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Seaview
03-13-2013, 11:05 AM
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Dear Sirs,

With regards to the legal court case Warka Bank for Investment and Finance has filed against the Central Bank of Iraq.

Warka Bank for Investment and Finance is delighted to inform its cliental, shareholders and management that the Iraqi Supreme High Court has awarded its decision in full favor of Warka Bank for Investment and Finance confirming its judicial decision that the liquidity crisis and events leading to Warka's declining financial position is entirely due to the fault, malice, mismanagement and misdirection of both the Ministry of Finance and Central Bank of Iraq their ill actions taken against the bank placing the full blame and cause on both the Central Bank of Iraq and Ministry of Finance their lack to take the proper action measurements and steps to resolve the crisis properly in supporting the rehabilitation of the largest financial enterprise in the country.

Where we are delighted to add that the court decision confirms that Warka Bank for Investment and Finance has implemented, practiced and maintained all legal banking guidelines, protocols and regulations set by the bylaws of the Central Bank of Iraq confirming its true innocence.

We have posted a copy of the court's decision to bring comfort joy and happiness to all those whom have supported our bank, board of directors and management….

Best regards,

Legal Department


Warka Bank for Investment and Finance


http://www.warka-bank.com/?0d64a1934dcafd4bf6a2baf1b2V

stevie
03-13-2013, 11:14 AM
OMG, that is great! Thanks Seaview!

haggisbasher
03-13-2013, 11:26 AM
Great news,lets get on with it.

bultn
03-13-2013, 11:29 AM
... the largest financial enterprise in the country.

I like that...

calstar
03-13-2013, 12:08 PM
I knew they would come through. Nobody lost money.

Seaview
03-13-2013, 12:25 PM
القضاء الاعلى يلغي وصاية البنك المركزي على مصرف الوركاء
كتابات
آذار، 2013 الثلاثاء، 12

لانه قرار تعسفي كما قال .. فقد الغى مجلس القضاء العراقي الاعلى وصاية البنك المركزي العراقي على مصرف الوركاء التي استمرت عاما كاملا الحق خلالها اضرارا بالمصرف والمودعين فيه وفي الاقتصاد العراقي.
وعلمت (كتابات) ان الهيئة التمييزية في رئاسة استئناف بغداد – الرصافة بمجلس القضاء الاعلى قد قررت الغاء وصاية البنك المركزي على مصرف الوركاء بعد جلسة عقدتها برئاسة الرئيس جعفر حسن علي وعضوية نائبيه لفتة هامل العجيلي ونجم عبد الله محسن.
وقالت الهيئة التمييزية في قرارها الذي اطلعت عليه (كتابات) انه "في 29 – 2- 2012 قرر مجلس ادارة البنك المركزي العراقي وضع الوصاية على مصرف الوركاء للاستثمار والتمويل .. وحيث ان هذا القرار تعسفي ادى الى الاضرار بمصلحة المصرف والمودعين والمتعاملين معه والمساهمين في رأسماله والقطاع المصرفي والاقتصاد الوطني .. وبعد تدقيق الهيئة في قرار البنك المركزي فقد قررت قبول الطعن بقرار الوصاية بعد ان وجدت ان الحكم غير صحيح ومخالف للقانون لان البنك المركزي عندما قرر وضع الوصاية لم يراعي احكام القانون او الاسس التي تدعو لاتخاذه كما انه لم يتخذ الاجراءات اللازمة لتوفير خدمات السيولة للمصرف رغم انها من مهامه".
واضافت الهيئة التمييزية في قرارها "ان وزارة المالية قد ساهمت بأجراءاتها المتمثلة بسحب الودائع الحكومية من المصارف الاهلية فى تأزيم الوضع المالي لمصرف الوركاء لانها كانت الدعامة الرئيسية لسيولته النقدية.. كما ان البنك المركزي لم يتخذ الاجراءات اللازمة لتحسين وضع المصرف برغم ان هذا من مسؤولياته حيث لم يقدم له القروض المطلوبة للخروج من ازمته المالية كما دعت الى ذلك اللجان التي شكلها البنك لمعالجة الوضع المالي لمصرف الوركاء".
وخلصت الهيئة الى القول في الختام "وبذلك اصبح قرار البنك المركزي بفرض الوصاية على المصرف خاليا من اسانيده القانونية فتقرر الغاء الوصاية".
وكان البنك المركزي العراقي قرر وضع وصايته على مصرف الوركاء أحد أكبر المصارف العراقية وله 130 فرعا في انحاء العراق بسبب تأشير بعض الإشكاليات المالية في تعاملاته. وقال البنك إن فرض وصايته على مصرف الوركاء العراقي للاستثمار والتمويل جاء لإنقاذه من بعض الإشكاليات التي يعاني منها. وتتلخص مهام البنك المركزي في إدارة السياسة النقدية في البلاد ورفع مستوى قيم الدينار العراقي ومعالجة التضخم.
وقال نائب محافظ البنك العراقي مظهر محمد صالح إن "البنك المركزي فرض وصايته على مصرف الوركاء لمساعدته على تجاوز مشاكله" ،مبينا أن "المصرف تعرض لمشكلة ونحن ندقق حاليا موجوداته، والعمل متواصل فيه ولم يغلق". وأوضح أن "مصرف الوركاء من المصارف الكبيرة والجيدة جداً ويمتلك العديد من الفروع ، والوصاية تعني الإدارة المؤقتة للمصرف"، معبرا عن أمله أن "يعود مصرف الوركاء إلى وضعه الطبيعي بعد انتهاء التحقيقات".
وتابع أن"الوصاية وفقا للقانون هي 18 شهراً قابلة للتجديد لـ18 أخرى"، كاشفا عن أن "المصرف تعثر في التعامل اليومي بسبب قسم من تعاملاته خارج إرادته ومنها سحب الحكومة العراقية لودائع منه قبل ثلاثة أعوام".
وفي معرض رده على الاستغراب الذي أبداه وزير المالية العراقي رافع العيساوي من قرار الوصاية على مصرف الوركاء دون إبلاغه شخصيا، بيّن نائب محافظ البنك المركزي أن "هناك لبساً في قانون البنك المركزي حدث في مادتين هي 59 و66"، مشيرا إلى أنه "قدم شرحا لوزير المالية والأخير أبدى قناعته". حسب قوله.






