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View Full Version : Warka - Rising From The Ashes



ChinaGirl
08-22-2013, 07:43 PM
I'm curious as to how people here see Warka "making a comeback" - I would like nothing more than to hear Warka is on the path to a full recovery. I know the courts have ruled in Warka's favor but we still sit idle unable to access funds etc. Locally, Iraqis (the 8% that held bank accounts) cannot access funds either - so now, even the 8% that trusted their assets to a bank will be wary of any financial institution for a long time. So what's left - foreign investment ? Reports here show those numbers are dwindling as well - and lets face it, anyone (or most here) with thousands of dollars in Warka is going to wire it home ASAP (when they are able) - I think English Bob for one can attest to that. So when/if Warka does come back on line we will most likely have a run on withdrawals, which I imagine will include massive ISX sell orders as well (from anyone in Proxy and/or with shares in their good name) I'm trying to deal with logic here - what do you logically see happening with Warka if they are permitted to re-open and begin business proper again? The Warka name (and Bunnia) have been dragged through the mud (maybe or maybe not rightfully so) - can a buyer be found and a name change possible? Would anyone want the headaches associated with such an immense task of rebuilding Warka - I don't know? Any thoughts on this ?- I'm really trying to see through to the other side in a positive light, but it just seems a near impossible feat. Maybe I'm missing something here - Thanks in advance for any feedback you provide.

tipawin
08-22-2013, 11:03 PM
What will i do when warka come back on ??????

The same as i have done since 2005 buy and sell stocks and ride the isx up TO ACCUMULATE WEALTH

withdraw interest and dividends at the rv amount



cheers

lglwzrd
08-25-2013, 08:22 PM
if warka comes back they still owe 1/3 free shares to those of us that have their stock. i will liquidate all of my shares and transfer the $$ to the states.

triumphantcorp
08-25-2013, 09:53 PM
Does anybody remember this post from 2010 when we first became concerned,
Triumphantcorp



I emailed a couple of Warka contacts and received the following in response:

Mr. I wrote:
>
> Dear Sir,
>
> Please note this information has been posted by an Iraqi Brokerage firm another competitor in the market where each competitor based on their own evaluation and assessment sets their strategy, tactics and business plan to promote their business and interests in the market attracting cliental to their establishment noting that our bank from day one through its capital increases has been the only company that generated and guaranteed continuous profit and bonus gains to its fine shareholders bringing added value, incentive and profit.
>
>
>
> Our bank currently holds the largest capital and cliental whereby the number of foreign investors are increasing on a daily basis where Warka Bank will resume trading once it finalizes its entire committee procedures and set protocols.
>
>
>
> With regards to our finances it is very important to note that in accordance with standard practice and procedures set in Iraq our bank must submit its finances 30 days prior to holding our general assembly to the CBI, Iraqi Company Registration Office and the Iraqi Securities Commission the related authorities in Iraq to study, review and thoroughly assess our finances where at our general assembly our finances were approved and certified by the CBI, Iraqi Company Registration and Iraqi Securities Commission noting at the said meeting representatives from the Iraqi Securities Commission expressed their thanks and appreciation for finalizing and submitting our finances in accordance with the set requirements and deadline where representatives of the said parties added their seal of approval.
>
>
>
> Although the firm policy of our bank is not to reply to posts and articles posted on the website however our Chairman of the Board – CEO has personally contacted the said company conveying and expressing his thoughts to the information published by the said company.


>
>
> Best regards,
>
>
>
> Mr. I

I also received this email in response to my inquiries:

Dear Sir,



In reply to your e-mail where you are concerned about your investment in warka bank, kindly find below our communication with Mr. Taha who runs the brokerage company and I am sure in due time he will back down on his allegations.



Thank you for writing to me.



Dear sir , we remain.





