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thebest
03-07-2017, 12:08 PM
Book of the Securities Commission on the request for shares of Warka Bank for Investment inclusion 03-07-2017

178

http://www.isx-iq.net/isxportal/portal/storyDetails.html?storyId=4655&type=1

mike032588
03-07-2017, 01:25 PM
Translation!?!?!

haggisbasher
03-07-2017, 05:37 PM
Is this very good news to us Al-Warka account holders,i like the sound of this thebest,good find.

thebest
03-07-2017, 09:53 PM
Book of the Securities Commission on the request for shares of Warka Bank for Investment inclusion 03-07-2017A

179
http://www.isx-iq.net/isxportal/files/story0_117_3_2_6_51_22.pdf

RogueTurtle
03-07-2017, 09:54 PM
Translation is rough, hope someone can do better.

My personal thoughts are in brackets ( )

The short version is:

Warka Bank's request to be relisted on the ISX was denied for the following reasons:

1. The partners shares has to equal 100% of the paid capital of the bank, they have a deficit of -323 B ID. (not sure of exact meaning)
2. The amount allocated for (uncertain debts) is not enough. (This is prob. related to the poor collateral mentioned a couple years ago)
3. There are cases/claims against the bank involving large amounts of money. (pending civil cases???)
4. Warka bank made no profits in the last 2 years, and reported a loss of 42.29 B ID in the years 2014 and 2015. (Unclear if that was the total for both years or the amount per year)

RogueTurtle
03-07-2017, 09:59 PM
Additional thoughts of things that were not in the letter.


1. There was no further instructions to Warka, ie; instructions to respond within a certain amount of time or a request to fix the issues listed.

2. There was no mention of the "Get Well Plan" that CBI is suppose to be providing to Warka as per the Civil litigation.

3. Finally, over the last 12 months Warka has been participating in the daily auctions/short term loans to the CBI (5 Million/per trading day. This might of brought in up to 50m USD for the entire year...but that amount has yet to be disclosed and is an unknown factor at this point.

thebest
03-07-2017, 10:31 PM
Additional thoughts of things that were not in the letter.


1. There was no further instructions to Warka, ie; instructions to respond within a certain amount of time or a request to fix the issues listed.

2. There was no mention of the "Get Well Plan" that CBI is suppose to be providing to Warka as per the Civil litigation.

3. Finally, over the last 12 months Warka has been participating in the daily auctions/short term loans to the CBI (5 Million/per trading day. This might of brought in up to 50m USD for the entire year...but that amount has yet to be disclosed and is an unknown factor at this point.

Is almost the same I have

thebest
03-07-2017, 10:34 PM
http://www.newocr.com/

It is not approved for the inclusion of the Warka Bank shares for investment so as not to meet the following conditions: -

a. Article condition) the (Help cyclist number)? () Conditions and requirements of the inclusion of companies in the market
Securities / Market regulars (which is that the minimum shareholders' equity in the company and when the application is presented
YoY kes ((of the paid-up capital as shareholders' equity amounted to.? By
Negative) ??? (Billion dinars.

2. lack of provision for doubtful debt adequacy of debts and the presence of large amounts of claims on the bank.

3. Article condition (e) of the instructions cyclist conditions and requirements of the inclusion of companies in the securities market /
Regular market (where the bank did not achieve profit in the last two years, but was the result of his Hhsarh
By ?? ,? } Datar billion during the years of}. ? And here,. ? Respectively .

thebest
03-07-2017, 10:56 PM
The last time ISX reject WARKA for some lack of information. The CBI and ISX approved later WARKA return to the ISX and now the ISC need another requirement. So we have to wait to WARKA futfill this new requirement.

Brazileiro
03-07-2017, 11:03 PM
thanks for the translations. Looks like warka still doesn't have their house in order.

I don't think anything good came of the "get well plan" yet or I'm sure warka would have released the good news. At least I've never heard of a company withholding good news from clients or the public.