Supreme Judicial eliminates the tutelage of the Central Bank of the Warka Bank
Writings
March, 2013 Tuesday, 12

It's arbitrary decision as he said .. Has canceled the Supreme Council of the Iraqi judiciary and tutelage of the Iraqi Central Bank on the Warka Bank, which lasted for a whole year which damaged the bank and its depositors in the Iraqi economy.

And learned (writings) that the discriminatory at the head of the resumption of Baghdad - Rusafa the Supreme Judicial Council has decided to cancel the tutelage of the Central Bank of the Warka Bank after a hearing chaired by President Jaafar Hassan Ali and his two deputies membership Hamel Ajili gesture and Najim Abdullah Mohsen.

She said the discriminatory in its resolution, obtained by (writings) that "in 29 - 2-2012 board decided CBI put guardianship of Warka Bank for Investment and Finance .. and that's where this decision arbitrarily led to damage the interests of the bank and the depositors and customers and shareholders in the capital The banking sector and the national economy .. and after checking the body in the central bank's decision has decided to accept the appeal decision guardianship after it found that the ruling is incorrect and contrary to the law as the central bank when he decided to put guardianship did not take into account the provisions of the law or the basis on which calls for taking as he did not take the necessary measures to provide liquidity for the bank, although it functions. "

She Authority discriminatory in its resolution that "the Ministry of Finance may have contributed to its proceedings of withdrawing government deposits from private banks in crisis in the financial situation of the Warka Bank because it was the mainstay of its liquidity cash .. also said the central bank did not take the necessary measures to improve the situation of the bank, despite this from his responsibilities as did not provide him loans needed to get out of its financial crisis as called for by the committees set up by the World Bank to address the financial situation of the Warka Bank. "

The Commission concluded to say in conclusion, "and thus became the central bank's decision to impose trusteeship bank free of isnads was decided to cancel the legal guardianship."

The Central Bank of Iraq has decided to put his tutelage Warka Bank is one of the largest Iraqi banks and has 130 branches across Iraq because of marking some of the problems in financial dealings. The bank said that imposing guardianship on the Warka Bank for Investment and Iraqi funding came to save him from some of the problems suffered by. The main tasks of the central bank in the conduct of monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation.

The deputy governor of Bank of Iraq the appearance of Mohammed Saleh said that "the central bank to impose his tutelage on the Warka Bank to help him overcome his problems," noting that "the bank suffered a problem and we scrutinize its assets, and work is continuing it did not close." He explained that "the Warka Bank of large banks and very good and has many branches, and guardianship means the temporary administration of the bank," and expressed the hope that "Warka Bank returns to its normal position after the conclusion of the investigation."

He continued that "trusteeship and in accordance with the law is 18 months, renewable for another 18," revealing that "the bank has stalled in daily trading because of a section of his dealings outside his control, including the withdrawal of the Iraqi government to deposit him three years ago."

In response to the surprise shown by Iraqi Finance Minister Rafie al-Issawi's decision trusteeship Warka Bank without being informed personally, between the deputy governor of the Central Bank that "there is confusion in the central bank law occurred in articles are 59 and 66," noting that "He explained to the Minister Finance and the latter expressed his conviction. " He said.

And expressed Finance Minister Rafie al-Issawi said in a press statement astonishment of the Iraqi Central Bank's decision put the Warka Bank under guardianship without coordination and obtaining the approval of the Ministry of Finance.

The central bank says that the Iraqi Article 59 of its law allowing him a trusteeship on banks which is about the appointment of an interim administration for any bank get the financial problems, while indicating Article 66 of the law to be guardian after appointed central bank can seek through the central bank request decision of the Minister of Finance to save the bank in case it was found that there is a possibility to save him.














كتب [3]. Pdf (http://www.investorsiraq.com/forums/newsFls/news1363164974.pdf)1248 KB


http://www.warka-bank.com/newsFls/news1363164974.pdf

Dinar Index
03-13-2013, 12:51 PM
great news!!!! Thanks seaview

manwithnoname
03-13-2013, 01:21 PM
Thanks Seaview..
Best news this year. Seems the finance minister was surprised about this decision as well. If my memory serves me correctly this tutelage was put in place during Shab's term so going by his previous track record we may have to assume there was a problem. Hopefully this is behind them now and we can continue trading as normal. Will international service be returned to normal as well? Lets hope so. Hopefully we shall see thru response to our emails.
MWNN

Uno
03-13-2013, 01:29 PM
This is good news, however let's not forget Warka still has liquidity issues. I see no information on how Warka will remedy this. Also, don't expect them to immediately start tradining, and when they do, don't expect the share price to be stable.

manwithnoname
03-13-2013, 01:37 PM
This is good news, however let's not forget Warka still has liquidity issues. I see no information on how Warka will remedy this. Also, don't expect them to immediately start tradining, and when they do, don't expect the share price to be stable.

Agreed Uno.. But right now i'm pleased my 'cash' appears to be safe. The shares will be determined by the market.
MWNN

manwithnoname
03-13-2013, 01:40 PM
Will the CBI issue them loans if need be as it should have done according to the article?
MWNN

Uno
03-13-2013, 01:54 PM
It would be better than Al Bunnia executing another rights issue! LOL

Will the CBI issue them loans if need be as it should have done according to the article?
MWNN

manwithnoname
03-13-2013, 02:02 PM
It would be better than Al Bunnia executing another rights issue! LOL

With you on that one as well :-)
MWNN

ISX Maniac who uses Warka
03-13-2013, 02:07 PM
He continued that "trusteeship and in accordance with the law is 18 months, renewable for another 18,"

Doesn't look like this will be resolved any time soon........

manwithnoname
03-13-2013, 03:19 PM
He continued that "trusteeship and in accordance with the law is 18 months, renewable for another 18,"

Doesn't look like this will be resolved any time soon........

Reading the whole article it says that the CBi can put them under tutelage for 18 mnths and extend it for another if need be. It appears that the decision was to quash the tutelage as it it should never have been implemented in the first place.
The question is.. What is the banks position on its liquidity?
MWNN

BettingOn Iraq
03-13-2013, 03:40 PM
Thanks, Stevie for your e-mail!! You made my morning. Praise God!!

triumphantcorp
03-13-2013, 03:43 PM
This is wonderful new for all Warka folks.