Saad Sadoon Al-Bunnia

Chairman of the Board

Warka bank for Investment and Finance

triumphantcorp
08-25-2013, 09:58 PM
From: Saad Al-Bunnia [mailto:ceo@warka-bank-iq.com]
Sent: Monday, July 05, 2010 10:45 PM
To: 'Shwan Taha'
Cc: 'nbaban'; 'nasser'; 'Mohammad K. Issa'; 'haitham'; luay AL-OKAILI; 'Shwan M. Al-Mulla'; Hassan Aldahan; 'gm'; 'haitham'
Subject: RE: Rabee Securities_Iraq



Dear Mr. Taha,



Thank you for your prompt feedback which is very much appreciated knowing the fact that we are dealing with a professional person like you that knows what he is doing.



First and foremost, let me extend my keen regards to Mr. Baban and to all our friends and investors being local or international for having the confidence and faith in warka bank. Please allow me to take some of your valuable time for you to read and understand my points which is basically in a nut shell it is a matter of cash flow issue. I will detail you with all the circumstances and issues related to warka bank in complete honesty and transparency as this is how we work in the bank and for you at the end of the day, to judge and re-think of the situation and give all your support and help to warka bank. whatever is being written down below will be publically announced in a meeting next week to the media, officials and the public. Of course, whatever we are saying is being backed up by documents to show the conspiracy on warka bank.



It all started in mid 2007 when a money transfer company in the name al-tayeb transfer company was incorporated with the support of warka bank in order to have all outgoing overseas transfers to be directed through this company by using warka bank branch network in order to avoid and eliminate any dangerous acts such as money laundering, terrorism and any other matter that the government can use as an instrument to cripple warka bank down and does not jeopardize the warka bank name. The reason for this decision is because I was arrested by the American forces in the year 2005 for ten days under the allegation that I transfer huge amounts of money from iraq to Jordan and lebanon, which did not please some Politian, knowing the fact that all the matter was approved, supervised and controlled by both the central bank of iraq, ministry of defense and of course the American army as they handled actual movement of funds by air in huge amounts. The shareholding structure of al-tayeb company was 25% saad (on behalf of the bank), 25% Raad al-badri who was at that time an employee of the bank , 25% sayed hamad al-musawi , 25% for ahmed al jebouri who is the deputy governor of the central bank of iraq in which his shares were in the name of his nephew and later on transferred partly to his daughter which registered at company registrar ministry of trade.



Things went well in the first hand and a lot of transfers were made. After a couple of months , and after seeing the profitability of the operation , the other three shareholders decided that the company should be independent from the bank and it should establish its own offices and operate on its own without the use of warka. Competition started between the two parties which is a normal healthy practice in any normal economy but unfortunately not in Iraq. Because of the greed of the other party and due to the strength in the position of Mr. ahmed al jebouri, we were stopped from entering the auction once every two months for five days where Mr. jebouri sends a committee to check our books and papers. With our strong management team, we managed to overcome these stoppages and continue our business as normal matter not getting our clients to be affected at all.

In june 2009, Mr. raad al badri , tried many tricks to cripple the bank. Three major cases were compiled against the bank of which all are related to finance of terrorism and illegal actions by the bank. knowing exactly what we are doing which is all 100% legitimate and above board, we managed to prove all the false allegations and the files were closed. Mr. Badri problem was that he wanted us to agree with him on the transfer fees which I personally refused to accept as this will mean the harm of many people who live from such business. For us closing all these dirty files, he managed to get hold of the ministry of finance MUSRIF AL AAM and told him that we pay bribes to government institutions in order to put their funds in warka bank. At that time, we had over 900 billion dinars worth of deposits from various governmental entities in which these funds were used to open letter of credits and contract monies for our clients. Ministry of trade was the major depositor where we pay interest on these deposits as they were not free of charge. By july of 2009 we received letters from all the government entities to withdraw their funds upon the instructions of the MUSREF AL AAM not taking into consideration the effect of the cash flow on the banks as well as the letters of credit opened to their clients. We were pushed to pay these funds even though other banks such as dar al salam refused to return the money until today. A board of directors decision was taken whereby we return the money to the ministries in order to avoid complications such as imprisonment of our staff. what ever happened did not affect the bank as the credibility of warka bank was and still is very high and the move of the competitors did not affect severely the position of the bank.



