousands of other Jordanians.
"The Jordanian people supported Iraq during the gulf war," Mr. Abu Bakir said, "and this is how we are repaid." A Dubious Investment
To many outside the Arab world a pile of banknotes, each with an engraving of Saddam Hussein in a military uniform, might not seem like a sound investment. But many Jordanians, sure that the United Nations embargo against Iraq would one day be lifted, believed that the hard currency of their neighbor would regain its old value once Baghdad resumes oil sales.
Jordanian businessmen accepted Iraqi currency for payment, often in deals with the Iraqi Government, and squirreled it away. Shepherds sold their flocks, people traded in their gold jewelry and families mortgaged their homes, or withdrew their savings, to buy the Iraqi bills.
"I didn't have anything else so I sold my taxi to buy Iraqi dinars," said 23-year-old Ahmed Said.
Each morning dozens of men carrying bundles of Jordanian dinars descended on the tiny offices in the Shabsoug building in downtown Amman. They bought Iraqi dinars from black marketeers like Mr. Abu Bakir, filling shopping bags with the bills. Government officials estimate the value of hoarded Iraqi currency in Jordan at $100 million.
And Jordanians were not alone. Investors from Saudi Arabia, the United Arab Emirates and even Kuwait bought up millions of the banknotes, sometimes shipping them out of Jordan by the truckload. Iraq Complains of Hoarding
Iraqi officials say the Governments of Kuwait and the United Arab Emirates alone are hoarding 10 billion prewar Iraqi dinars as part of an effort to hasten the country's economic collapse and force it to print money with no monetary backing.
"Gulf Arab speculators would call up and place orders for a million dinars or more," Bashir Mostapha Nobani, a currency trader, said. "They always wanted the prewar 25-dinar notes because they are easier to ship in bulk than smaller denominations and because they did not have faith in the new Iraqi currency." (ironic, huh?)
Baghdad permitted Iraqis to exchange the 25-dinar notes for the new currency, but they closed the borders for six days to keep speculators outside the country. The border was reopened Tuesday, after the Monday deadline to turn in the old notes passed. Baghdad Imposes Exit Tax
"The Jordanian people supported Iraq during the gulf war, and this is how we are repaid," Walid Abu Bakir, a black-market currency trader, said of Iraq's decision to invalidate its 25-dinar note. Mr. Abu Bakir, shown with the worthless currency, has been wiped out.
http://www.nytimes.com/1993/05/16/world/fortunes-in-iraqi-bills-gone-overnight.html?sec=&spon=&pagewanted=1
435613422
08-01-2009, 10:56 PM
^ that's evil
Mo Dinar
08-01-2009, 11:03 PM
There have been some free shares given of stocks I own that an email of "updated shares" has not been received yet; but aside from that all has been well with Warka!
Mo Dinar
08-01-2009, 11:06 PM
I hope it gets worked out SeaBee.
24mm exposed grid
08-02-2009, 01:47 AM
Very, very good advice Trusty.
Keep all spreadsheets and print off a statement from your online account at least once each month. That is about all you can do at this time to maximise the accuracy and safety of your holdings.
Hope things do get sorted for you SeeBee, can I just ask if your holdings are proxy ?
24mm exposed grid
08-02-2009, 02:25 AM
What are you two talking about. You that dumped your money in the ISX think you have control, but you don't. Those people over there can't agree on jack and you trust them with your money. I wish you luck. To each his own. Cash in hand is king. I have control, not some american hating fool who will stick to me in a heart beat. :giggle:
Anyone actively invested in the ISX that believes they are in control are mistaken. They are at the mercy of the market and those that facilitate its operation. This goes for any foreign market, be it the ISX or the stock exchange of Outer Mongolia (If it has one !!)
The fact remains is that if you have so little trust, that all you can bear to do risk-wise is hold cash in hand, in the hope that somehow Iraq will mortgage its entire future to pay out perhaps millions of speculators worldwide, then the ISX is clearly not for you. You are obviously against all forms of risk that you perceive as out of your control. Nothing really wrong with that per-se.