BettingOn Iraq
03-13-2013, 04:03 PM
Thanks, Seaview for your diligence in keeping us apprised of Warka (Iraq) news.

calstar
03-13-2013, 05:02 PM
Thanks seaview

Will-it-happen?
03-13-2013, 05:07 PM
if BWAI are eventually relisted, do you think there will be a massive sell off, of their shares?

HumbleGenius
03-13-2013, 06:25 PM
if BWAI are eventually relisted, do you think there will be a massive sell off, of their shares?

Thoughts:

SeaView, thanks, you are always first to the table with this kind of news.

WIH, Financial statements will need to be provided before they can be relisted. The underlying value of the stock will be what it is. Short term I expect panic regardless when or IF it returns just because it has held a significant portion of peoples investment portfolio for a couple years. After that it will settle to its true value.

All, While good news that Warka is alive, it really does not tell us the health it is in at this time. IMHGO I still anticipate they will need to sell off assests (branches/property) to cover their losses. I would say there is still a rough road ahead but at least there is still a road.

BatmaninIraq
03-13-2013, 08:07 PM
Thanks, Seaview

NOW, RV is coming......

calstar
03-13-2013, 08:48 PM
Thoughts:

SeaView, thanks, you are always first to the table with this kind of news.

WIH, Financial statements will need to be provided before they can be relisted. The underlying value of the stock will be what it is. Short term I expect panic regardless when or IF it returns just because it has held a significant portion of peoples investment portfolio for a couple years. After that it will settle to its true value.

All, While good news that Warka is alive, it really does not tell us the health it is in at this time. IMHGO I still anticipate they will need to sell off assests (branches/property) to cover their losses. I would say there is still a rough road ahead but at least there is still a road.

The Bunnia family will come through.

kostas1972
03-13-2013, 09:08 PM
This is goooood news?!@#$#@%$#@

HumbleGenius
03-13-2013, 09:15 PM
The Bunnia family will come through.
Certanly hope you are right but you still have wonder why he did not buy his share of paid ups but suckered us into it the last go around. This may be good or just make it a slower death. Hoping for the best but will not be naive about it either.

Fishindinar
03-13-2013, 11:07 PM
Game on !!

Kickabuck
03-14-2013, 12:52 AM
... I expect panic regardless when or IF it returns just because it has held a significant portion of peoples investment portfolio for a couple years...

HG, "IF" it returns, don't expect a drop in price. Bunnia will have to pull a rabbit out of his hat to increase capital by 200% and relist. A while back I calculated his 150% paid up rights at 76 million usd, he's now tasked with almost 3 times that. I doubt he would go that alone, "if" the stock returns, look for 56 IV rights...(What Al-Mansour Bank pulled off with Qatar), there were no losers in that deal.

Mo Dinar
03-14-2013, 01:59 AM
Maybe since their hands were unnecessarily "tied" for so long and part of any Courts function is to make an injured party "whole again"; Warka will be allowed to relist and given an extra bit of time to play catch-up...just my thoughts! Obviously, they just didn't shrivel-up and die. They must have paid out a pretty penny for a legal fight to clear their "good name". ;)

Brazileiro
03-14-2013, 02:17 AM
I can see Warka getting a few different forms of compensation from the CBI,,,money and some sort of "extra time" as they couldn't do jack for 2 years,,,all because of the CBI,,,or just have a big "correction" in the exchange rate and voila, warka is back in good standing,,,

opportunist
03-14-2013, 03:07 AM
Its been a while since there have been any Community banks failing in the land of plenty.
Cheap footprint into Iraq.
We have posted a copy of the court's decision to bring comfort joy and happiness to all those whom have supported our bank, board of directors and management….


Happy, Happy, Happy.
Great news.

Mo Dinar
03-14-2013, 03:55 AM
We need a big serving of CROW for everybody...LOL! The old-timer's will get the inside joke there!

chakkarchee
03-14-2013, 04:15 AM
If this is all good as it seems I see light at the end of tunnel. Looks like Bunia's lawyer pretty much got the bureaucrats lawyers (CBI and finance department both) due to lack of banking law and expertise, so that means smoky is off its tail on this certain death for warka. Since Bunia and company are able to survive this very serious issue so for warka's future with this kind of showing it sounds more than just a life line Warka as Bunia and company were showing some good banking leader ship in Iraq before this whole fiasco started 2 years ago. In my opinion Warka eventually will come out strong in future although many obstacle still remains and will not just die. One main product warka has is to provide easy access to ISX even to low volume invester. I am for sure relieved as I have some good amount at Warka’s mercy. I feel like I am about to dodge this bullet. Good for all of u with Warka.

MEALTICKET
03-14-2013, 04:51 AM
if this is all good as it seems i see light at the end of tunnel. Looks like bunia's lawyer pretty much got the bureaucrats lawyers (cbi and finance department both) due to lack of banking law and expertise, so that means smoky is off its tail on this certain death for warka. Since bunia and company are able to survive this very serious issue so for warka's future with this kind of showing it sounds more than just a life line warka as bunia and company were showing some good banking leader ship in iraq before this whole fiasco started 2 years ago. In my opinion warka eventually will come out strong in future although many obstacle still remains and will not just die. One main product warka has is to provide easy access to isx even to low volume invester. I am for sure relieved as i have some good amount at warkas mercy. I feel like i am about to dodge this bullet. Good for all of u with warka.



this is great news and should make shares go sky high and we should see smart money dive in by ramadan...

MEALTICKET
03-14-2013, 04:52 AM
Cheers to those of us that took the big gamble.....

MEALTICKET
03-14-2013, 04:59 AM
The biggest question is what is the health of the banks books like? So far so good if you as me. especially if they are release to the market.

calstar
03-14-2013, 10:10 AM
Certanly hope you are right but you still have wonder why he did not buy his share of paid ups but suckered us into it the last go around. This may be good or just make it a slower death. Hoping for the best but will not be naive about it either.

HB lets hope they find a bank that will merger with them. Too bad they don't want to give up 51% of the bank. Plus I think they are a Sunni bank in Iraq. I would be surprised if Malki and CBI after shabbi left had something to do with its failing. I would like to see them get a bank in the ME.

calstar
03-14-2013, 10:12 AM
We need a big serving of CROW for everybody...LOL! The old-timer's will get the inside joke there!

I wonder how CROW is doing.

anteas
03-14-2013, 10:24 AM
now, our accounts are unlocked??;)
Can I transfer money?