Knowing the fact that all the above measures did not stop the warka bank machine to stop, ahmed al jebouri managed in a board of directors meeting to take decisions against the bank of which will result in the complete close down of the bank even though it is not according to the by-laws of the central bank as there need certain measures to be taken before such a decision is taken. these points are:



Closing down 57 branches out of the 130 branches under the impression that they do not have final license

80 million dinar fine for each branch

Not allowing us to participate in the cbi auction (which is what ahmed al jebouri really wanted as this will leave the ground open only for his company)

Not allowing us to open branches for the year 2010 and 2011.



With this document in Mr. Raad hand, he started circulating it to all the local banks including to our corresponding banks and the central bank of lebanon as we have a branch in Beirut. Ofcourse, this move led to other international banks to be worried from warka bank and stopped all their credit limits. Above all , he showed it to all our main customers and the exchangers which really caused kayos in our bank. Customers started to withdraw their deposits. At that time we had 245 billion dinars worth of debt to ministry of trade customers were we opened letters of credit on the assumption that the ministry of trade will pay our customers when the goods are received by them. This never happened until this date and customers did not pay to warka bank their dues. We wrote letters to the governor, we wrote letters to prime minister, we wrote letters to the minister of finance, we wrote letters to the economic committee but without any response. No one even cared to listen to us or speak to us. In the bank side we reached the final day of the death sentence for warka bank but Allah was on our side overlooking us. my management team and I would never allow those people to cripple our baby for their personal satisfaction. After a carefully studied plan, the management of the bank did a courageous move in order to get the attention of the central bank and its people and also to prove to the world that we do not have a central bank capable of monitoring exsisting banks. we deficit warka bank account on purpose at the central bank for the amount of 265 billion dinar. Even with this huge deficit , the central bank did not know what was going on. We passed a message to ahmed al jebouri that the account is in deficit and do whatever you want to do and we are not going to do anything unless we have a meeting with governor. This was on a Tuesday afternoon. By Wednesday morning, the central bank was in rampage. No one knew what to do or how did this happen.

triumphantcorp
08-25-2013, 09:58 PM
I personally had a call from Mr. Ihsan Shamiran who is the chief accountant in the central bank ,who was on a trip to turkey asking me to close the deficit which I totally refused unless I meet the governor and the central bank team to sit with us amd listen to our views and the way we were treated. But in order for me to prove to him that the money was available, we deposited 100 billion into the account. a meeting with the governor was arranged for Saturday. During the said meeting and after give and take and after showing the governor his wrong decisions we managed to get the following;



Open all the branches and start work again and get final approvals after the inspection but we must increase the capital of the bank to 100 billion by 28-2-2010.

Stop paying the remaining penalties and agreed that these monies will be returned later.

Warka bank can participate in the auction.



All the above points will be approved once we repay the deficit by next Monday afternoon of which we did. This really aggravated Mr. jebouri as we have won again. Three weeks later , as Mr. jebouri wanted to take revenge from us, he issue a degree that both the MAKASA and AL-GHITAA AL-QANUNI are considered to be one account which is against the principle of banking and the central bank law. No one could attest to this decision and this really crippled us. this meant that any customer who deposits a cheque , the monies will go to the central bank account which at the end of the day will result in no cash flow to the customers. Above all , this will mean that we will never be able to participate in the central bank auction as the monies will be accredited to this established account until we reach 78 billion dinar which was an impossibility. We fought, we strived , we took the decision to never break down and give ourselves to these people with GOD will.