If, however, you believe that Iraq has any kind of future, then the ISX clearly offers a very generous risk to reward ratio. It is not the ridiculous 100,000+% increase that all you cash holders will get upon your 1:1 rv, but it is a fantastic, realistic opportunity for a multi-thousand percent gain over the next 5 - 10 years. You need only look at other ME market caps to see the potential that Iraq stands on - It is real and tangible.
Best of luck with your cash in hand. In the coming years if / when Iraq comes together economically, with hindsight, the error of judgement over perceived risk may become clearer.
Gooch
08-02-2009, 06:41 AM
I'm kind of mixed on this. I have had stocks with Warka for years. I always printed out the spreadsheets confirming my purchases, but when I emailed the bank asking for a listing of my holdings (about 30 different stocks) I received back a spreadsheet with only about a quarter of my holdings listed. After several emails, including some to Mr. I, I received a terse email stating 'your list is correct', but never could get a spreadsheet from them listing all my stocks they hold for me in their database.
More unsettling is that some of the shares they seem to have had no accounting of they had sent me stock certificates in my own name.
Warka has always been fairly responsive (over a long enough timeline) but I have serious concerns what will happen when the day comes that the stocks actually have some value and I attempt to sell them.
I haven't dismissed Warka primarily because I have sent them numerous packages of physical dinars and they always confirmed receipt at the correct amount and credited my account accordingly (even on one occasion when the lousy US Post Office after three weeks told me my package was untraceable and therefore lost, Warka emailed me later that same day to confirm receipt).
I can understand SeaBee actions, though....
DinarosaurusRex
08-02-2009, 06:44 AM
What are you two talking about. You that dumped your money in the ISX think you have control, but you don't. Those people over there can't agree on jack and you trust them with your money. I wish you luck. To each his own. Cash in hand is king. I have control, not some american hating fool who will stick to me in a heart beat. :giggle:
JCav I Believe Dinar Rumor is the place for that kind of talk. BY THE WAY MODERATOR WHO READS MY POSTS WHEN CAN I POST WITHOUT YOU HAVING TO OK IT BEFORE IT IS SEEN? :devil:
panhead
08-02-2009, 07:11 AM
Anyone actively invested in the ISX that believes they are in control are mistaken. They are at the mercy of the market and those that facilitate its operation. This goes for any foreign market, be it the ISX or the stock exchange of Outer Mongolia (If it has one !!)
The fact remains is that if you have so little trust, that all you can bear to do risk-wise is hold cash in hand, in the hope that somehow Iraq will mortgage its entire future to pay out perhaps millions of speculators worldwide, then the ISX is clearly not for you. You are obviously against all forms of risk that you perceive as out of your control. Nothing really wrong with that per-se.
If, however, you believe that Iraq has any kind of future, then the ISX clearly offers a very generous risk to reward ratio. It is not the ridiculous 100,000+% increase that all you cash holders will get upon your 1:1 rv, but it is a fantastic, realistic opportunity for a multi-thousand percent gain over the next 5 - 10 years. You need only look at other ME market caps to see the potential that Iraq stands on - It is real and tangible.
Best of luck with your cash in hand. In the coming years if / when Iraq comes together economically, with hindsight, the error of judgement over perceived risk may become clearer.
Well....there are pro's and con's to each side, but for me I don't care for the fact that Warka accounts are uninsurable (nothing comparable with FDIC) or limits being placed on withdrawal amounts.....and the whole proxy deal for the ISX just seems a bit risky to say the least.
I'll stick with cash....just seems more substancial than an e-mail from Mr I.
...but again....good luck with your endevoures......
fatmaninthebathtub
08-02-2009, 07:21 AM
The reason i stayed away from Warka and the ISX is because i dont trust
the Iraqis as far as i can throw them.