HumbleGenius
03-14-2013, 12:34 PM
HG, "IF" it returns, don't expect a drop in price. Bunnia will have to pull a rabbit out of his hat to increase capital by 200% and relist. A while back I calculated his 150% paid up rights at 76 million usd, he's now tasked with almost 3 times that. I doubt he would go that alone, "if" the stock returns, look for 56 IV rights...(What Al-Mansour Bank pulled off with Qatar), there were no losers in that deal.

Cool. If the if occurs I am good with that.

lonelyintexas
03-14-2013, 01:34 PM
This is great news for all us Warka investors, the pioneers from so many years ago. Has taken alot of intestinal fortitude to keep the path, but now things are looking better again.
Thanks
LIT

Fishindinar
03-15-2013, 03:38 PM
You mean we are either really stupid OR we have really big cahoony's.

dinar_dude
03-15-2013, 06:42 PM
Great news.

War Eagle
03-15-2013, 07:40 PM
The Al-Bunia family is SUNNI; The Iraqi goverment is Shite. Maliki pulled ALL goverment funds OUT of Warka Bank,causing this liquidity crisis.The Bunia family are kinda like the Rockefellows in the US. Go to their web site and you will see their VAST holdings. Saad Al-Bunnia is a grandson in this family.He has control of Warka Bank,and also Iraq Islamic Bank.

Kickabuck
03-15-2013, 11:06 PM
The Al-Bunia family is SUNNI; The Iraqi goverment is Shite. Maliki pulled ALL goverment funds OUT of Warka Bank,causing this liquidity crisis.The Bunia family are kinda like the Rockefellows in the US. Go to their web site and you will see their VAST holdings. Saad Al-Bunnia is a grandson in this family.He has control of Warka Bank,and also Iraq Islamic Bank.

Wasn't Asiacell also involved? I thought they tried to withdraw something like 35B when Warka was sitting at 75B capital.

While Milaki/Sadr are Shite, I wouldn't go so far as to say the Iraqi government is Shite...The Sunni/Kurd alignment will change the landscape we see in 2014, IMO. Feel free to smack me upside the head with their population alignments...I just feel that had they foreseen this crisis, the Sunni/Kurd platform would have held out for representation, and doubled any improvements made under the current conditions. (See the Erbil Agreement that Milaki signed on paper to bring in the Kurds)

Also, just when was your prediction for the DOW to hit 18,000? I'm starting to believe you're "in the know" and need to adjust my portfolio :D

Fishindinar
03-15-2013, 11:17 PM
Asiacell wanted to withdraw their funds that where locked in some kind of interest bearing account and break the agreement, Warka said no.
The CBI, I think, allowed them to break it.
The power under Sadaam was sunni and now the power is with the Shiite. The problem with the current situation is the Sunni are much more educated than the Shiite in all aspects of business and government.

ISX Maniac who uses Warka
03-16-2013, 02:16 AM
I came into this investment at the beginning of 2010. In my experience, Warka has never had top notch service. They have never answered emails in a timely fashion, sometimes never even getting a response. Their brokerage system has always been a joke. Their buying forms simply have you put down a certain amount of dinar for each stock and they always get you 200,000 shares. You ALWAYS have to resubmit the order if it doesn't get executed which is absolute NONSENSE. O ya and they only execute orders on Tuesdays and Thursdays which makes it impossible to grab shares of some companies. Sometimes scans/receipts of the transactions are never emailed to you. With Aljazera brokerage, their service is top notch. I have never been so amazed. 3,000,000 shares of BBOB and 2,500,000 shares of BIME bought Tuesday, sold Wednesday, and Wired back to me in the US all in 1 week!!! Don't forget Warka's online banking. Do I even need to explain. I don't care if the Bunnia's own Warka. The bank has been performing well below average since I came into this investment. I can't speak for those old timers who were heavy in to this back in 2005, but I don't see why people praise this bank. Until Warka starts trading again and their service heavily improves, I see no reason to continue doing business with them.

Screaming Eagle
03-16-2013, 07:46 AM
I came into this investment at the beginning of 2010. In my experience, Warka has never had top notch service. They have never answered emails in a timely fashion, sometimes never even getting a response. Their brokerage system has always been a joke. Their buying forms simply have you put down a certain amount of dinar for each stock and they always get you 200,000 shares. You ALWAYS have to resubmit the order if it doesn't get executed which is absolute NONSENSE. O ya and they only execute orders on Tuesdays and Thursdays which makes it impossible to grab shares of some companies. Sometimes scans/receipts of the transactions are never emailed to you. With Aljazera brokerage, their service is top notch. I have never been so amazed. 3,000,000 shares of BBOB and 2,500,000 shares of BIME bought Tuesday, sold Wednesday, and Wired back to me in the US all in 1 week!!! Don't forget Warka's online banking. Do I even need to explain. I don't care if the Bunnia's own Warka. The bank has been performing well below average since I came into this investment. I can't speak for those old timers who were heavy in to this back in 2005, but I don't see why people praise this bank. Until Warka starts trading again and their service heavily improves, I see no reason to continue doing business with them. You don't suppose that the fact that the ISX was only open 2 days a week until Nov. 24, 2011 when it started trading 5 days a week 2 hrs. a day had anything to do with Warka only trading twice a week coupled with the fact that until 2012 electricity was limited.

24mm exposed grid
03-16-2013, 09:13 AM
You don't suppose that the fact that the ISX was only open 2 days a week until Nov. 24, 2011 when it started trading 5 days a week 2 hrs. a day had anything to do with Warka only trading twice a week coupled with the fact that until 2012 electricity was limited.

The ISX has been trading 5 days per week for a good three years at least. I'm sorry don't have exact dates, but Nov 2011 is definately incorrect.

It is difficult to argue against anything that Maniac has said in his post, it is all true. Warka have failed to keep up with the adequate levels of customer service, that it showed back in the day. Customer service has utterly failed and has gone to appalling levels for any kind of business never mind that of a banking institution.

It is a fact as Maniac has stated, that the Warka ISX dept only execute orders twice a week, with volume restrictions. I recognise that volume restrictions are a likely result of liquidity issues or CBI tutelege, but the option to trade 5 sessions per week is one that Warka have passed on since day 1. In any kind of business, you must adapt the the changing environment and move with the times, or your competitors will eat you alive. Until recently there was no real viable competition for foreign investors.... things are changing....