Warka bank has 20 billion shares in the iraqi Islamic bank registered in various names and companies affiliated to the bank which we sold and managed to cover the deficit in the central bank. this was done in april of 2010. By may of 2010, the issue of basra bank popped up to the scene. What trigged the issue is that Mr. badri with his strong ties with the MUSHRIF AAM of the ministry of finance managed to persuade him that we are doing illegal dealings with the rafidain bank. it back fired on basra bank as it was them who were doing the illegal transactions in collaboration with some officials at the rafidain bank which reached to over 566 billion dinar and not what it is being rumored around being 356 billion. But what rafidain managed to see is that warka bank account was in deficit for 19 billion dinar and this was due to safety cheques that we do in our branches for the government institutions. . Mr. raad told the minister of finance in a recorded meeting that we are part of the game with basra and we also took the money from rafidain. Rafidain bank , from instructions of the minister issued a letter to stop dealing with warka bank as well as freezing all accounts in all banks and institutions. We had a meeting with the minister and persuaded him that the information he had is all wrong and came to the conclusion that if we put assets and shares as collateral, he will authorize the dealing with rafidain again. Within one week , we managed to mortgage for him assets and shares with the vale of 40 billion dinar. But the minister did not keep his word until we managed to pay the debt in full and be in surplus. This was done by 25 june 2010. Until now we did not receive the letter of lifting the freeze of accounts which is crucial for us as our TBI account was also frozen and we have payments for our letters of credit to our customers which needed to be paid.



As with regards to the letter received from the commission which you mentioned, I can assure you it is all fake. If we are defecting our shareholders with false information, then why we sold 20 billion shares and deposited into the central bank where if we wanted , we could have taken the money. who do you think will be the biggest looser. It is me, my management and staff of course. I have 57% of the bank shares. If there is anything that goes wrong , it will be me who will be the most affected. For us to work on central bank rules, we will never be able to reach the level of where we are now. Yes , we made a lot of investments but al hamdullah all are winners. The assets that we bought and the reserves that we put in the balance sheet all it did was to strengthen the solidarity of the bank. if the shares are purchased in companies that 95% owned by the bank , what is the harm in it. the committee just wanted to show how brave they are by putting obstacles in our way trying to push us down. At the end of the day, you will see that we will prove them wrong as usual even if that means going to court and have our rights.



As with regards to the international auditors, I will be more than happy if you can get any reputable company that will accept to do the accounts of warka either in Jordan or iraq if they are available and able to carry the work with reasonable fees.



In conclusion and Honestly speaking , if over 1.2 trillion dinar (one billion dollars) is withdrawn from any bank in the world and no new deposits in a matter of ten months , could they sustain their business. I am sure you can answer this question for yourself. If you are attacked from all parts of the community , could you keep the business running. For your information , just in assets and shares in any worse case scenario we have over 250 billion dinars . Depositors balances are about 400 billion, creditors to the bank in any worse case scenario is 350 billion dinars. I am sure as a researcher, you would say the hell with it all , who needs such hassle and trouble,, I might as well call the day off and get my money back which is worth over 1.8 dinar per share at the minimum. Even with your new subscribed shareholders, there is no way any investment will give them 80% profit margin. also I am sure you are in the stock market for a long time, no other bank gave profits and increased its size as we did in warka bank . We are doing all this because we do not want to be losers .This is not due to me . this is due first to Allah WHO WAS KIND TO US ALL AND GAVE US THE WILL AND STRENGTH TO FIGHT THESE CORRUPT PEOPLE AND TO THE SUPERB MANAGEMENT TEAM AND THE STAFF THAT WORKS AS A FAMILY AND NOT AS IN AN INSTITUTION.



Last but not the least, I thank you for your time reading the true happening of warka bank and will very much appreciate your comments.



May Allah bless you and give you the strength to fight for us against those who want harm to warka bank.



Dear sir, we remain





Saad Sadoon Al-Bunnia

Chairman of the Board

Warka bank for Investment and Finance

Will-it-happen?
08-25-2013, 10:23 PM
and the date for them finalising their accounting procedures and getting back on track is ?

triumphantcorp
08-25-2013, 11:21 PM
and the date for them finalising their accounting procedures and getting back on track is ?