RoyalBeluga
08-02-2009, 07:47 AM
Sounds like the problems have arisen during the transfer to own name process :thinking:
Big.V
08-02-2009, 08:30 AM
Well after 4 years and many thousands of dollars with Warka bank, I feel it is necessary to inform you That the bank has lost millions of my stocks. . They know it is lost . They know this by the information given. They will not or just don't want to fix this. I have been given the run around for 3 months? now. I have e-mails from Mr I letting me know they will do something. But nothing has been done. I contact them to get the same answer. I have millions of stocks and will be selling them off to anyone here who wants them. They are held by warka bank so it would be a transfer from my name to yours and you will need to pay me here in US or through the warkaa bank. As soon as it is all sold I will be wiring my cash back. It is sad that I have to do this but the bank is not trust worthy to me any more. Mr I knows i am doing this here as he was warned. PM me for more information if you like.
Hopefully you will recover your funds, sorry to hear of your misfortune.
iraqiDave
08-02-2009, 09:18 AM
Tracking data in spreadsheets is a recipe for disaster... They can get easily corrupt etc... Once the etrading platform is setup, dealing with portfolios should be easier.
In the meantime keep a copies of all emails and spreadsheets.
Don't do anything drastic..
War Eagle
08-02-2009, 09:28 AM
Not to fear-just let the mesiah obama handle it,after all.he is the savior of the US,and later the universe
thegujju
08-02-2009, 09:56 AM
Sorry to hear about your troubles Seabee.
I've had quite a few issues with Warka too but in the end (and yes its taken a while) all has been rectified by Mr I and his team.
To be honest this is a risk we all have to take.
Sending money to a bank in a third world,corrupt, war torn, sh1thole of a country sounds bizarre on the face of it but as we all know the potential rewards are huge (as are the risks).
If one wants to invest in the ISX, what is the alternative? Until one exists I'll be sticking with Warka.
Howler
08-02-2009, 10:34 AM
True, he should just move on, if you feel that way this is not the place to be, very disrespectful.
disrespectful?
Or truthful?
Either way, why tell him to move on?
Seabee has been here a long time, and has always been very anti-RV.
His story is exactly why several of us think you are a bunch of loons for sending your money to Warka.
Is it an isolated incident? Maybe, but that wont make Seabee feel any better. Nor would it to you. Just one incident like this is all the justification posters like I need to keep my stance. :muscle:
Kickabuck
08-02-2009, 11:20 AM
I believe the trouble Seabee has been going thru for the last couple of months underscores the need for everyone entering the ISX to register for on-line banking. The on-line tools provide a clear audit trail of the activity in your account. You would need to save off your monthly statement in an archive folder but it would sure avoid most situations like this. Warka's free share distribution still seems to be a slow process, but the posts here keep you up to date on when others receive their shares. I hope everything works out for you Seabee.
Scott Gonzales
08-02-2009, 12:13 PM
Warka is not perfect, yet has been a good bank to deal with considering what my goals were at the time. Early on, I was simply interested in getting in the ISX. The Warka Proxy was the only way. Later, I chose to transfer my shares to Al-Karmal. During this process, I lost some of my shares purchased through Warka. I spent quite a bit of time sending email back and forth with Warka showing them the Excel spreadsheets but this did not work. After a while, I just accepted that some shares were lost. I do not remember exactly how many shares I lost, but it was relatively small, probably about 5%.
My approach to investing in the ISX is different now. I only purchase in my own name, and I receive a certificate with certificate number for every purchase. Now, I have a way to document every purchase and every share owned. It is impossible to maintain this type of accuracy with the Warka proxy. You may know exactly what you bought, but you do not know what Warka has on their books and will have a real difficult time winning a disagreement should one come up.
Kickabuck
08-02-2009, 12:32 PM
One huge advantage for Warka is that I can wire money into my account within 18 hours by going thru NY Citibank, there are no fees at my bank for doing this. This can also be a big advantage when paid up shares come in on short notice.