SamsonGold
03-16-2013, 10:31 AM
​Finally some news... thank you Seaview and everyone.

Will-it-happen?
03-16-2013, 12:29 PM
Lets hope a respectable institution like Standard Chartered buy out the AL-Bunia's holdings and give us the return on our investment we were all looking for !!!

ISX Maniac who uses Warka
03-16-2013, 03:51 PM
If it walks like a duck, quacks like a duck, guess what ladies and gentleman, IT'S A DUCK!!!

chakkarchee
03-16-2013, 08:19 PM
Lets hope a respectable institution like Standard Chartered buy out the AL-Bunia's holdings and give us the return on our investment we were all looking for !!!

My experience with Warka lately is that its people doing ISX brokerage does not understand good English plus they do not care if our order gets screwed. upcoming months will tell if Warka intend to make correction and improve their service. With their second life if they do not show improvement there will be plenty of other options available to foreign investers hopfully by next year. I am desperatly seeking second option at this time but there does not seems to be one yet close to Warka's setup as of today.

calstar
03-16-2013, 08:44 PM
I concur chakkarchee

Mo Dinar
03-16-2013, 10:26 PM
The reason the minimum 200K purchase of stock requirement was introduced is simple:

There were too many people opeing accounts with Warka expecting the Dinar to reval the next month with 10,000X profit. They would open an account and wire over $250 USD, pester the hell out of Warka and everyone else until they had confirmation that the wire made it then they would say "Okay Warka, get 50 shares of every ISX company listed because CLAY75 on the IIF said that I should diversify"... Warka was the only game in town and it was a burden for them, so they had to seperate the investors from the Dinar Lotto Play crowd!

The ISX has been trading 5 days per week for a good three years at least. I'm sorry don't have exact dates, but Nov 2011 is definately incorrect.

It is difficult to argue against anything that Maniac has said in his post, it is all true. Warka have failed to keep up with the adequate levels of customer service, that it showed back in the day. Customer service has utterly failed and has gone to appalling levels for any kind of business never mind that of a banking institution.

It is a fact as Maniac has stated, that the Warka ISX dept only execute orders twice a week, with volume restrictions. I recognise that volume restrictions are a likely result of liquidity issues or CBI tutelege, but the option to trade 5 sessions per week is one that Warka have passed on since day 1. In any kind of business, you must adapt the the changing environment and move with the times, or your competitors will eat you alive. Until recently there was no real viable competition for foreign investors.... things are changing....

calstar
03-16-2013, 10:35 PM
Where is clay 75?

ISX Maniac who uses Warka
03-16-2013, 11:59 PM
The reason the minimum 200K purchase of stock requirement was introduced is simple:

There were too many people opeing accounts with Warka expecting the Dinar to reval the next month with 10,000X profit. They would open an account and wire over $250 USD, pester the hell out of Warka and everyone else until they had confirmation that the wire made it then they would say "Okay Warka, get 50 shares of every ISX company listed because CLAY75 on the IIF said that I should diversify"... Warka was the only game in town and it was a burden for them, so they had to seperate the investors from the Dinar Lotto Play crowd!

What does customers opening accounts with Warka and wanting to do business their brokerage have anything to do with a 200K stock limit???? Must be a real burden for Warka having thousands of people willing to invest in their bank. Maybe if less people bank with them their service will improve. You all can thank me later for leaving Warka!!!

calstar
03-17-2013, 12:25 AM
Congrats on leaving warka. Good luck on your investment.

ISX Maniac who uses Warka
03-17-2013, 12:37 AM
Congrats on leaving warka. Good luck on your investment.

Thank you and you as well. I will still keep my account with Warka but I won't be dealing with the brokerage or sending them funds anymore.

calstar
03-17-2013, 12:50 AM
Thank you and you as well. I will still keep my account with Warka but I won't be dealing with the brokerage or sending them funds anymore.

I'm waiting for Zain telcom. I used Zain while working as a contractor in Kuwait great G3 service when I was there. I will be using Credit company thru Credit Bank of Iraq as my brokerage.

Mo Dinar
03-17-2013, 02:21 AM
THANK YOU in advance!

The same could be said about Al-jazera...Why have a $10,000 deposit requirement?
It's simple, they do not want to be bogged down with a bunch of lowballers nagging them day in and out over a couple hundred bucks!

BatmaninIraq
03-17-2013, 04:13 AM
THANK YOU in advance!

The same could be said about Al-jazera...Why have a $10,000 deposit requirement?
It's simple, they do not want to be bogged down with a bunch of lowballers nagging them day in and out over a couple hundred bucks!

SIMPLE, they need huge amount of money to use in other investments.... and build more branches......

Mo Dinar
03-17-2013, 04:53 AM
So another Warka in the making!!!!!!!!!!! HAHA HAHA

ISX Maniac who uses Warka
03-17-2013, 06:12 AM
The same could be said about Al-jazera...Why have a $10,000 deposit requirement?
It's simple, they do not want to be bogged down with a bunch of lowballers nagging them day in and out over a couple hundred bucks!


So another Warka in the making!!!!!!!!!!! HAHA HAHA

Are you here to support or bash Warka??? Please read your posts again.

24mm exposed grid
03-17-2013, 07:51 AM
The reason the minimum 200K purchase of stock requirement was introduced is simple:

There were too many people opeing accounts with Warka expecting the Dinar to reval the next month with 10,000X profit. They would open an account and wire over $250 USD, pester the hell out of Warka and everyone else until they had confirmation that the wire made it then they would say "Okay Warka, get 50 shares of every ISX company listed because CLAY75 on the IIF said that I should diversify"... Warka was the only game in town and it was a burden for them, so they had to seperate the investors from the Dinar Lotto Play crowd!