RogueTurtle
03-07-2017, 11:35 PM
Very True B



thanks for the translations. Looks like warka still doesn't have their house in order.

I don't think anything good came of the "get well plan" yet or I'm sure warka would have released the good news. At least I've never heard of a company withholding good news from clients or the public.

James
03-08-2017, 03:06 PM
ISC declined Al-Warkaa Investment Bank (BWAI) request to be relisted

ISC declined Al-Warkaa Investment Bank (BWAI) request to be relisted until the bank fulfills listing and banking requirements.

http://www.rs.iq/iraq_news/view/10214

40plus
03-08-2017, 08:43 PM
I thinks it's coming. In view of all that has happened, civil war, factional attacks on bank, drop in oil prices, etc it will take some time. I believe the new US administration will help speed Iraq'a (and therefore Warka's) recovery.

I can understand Warka having many civil suits filed..but my attitude during the bank's down fall was to wait & see what happens, rather than sue for something they could not avoid happening. I'm not into kicking the underdog. $$ :cool:

RogueTurtle
03-08-2017, 11:06 PM
Well said and I totally agree.


I thinks it's coming. In view of all that has happened, civil war, factional attacks on bank, drop in oil prices, etc it will take some time. I believe the new US administration will help speed Iraq'a (and therefore Warka's) recovery.

I can understand Warka having many civil suits filed..but my attitude during the bank's down fall was to wait & see what happens, rather than sue for something they could not avoid happening. I'm not into kicking the underdog. $$ :cool:

buck74
03-09-2017, 01:20 AM
They need a boat load of cash from the CBI, until they get that they are going nowhere IMO.

40plus
03-09-2017, 01:57 AM
They need a boat load of cash from the CBI, until they get that they are going nowhere IMO.

I agree. Some still argue that a rise in rate would allow the country to buy it's way to recovery, with others giving the same reasons why not..it would make Iraq an import country with only one export resource, etc. But, like you said, without cash (value) they go nowhere.

Kickabuck
03-10-2017, 01:05 AM
Translation is rough, hope someone can do better.

My personal thoughts are in brackets ( )

The short version is:

Warka Bank's request to be relisted on the ISX was denied for the following reasons:

1. The partners shares has to equal 100% of the paid capital of the bank, they have a deficit of -323 B ID. (not sure of exact meaning)
2. The amount allocated for (uncertain debts) is not enough. (This is prob. related to the poor collateral mentioned a couple years ago)
3. There are cases/claims against the bank involving large amounts of money. (pending civil cases???)
4. Warka bank made no profits in the last 2 years, and reported a loss of 42.29 B ID in the years 2014 and 2015. (Unclear if that was the total for both years or the amount per year)

Lets have some fun, response is order to the points above:

1) Warka was about 95B IQD at the time of 150% paid ups were offered. Bunnai controlled the move and didn't fulfill his paid up shares. I.E created the deficit, but not 323B, just under half that.
2) If the CBI released Warka from custody, what the hell are uncertain debts? Wouldn't the CBI know that before releasing them from custody?
3) This is the Black Swan event. Who knows what Warka won via the CBI scandal, who knows what they owe. Legal cases go both ways.
4) If that statement is true, why would the CBI ever release them from guardianship? There's something fishy in the air...

There is an outlying factor...has anyone else noticed the Saudi olive branch delivered to Iraq. We're talking separate radical political parties uniting, very interesting times indeed.

millionairetobe71
03-15-2017, 01:54 AM
LOL....this is Iraq we are talking about. We can't really analyze and come up with conclusions about a country that has gone through all the crap they have gone through in the last 20+ years. Think about all the maladies and misfortunes a country can face, and Iraq has done it more than twice. Yes, many of it is, in my opinion, self-inflicted, but still.....

I guess the baby needs to learn how to crawl before walk....and Iraq is still in that crawl stage....