24mm exposed grid
08-02-2009, 02:44 PM
Warka is not perfect, yet has been a good bank to deal with considering what my goals were at the time. Early on, I was simply interested in getting in the ISX. The Warka Proxy was the only way. Later, I chose to transfer my shares to Al-Karmal. During this process, I lost some of my shares purchased through Warka. I spent quite a bit of time sending email back and forth with Warka showing them the Excel spreadsheets but this did not work. After a while, I just accepted that some shares were lost. I do not remember exactly how many shares I lost, but it was relatively small, probably about 5%.
My approach to investing in the ISX is different now. I only purchase in my own name, and I receive a certificate with certificate number for every purchase. Now, I have a way to document every purchase and every share owned. It is impossible to maintain this type of accuracy with the Warka proxy. You may know exactly what you bought, but you do not know what Warka has on their books and will have a real difficult time winning a disagreement should one come up.
The last paragraph sums up exactly why I registered with the ISX and will be getting all of my stock out of proxy and into my own name as soon as is practically possible.
Whilst I have a reasonably good level of trust in Warka, I do have certain reservations about the Warka proxy and its overall level of accuracy. With no stock certs and the current lack of an online portfolio facility, I do not feel 100% comfortable. When this gets to the point where very serious amounts of money are involved, I do not want to be in a situation where I have to prove my holdings from an excel spreadsheet, no matter how small the risk of this happening might be.
Can you imagine telling all your mates "Hey guys, I'm cashing out a million quids worth of Iraqi stock next week, the beers are on me, PARTY TIME !", only for Mr I to say "Stocks, what stocks ?" :doh:
24mm exposed grid
08-02-2009, 03:04 PM
I believe the trouble Seabee has been going thru for the last couple of months underscores the need for everyone entering the ISX to register for on-line banking. The on-line tools provide a clear audit trail of the activity in your account. You would need to save off your monthly statement in an archive folder but it would sure avoid most situations like this. Warka's free share distribution still seems to be a slow process, but the posts here keep you up to date on when others receive their shares. I hope everything works out for you Seabee.
Too right Kickabuck. I have said time and time and time again, that online access to your Warka account should not be treated as an option, it has to be treated as a neccesity.
Hopefully online portfolio tracking is not going to be too far down the line either. This would massively increase confidence for everyone in general, and proxy holders in particular.
SEABEE CAN-DO
08-02-2009, 04:36 PM
Sorry guys, I was very mad and frustrated . I am not a pumper as one said. I have been pro warka from the start. I will clear up what is going on. I have all the stocks I bought. I have half of the free shares. I am missing 1/2 of my free shares. This may sound little but it is worth many thousands in USD. I do not know if others have the same issue... I was lazy about keeping track of the stocks as I have not had a issue before. I have said to MR I in the past if I was going to get the run around I was going to let everyone know about it. All of the replies from him are I will have it to you today. I hate to sell them but between the lies or miss information I find it hard to trust them with my funds. In short I don't want to add to the confusion ( while they have my money) . It is as it is. Missing free shares from 3 stocks. I do have the papers to show what i have from the bank. I also have the data of free shares as far as i know of ( there may be more missing). They have not lost any cash. I removed 51% of cash holdings to show them I am willing to pull out. Not that i will hurt the bottom end. I am hoping the updates here will encourage them to fix the issue. Past postings are in the E mail from MR I thread.
panhead
08-02-2009, 06:05 PM
hope it all works out for ya Seabee.....
cloaked
08-02-2009, 06:31 PM
Too right Kickabuck. I have said time and time and time again, that online access to your Warka account should not be treated as an option, it has to be treated as a neccesity.
Hopefully online portfolio tracking is not going to be too far down the line either. This would massively increase confidence for everyone in general, and proxy holders in particular.
First, I am sorry to hear about your problem with them Seabee. Be persistent and hopefully Mr. I can straighten it out for you.