Mo, I realise that, but who's talking about a 200,000 minimum ? We're talking about Warka's inability to fill an order over 200,000 shares - re-read the original post that was commented on. Try placing an order for over 200,000 shares and see what you get, I have tried several times over the past few months to buy a 6 million dinar slice of both United and North banks, all they ever get me are a piddling 200,000 shares ! I also read someone else here a while back stating the same. Now further comment on it from Maniac

Obviously after this happened a couple of times, I queried it, but needless to say heard jack S back from them.

shardima
03-17-2013, 09:50 AM
Mo, I realise that, but who's talking about a 200,000 minimum ? We're talking about Warka's inability to fill an order over 200,000 shares - re-read the original post that was commented on. Try placing an order for over 200,000 shares and see what you get, I have tried several times over the past few months to buy a 6 million dinar slice of both United and North banks, all they ever get me are a piddling 200,000 shares ! I also read someone else here a while back stating the same. Now further comment on it from Maniac

Obviously after this happened a couple of times, I queried it, but needless to say heard jack S back from them.

thats interesting! I have never had a problem buying large orders! just recently with my new broker i placed 6 x 10,000,000 orders for shares in a numner of banks including united , Commercial, and Bank of Bagdad and 40,000,000 in asia cell! :D

24mm exposed grid
03-17-2013, 10:04 AM
thats interesting! I have never had a problem buying large orders! just recently with my new broker i placed 6 x 10,000,000 orders for shares in a numner of banks including united , Commercial, and Bank of Bagdad and 40,000,000 in asia cell! :D

Lol - Yes, you never seem to have a problem telling everyone how much money you're spending in almost all of your posts. Less info is more sometimes ! Numbers are only relevant in certain situations - otherwise who cares !

The discussion was how WARKA can't fill an order for more than 200k. We know other brokers can fill any size order.

Fishindinar
03-17-2013, 12:56 PM
What was the English term for that 24, I forgot?

Screaming Eagle
03-17-2013, 01:24 PM
thats interesting! I have never had a problem buying large orders! just recently with my new broker i placed 6 x 10,000,000 orders for shares in a numner of banks including united , Commercial, and Bank of Bagdad and 40,000,000 in asia cell! :DInteresting, A share of asia cell is about 2 cents. 40,000,000 shares would be ~ $800,000 before commissions. 6 x 10,000,000 would be another 60,000,000 shares @~ 1.5 dinar or 0.0013 cents. 60,000,000 shares @ $0.0013 would be another $77,040. With commissions a conservative $900,000. Congratulations on the largest stock purchases I have seen imagined on this forum.

Will-it-happen?
03-17-2013, 01:46 PM
Interesting, A share of asia cell is about 2 cents. 40,000,000 shares would be ~ $800,000 before commissions. 6 x 10,000,000 would be another 60,000,000 shares @~ 1.5 dinar or 0.0013 cents. 60,000,000 shares @ $0.0013 would be another $77,040. With commissions a conservative $900,000. Congratulations on the largest stock purchases I have seen imagined on this forum.

someone actually sent $1million to warka ? (I know that he/she now uses their new broker,I mean before that)

calstar
03-17-2013, 02:09 PM
someone actually sent $1million to warka ? (I know that he/she now uses their new broker,I mean before that)

Now thats big!

buck74
03-17-2013, 02:10 PM
I had kind of (notice I said kind of) given up on this thing with over 10 million shares of Warka stock, perhaps there is life after death. :)

Will-it-happen?
03-17-2013, 02:45 PM
I had kind of (notice I said kind of) given up on this thing with over 10 million shares of Warka stock, perhaps there is life after death. :)

I thought mine were dead too,

Do you think there is an opportunity in buying more BWAI ?

24mm exposed grid
03-17-2013, 03:20 PM
Interesting, A share of asia cell is about 2 cents. 40,000,000 shares would be ~ $800,000 before commissions. 6 x 10,000,000 would be another 60,000,000 shares @~ 1.5 dinar or 0.0013 cents. 60,000,000 shares @ $0.0013 would be another $77,040. With commissions a conservative $900,000. Congratulations on the largest stock purchases I have seen imagined on this forum.

In all fairness, I think he is probably talking 40 million dinars worth of Asia cell shares, rather than 40 million shares.

Screaming Eagle
03-17-2013, 04:11 PM
In all fairness, I think he is probably talking 40 million dinars worth of Asia cell shares, rather than 40 million shares.In that case 40 million dinar plus 60 million dinar would be a 100,000,000 dinar and only ~$85,616. However orders are usually placed in number of shares.

shardima
03-17-2013, 09:31 PM
In all fairness, I think he is probably talking 40 million dinars worth of Asia cell shares, rather than 40 million shares. yes correct! merely simply trying to say sometimes better to move on to another broker where you will get what you want! I have substantial share holdings in warka and just see them as another broker, what happens, happens! we know the level of service and yet some choose to saty rather than move on!!!!! everytime I have posted its in response to peoples issues with warka!move on people!

shardima
03-17-2013, 09:31 PM
In that case 40 million dinar plus 60 million dinar would be a 100,000,000 dinar and only ~$85,616. However orders are usually placed in number of shares.

yep almost there!

shardima
03-17-2013, 09:33 PM
I had kind of (notice I said kind of) given up on this thing with over 10 million shares of Warka stock, perhaps there is life after death. :)

never give up! long haul brother long haul!

Screaming Eagle
03-18-2013, 11:47 AM
yes correct! merely simply trying to say sometimes better to move on to another broker where you will get what you want! I have substantial share holdings in warka and just see them as another broker, what happens, happens! we know the level of service and yet some choose to saty rather than move on!!!!! everytime I have posted its in response to peoples issues with warka!move on people! I would like to move on however I only have about 5% of my investment in stocks, the other 95% is in Warka cds since 2005 and I will just have to wait until the CBI lifts its restrictions for withdrawal. In the meantime it just sits there drawing interest.

JordanDinar
03-18-2013, 02:29 PM
Hello everyone, new to these forums. Got told to go here by a dealer as you lot will keep me updated?

Sorry if wrong forum thread in advance. I didn't buy much though just a few hundred dollars worth. I heard this could take 3 years until I see any small return am I correct? I don't mind waiting :)

HumbleGenius
03-18-2013, 04:10 PM
Hello everyone, new to these forums. Got told to go here by a dealer as you lot will keep me updated?

Sorry if wrong forum thread in advance. I didn't buy much though just a few hundred dollars worth. I heard this could take 3 years until I see any small return am I correct? I don't mind waiting :)

If you bought cash dinar then you probably are not on the right thread unless it was through an Iraqi deposited bank account and you received about 1166 Dinar for every USD you paid. I doubt that is the case. If you bought through a crook, I mean dinar peddler and are holding the dinar yourself sorry about that. To see how screwed you got take the amount USD you paid and multiply it by 1166. One, the difference is what you paid above the current value of the dinar and secondly, it is highly doubtfull you will be able to sell it back at the amount it is today or even the amount it will be in the future. Unless you try and scam someone else to sell it. (Not a good pass in on way to live I would suggest). But take solace, most of us learned our lesson that way also. Take the amount of USD you paid for your dinar and mulitply it by 1170. If the amount does not equal what you recieved, welcome to the dinar scam part of this adventure.