Hey... I don't have a clue. But I did remember this letter from Al-Bunnia. I read a lot of accusations with no one posting the communique's that we have seen. We know that what happened to Warka was political and sect-discrimination. I feel that, post Maliki, we will see this powerful Sunni family owned bank re-emerge. I don't believe that the Al-Bunnia family wants this smear against their "good" name. That is my story and I am sticking with it (LOL).

Triumphantcorp

Screaming Eagle
08-26-2013, 12:32 AM
and the date for them finalising their accounting procedures and getting back on track is ?You might want to ask the CBI since Warka is under CBI management.

dinarrv
08-26-2013, 03:46 PM
I have a sneaky suspicion that upon completion of current financial crisis, Warka will emerge from the ashes unscathed..

English Bob
08-28-2013, 10:43 AM
If and that is a big IF they get back on track they will restrict withdrawal amounts...........either that or they will have to put a huge amount aside for withdrawals as lets face it having money not at your disposal for such a long time would make most who have deposits run for the hills if it were made available.

EB

rfcr
08-28-2013, 12:25 PM
I will certainly be liquidating my account with the possibility of starting with another Iraq bank.

calstar
08-28-2013, 01:29 PM
I believe that Warka is on the way back. They been through a lot. I am also glad they did not merge with HSBC. I was fortunate to get Credit Bank of Iraq as a second bank thru NBK back in 2005. Why not wait it out. I only used money that I could afford to lose. On top of that most of my money was made from Cd's and interest thru Warka.

mike032588
02-05-2014, 09:13 PM
Does anybody remember this post from 2010 when we first became concerned,
Triumphantcorp



I emailed a couple of Warka contacts and received the following in response:

Mr. I wrote:
>
> Dear Sir,
>
> Please note this information has been posted by an Iraqi Brokerage firm another competitor in the market where each competitor based on their own evaluation and assessment sets their strategy, tactics and business plan to promote their business and interests in the market attracting cliental to their establishment noting that our bank from day one through its capital increases has been the only company that generated and guaranteed continuous profit and bonus gains to its fine shareholders bringing added value, incentive and profit.
>
>
>
> Our bank currently holds the largest capital and cliental whereby the number of foreign investors are increasing on a daily basis where Warka Bank will resume trading once it finalizes its entire committee procedures and set protocols.
>
>
>
> With regards to our finances it is very important to note that in accordance with standard practice and procedures set in Iraq our bank must submit its finances 30 days prior to holding our general assembly to the CBI, Iraqi Company Registration Office and the Iraqi Securities Commission the related authorities in Iraq to study, review and thoroughly assess our finances where at our general assembly our finances were approved and certified by the CBI, Iraqi Company Registration and Iraqi Securities Commission noting at the said meeting representatives from the Iraqi Securities Commission expressed their thanks and appreciation for finalizing and submitting our finances in accordance with the set requirements and deadline where representatives of the said parties added their seal of approval.
>
>
>
> Although the firm policy of our bank is not to reply to posts and articles posted on the website however our Chairman of the Board CEO has personally contacted the said company conveying and expressing his thoughts to the information published by the said company.


>
>
> Best regards,
>
>
>
> Mr. I

I also received this email in response to my inquiries:

Dear Sir,



In reply to your e-mail where you are concerned about your investment in warka bank, kindly find below our communication with Mr. Taha who runs the brokerage company and I am sure in due time he will back down on his allegations.



Thank you for writing to me.



Dear sir , we remain.





Saad Sadoon Al-Bunnia

Chairman of the Board

Warka bank for Investment and Finance


















goood info here... hope its all true

dinar_dude
02-05-2014, 10:00 PM
The difference between that information then started with a competitor of Warka, and this more recent info is originating from the CBI chairman, whose mess it is to clean up. I think we may see Warka going away within the year, but that's just me. I'm not a naysayer and am not trying to slam the bank, I've been with them from the beginning, but just think that the bank is saddled with too much to overcome now. The conditions in Iraq are so that the CBI is ill-fit to help out any banks, and regulation is hit or miss. It surprises me that the CBI is not forced to assist Warka by the supreme court ruling, but no one is talking about that. The CBI could bail it out, but that doesn't sound like it's going to happen. Could Warka find a buyer or a bank to merge with? possibly. In that case, I hope it would.