In the very beginning before Mr. I came along, there were a lot of issues but I can understand why there were; not to say it was right. They use to only be 1 page and it would take weeks to hear back about anything. I believe problems with recording was happening in the beginning and especially since it was by proxy. Registering through through the embassy here / stocks purchased in his/her name seems to have ironed things out; not to mention, Mr. I is really on the ball.
Mr. I did tell me in an email that they are in the works in conjunction with the ISX to have online stock tracking connected to our accounts online. And I agree, having an online is utmost crucial so that one can get their monthly statement; as well as copies of your stock certs.
Don't give up seabee! :yes:
westernunion
08-02-2009, 06:32 PM
Thanks for the information, I and several of my friends invested with warka bank in 2005 "warka proxy". So it will be interesting to see what happens after the r/v or RI happens with our stocks we have purchase. And we want try to sell off some companies shares.
After all if the dinar r/v at $ 1.13 usa some people are expecting, and we sell millions of shares, well that alot of money during these times, but then again if the ISX takes off there maybe more people to purchase shares in the ISX and the price of shares will go up, so I guess it will balance it self out, and no lost to warka....
Scott I notice you mention you transfer shares to Al-Karmal, how is that working out for you? Also I try before to transfer to another bank, but never did received an answer from Mr. I ...and by now every one should know who Mr. I is a warka bank...lol
Warka is not perfect, yet has been a good bank to deal with considering what my goals were at the time. Early on, I was simply interested in getting in the ISX. The Warka Proxy was the only way. Later, I chose to transfer my shares to Al-Karmal. During this process, I lost some of my shares purchased through Warka. I spent quite a bit of time sending email back and forth with Warka showing them the Excel spreadsheets but this did not work. After a while, I just accepted that some shares were lost. I do not remember exactly how many shares I lost, but it was relatively small, probably about 5%.
My approach to investing in the ISX is different now. I only purchase in my own name, and I receive a certificate with certificate number for every purchase. Now, I have a way to document every purchase and every share owned. It is impossible to maintain this type of accuracy with the Warka proxy. You may know exactly what you bought, but you do not know what Warka has on their books and will have a real difficult time winning a disagreement should one come up.
Arctec
08-02-2009, 09:03 PM
Lance tried to sell his stock privatly.....
It is highly illeagl
Well after 4 years and many thousands of dollars with Warka bank, I feel it is necessary to inform you That the bank has lost millions of my stocks. . They know it is lost . They know this by the information given. They will not or just don't want to fix this. I have been given the run around for 3 months? now. I have e-mails from Mr I letting me know they will do something. But nothing has been done. I contact them to get the same answer. I have millions of stocks and will be selling them off to anyone here who wants them. They are held by warka bank so it would be a transfer from my name to yours and you will need to pay me here in US or through the warkaa bank. As soon as it is all sold I will be wiring my cash back. It is sad that I have to do this but the bank is not trust worthy to me any more. Mr I knows i am doing this here as he was warned. PM me for more information if you like.
War Eagle
08-02-2009, 09:23 PM
Seabee;After you have tried absolutely EVERYTHING,then I would recommend you go straight to S Al-B,the OWNER of Warka Bank.This should be the "court of last resort",but as I understand it,you have reached this point.Go to his website, and it will tell you how to contact him. I understand he is a very reputable person,and probably would NOT want this to be a negative on Warka Bank.Peresonally,I,too,am VERY disappointed with Warka's service over the last 6 months.I simply can NOT get ANY ISX transactions executed.Mr. I "talks" a good game,but NOTHING happens.Good Luck
War Eagle
08-02-2009, 09:40 PM
Seabee; Here's the address; ceo@warkainvestmentbank.com-This should get RESULTS;keep us informed.
Investors Iraq
08-03-2009, 03:19 PM
UPDATE Seabees account fixed. Warka in good standing. (http://www.investorsiraq.com/showthread.php?t=131896)
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