If you are serious, and I suggest you runaway now and not be, then you need to dig into these threads and dtermine how to get into what is at best an extremely high risk ISX market in Iraq. That will how money may 'possibly' be made however many of us have been here 5 +/- and a lot more years and are still waiting for the horses to at least get out of the starting gate.

If you are a dinar cash holder now I suggest two things. Wrap your dinar up in a seal proof bag so when it starts to get stale and begins to stink and fall apart you wont have a big mess to clean up or a stinking lousy smell. Secondly, go to the dinar rumor part of this forum and dont beleive anything that is posted.

Good luck, Like I mentioned, unless your funds are in an Iraqi bank (and that is not necessarily a good thing these days) you are no longer a virgin scammee. You've been scammed.
HG

Fishindinar
03-18-2013, 08:06 PM
Wow, I guess your not a humble genius anymore.LOL

HumbleGenius
03-18-2013, 10:43 PM
Wow, I guess your not a humble genius anymore.LOL
I am thinking of changing my id to HonestWiseman as a result. ;)

haggisbasher
03-19-2013, 02:26 AM
.
.
dear sirs,

with regards to the legal court case warka bank for investment and finance has filed against the central bank of iraq.

Warka bank for investment and finance is delighted to inform its cliental, shareholders and management that the iraqi supreme high court has awarded its decision in full favor of warka bank for investment and finance confirming its judicial decision that the liquidity crisis and events leading to warka's declining financial position is entirely due to the fault, malice, mismanagement and misdirection of both the ministry of finance and central bank of iraq their ill actions taken against the bank placing the full blame and cause on both the central bank of iraq and ministry of finance their lack to take the proper action measurements and steps to resolve the crisis properly in supporting the rehabilitation of the largest financial enterprise in the country.

where we are delighted to add that the court decision confirms that warka bank for investment and finance has implemented, practiced and maintained all legal banking guidelines, protocols and regulations set by the bylaws of the central bank of iraq confirming its true innocence.

we have posted a copy of the court's decision to bring comfort joy and happiness to all those whom have supported our bank, board of directors and management….

best regards,

legal department


warka bank for investment and finance


http://www.warka-bank.com/?0d64a1934dcafd4bf6a2baf1b2v

what can warka bank,savers & investors expect from this high court ruling.

1/shares to be traded on the isx.
2/damages from the cbi.
3/damages from mof.
4/savers & investors access to funds.
5/investors given free shares owed from previous trading years.
6/access to e=remmitence on-line account.

Anyone got something else to add.

English Bob
03-19-2013, 11:48 AM
Many thanks for the post seaview!

Not out of the woods yet......................more like in the middle of a Forrest............lets hope they can start on the long road out

EB

JordanDinar
03-19-2013, 12:03 PM
I am thinking of changing my id to HonestWiseman as a result. ;)

I inboxed you. Please reply, can anyone please mail me with the info they know about the Dinar?

HumbleGenius
03-19-2013, 01:38 PM
FYI, for those who care. I originally paid $800 per million dinar at a rate of 1250 per USD when the rate was 1250. I purchased them from a person who bought them at about the 1450 level. Taking in todays rate I have seen a small increase in the value of the currency I purchased and note the person who sold me the currency incurred a 200 dinar per USD increase. Point being, my acquisition of my dinar was from an honest person who made an honest buck and I hope to do the same. Warka (or other banks) provides the opportunity for those who want it, WHEN they are up and running, albeit at a high risk.

Will-it-happen?
03-19-2013, 02:52 PM
how come no mention of warka victory on isx website ?

24mm exposed grid
03-19-2013, 04:50 PM
how come no mention of warka victory on isx website ?

Why would there be ? Warka are not a listed company

Fishindinar
03-19-2013, 05:03 PM
As customers of Warka we should be compensated as well, do we have to sue the CBI?

HumbleGenius
03-19-2013, 05:53 PM
how come no mention of warka victory on isx website ?

Not sure it is a victory for us yet. Right now it is sort of like the Captain of the Titanic winning an argument that he did hit an iceberg when someone said he didn't. He may have won the argument but the ship still eventually sunk. Depressing, aren't I.

ISX Maniac who uses Warka
03-19-2013, 08:05 PM
Here is a post for those of you who might have missed it.

According to CBI press release, Warka Bank is still under CBI’s custody for now which is a procedure meant to preserve clients’ rights. However, the statement also mentions that Warka Bank is trying to appeal this custody.

Posted on Rabee securities ISX announcements

http://www.rs.iq/uploads/research_re...7_RS_Daily.pdf (http://www.rs.iq/uploads/research_reports/2013_03_20130317_RS_Daily.pdf)

haggisbasher
03-19-2013, 08:37 PM
Scanned letter for internet password today,hope it don't take as long as the last time.

RKING
03-19-2013, 09:53 PM
Scanned letter for internet password today,hope it don't take as long as the last time.

What email address did you send it to. I send mine to e-bank@warka-bank-iq.com and it came back as undeliverable.

Kickabuck
03-19-2013, 10:32 PM
...Anyone got something else to add...

Iraq works so SLOW. Don't expect anything to happen until Maliki is removed and the Sunni/Kurd alignment changes the game. Come back mid 2014.

Kickabuck
03-19-2013, 10:52 PM
...Posted on Rabee securities...

I wouldn't expect to read anything positive about Warka on Rabee's site, the dialog that occurred when Rabee removed Warka from their index didn't have a positive vibe.

In Iraq, to be successful the last 8 years, you needed to stay on Maliki's good side and kiss his ass.

haggisbasher
03-20-2013, 04:47 AM
RKING that is the address i sent it to,no return undelivered message,also sent same email to Mr I ,wait and see how long it takes now.

ComingtoDinar
03-20-2013, 07:26 AM
Does the government there even legally have to give Warka their emails?

Will-it-happen?
03-20-2013, 02:36 PM
Why would there be ? Warka are not a listed company

If you got ot www.isx-iq.net and type in BWAI in the search bar , the site brings up warka's info.

tmorr37
03-20-2013, 03:32 PM
What email address did you send it to. I send mine to e-bank@warka-bank-iq.com and it came back as undeliverable.

Worked for me could be your email account that blocks it.

RKING
03-21-2013, 09:48 PM
Hey guys I found this in my email today and thought it was interesting. Not sure if it has been posted somewhere else and if not you may take it and post it where the subject matter fits best.

I posted it here after reading the section I have highlighted, not sure what the rest of the article is saying, we need one of you guys with a brillient mind tp translate.. :)

IMF Mission Concludes Article IV Discussions with Iraq
Press Release No. 13/87
March 21, 2013
An International Monetary Fund (IMF) mission, led by Mr. Carlo Sdralevich, met with an official Iraqi delegation headed by the Acting Minister of Finance, Dr. Ali Al Shukri, in Amman, Jordan, during March 2-12, 2013 to conduct the Article IV Consultation discussion. The IMF mission met with the Acting Minister of Finance, the Acting Governor of the Central Bank of Iraq (CBI), head of the Board of Supreme Audit, AbdulBasit Al Turki Said, and other Iraqi officials from the ministries of finance, planning, and oil, and representatives from the Central Bank and the Board of Supreme Audit. The team also met with representatives from the Iraqi banking and business community.

At the conclusion of the mission, Mr. Sdralevich made the following statement:

“Following the recent expiration of the Stand-By Arrangement with Iraq approved in 2010, the IMF is committed to continue close collaboration with Iraq to support its development and help the government improve the social conditions and employment opportunities of Iraqi citizens.

“Despite a difficult security and political environment, Iraq managed to maintain macroeconomic stability over the past two years. On the back of rising oil production and robust non-oil activity, economic growth has remained strong at about 8 percent in 2012. We expect activity to accelerate further to 9 percent in 2013, as oil production increases from just under 3 million barrels per day (mbpd) in 2012 to 3.3 mbpd in 2013. In 2012, inflation was contained at 6 percent, and we project it to decline slightly next year. On account of strong oil proceeds, CBI reserves reached US$70 billion at the end of 2012, while the Development Fund for Iraq (DFI) rose to US$18 billion.

“While we welcome the achievement of a budget surplus of about 4 percent of GDP in 2012, largely due higher-than expected oil revenues, the execution of the 2013 budget should be aligned with available financing and provide for the accumulation of adequate fiscal buffers in the DFI, which suggests to target a budget surplus in 2013. Public financial management should be strengthened, notably by phasing out off-budgetary spending practices and reliance on state-owned bank financing to support public enterprises. Approval of additional spending commitments during the fiscal year should also be avoided.

“Financial sector policies are improving, but more remains to be done. The CBI’s ongoing efforts to refine monetary policy instruments, strengthen banking supervision, and accelerate the restructuring of the banking system are crucial. In this respect, the recent steps to clean up the balance sheets of Rasheed and Rafidain in preparation for their restructuring and recapitalization are key. The CBI should also take measures to gradually liberalize the provision of foreign exchange through its auctions, with the objective of avoiding in future the turbulence experienced by the market in the past year.

“Iraq will need to address serious medium-term challenges in order to be able to create the conditions for high and sustainable growth that is necessary to improve the living standards of its people. The economy continues to suffer from severe structural weaknesses such as a small nonoil sector, high unemployment, public sector dominance, and a weak business environment. In this context, we discussed the role of economic policies in leveraging Iraq’s potential and creating an enabling environment.

“With regard to the fiscal sector, the budget must be managed carefully to maintain macroeconomic stability, meet Iraq’s large social and investment needs while continuing to accumulate buffers to address oil market volatility, and ensure medium-term fiscal sustainability. At the same time, Iraq needs to strengthen fiscal institutions and public financial management to make sure that the large oil revenues are used effectively and transparently.

“Developing a stronger financial sector development will require moving away from the current model in which weak state-owned banks dominate the financial sector and enjoy favorable treatment vis-a-vis private banks. A solid banking system that can support growth and employment will require the full financial and operational restructuring of state-owned banks and creating a level playing field for both private and public banks.

“Finally, while oil-growth is projected to remain high over the coming years, boosting non-oil private sector growth will need a long-term government strategy centered on improving the business environment and opening up opportunities for the private sector.”

Will-it-happen?
03-24-2013, 01:54 PM
no news about warka's relisting on the isx or being able to wire money home from them ?

kostas1972
03-26-2013, 08:03 PM
no news! that sucks

haggisbasher
03-28-2013, 05:11 AM
Scanned letter for internet password today,hope it don't take as long as the last time.

Thats my on-line password been reset,will now able to to see my interest from CD going into account on the 2nd May.it took 9 days from sending scanned letter to e-warka & Mr I,

calstar
03-28-2013, 09:29 AM
Thats my on-line password been reset,will now able to to see my interest from CD going into account on the 2nd May.it took 9 days from sending scanned letter to e-warka & Mr I,

I able to get quick response from Warka. Try these guys they must be new employees.
Mohammad Kamal <ifrd@warka-bank-iq.com.> < laith alamir - e-bank.ms@warka-bank-iq.com>

ISX Junkie using Aljazera
03-28-2013, 01:40 PM
I believe Warka's brokerage department is run by 10-15 yr old Iraqis. Small buy orders that are sent in advance of the next trading session are ignored. Shares are never bought for me even when the requested companies trade with adequate volume. Ive killed an entire forest having to resubmit orders. It's taken me more than 2 weeks now to put half of my remaining 4 mill dinar into stocks. Well onto April now to Try and dump the reamining half into stocks and transfer if the F*** outta there! :D

War Eagle
03-28-2013, 06:49 PM
I have tried for almost 2 years to liquidate my portfolio.I have only sold about 70 % of my stocks,only 1 in the last 6 months!!!!

haggisbasher
03-30-2013, 07:54 PM
Looks like Al-warka are making modifications to my bank account the now,noticed that the ISX trading monitor is blank,maybe they are adding the rest of my portfolio, I wish,also there is a menu box missing on the banks home page.

Will-it-happen?
03-30-2013, 08:47 PM
Looks like Al-warka are making modifications to my bank account the now,noticed that the ISX trading monitor is blank,maybe they are adding the rest of my portfolio, I wish,also there is a menu box missing on the banks home page.

errr ? what ????