Will-it-happen?
04-17-2014, 02:47 PM
are we any further forward ?

warka still arent answering their emails and there is no info on their situation anywhere

whats going on ???

24mm exposed grid
04-18-2014, 07:56 PM
are we any further forward ?

warka still arent answering their emails and there is no info on their situation anywhere

whats going on ???

Pulled from the Facebook Warka bank Victims group this morning

For all your information Mr Issa's email to me reads as follows:- Currently we are waiting for the Central Bank of Iraq to proceed with setting a get well plan executing the Court's order of fully rehabilitating the bank ensuring the adequate flow of funds ensuring solvency of the bank
We appreciate your fine patience and understanding and will keep you and all our esteemed clients well posted of any new and positive developments.

dinar_dude
04-19-2014, 12:25 AM
As I said, we're waiting on funding from the CBI - question is will the CBI abide by the court's decision. I think a lot is riding on this. If the CBI disregards the court's decision or dithers, the blowback on foreign investment could be enormous, IMO. Who, besides the oil companies with their lucrative deals, would want to invest in a country where government offices can do what they want despite court orders?

The CBI's actions on rehabilitating Warka will help determine if I move the majority of my investment to Kurdistan (ESX) or not.

Will-it-happen?
04-19-2014, 11:51 AM
As I said, we're waiting on funding from the CBI - question is will the CBI abide by the court's decision. I think a lot is riding on this. If the CBI disregards the court's decision or dithers, the blowback on foreign investment could be enormous, IMO. Who, besides the oil companies with their lucrative deals, would want to invest in a country where government offices can do what they want despite court orders?

The CBI's actions on rehabilitating Warka will help determine if I move the majority of my investment to Kurdistan (ESX) or not.

How can we find out the time-frame given to the CBI to put this right ?

also the compensation package due to Warka ?

dinar_dude
04-19-2014, 01:49 PM
Unfortunately, we're on Iraqi time. The election year will likely lengthen the timeline the CBI has for this, but those statements are colored by my experiences with this thus far.

Does anyone have any info or sources who might be able to shed any light on the timeline?

mike032588
04-19-2014, 09:12 PM
How can we find out the time-frame given to the CBI to put this right ?

also the compensation package due to Warka ?


i dont care what people say here... this was a very high risk investment... having said that... i have many phone numbers of VIP bank holders.... all have good news as of current... Warka is killing the CBI, GOI, MOF, ECT.... Its only a matter of time before the bank come backs ... IT WAS COMPETING WITH THE STATE BANKS... TRUTH... # 1 bank 3 years in a row... and than huge bank account clients suddenly pulled money out?!?!!? and put the bank in a state of shock.... things will work out and if it is to go down... boy... i learned... but this whole idea... this forum... the internet... the few good men here... who get what we did... and have patience a good heart.... I finally understand how to look at the world for this time of my life... im so happy... and i have a good FEELING about what MIGHT happen... and i do have good sources... but hey its Iraq....JMHO

opportunist
04-20-2014, 03:43 PM
This all occured because an ex-employee and several high level ministers made a grab at a very lucrative Warka profit center.

" al-tayeb transfer company"- The shareholding structure of al-tayeb company was 25% saad (on behalf of the bank), 25% Raad al-badri who was at that time an employee of the bank , 25% sayed hamad al-musawi , 25% for ahmed al jebouri who is the deputy governor of the central bank of iraq in which his shares were in the name of his nephew and later on transferred partly to his daughter which registered at company registrar ministry of trade.

The CBI owes all depositors and shareholders damages.

Will-it-happen?
04-20-2014, 04:44 PM
This all occured because an ex-employee and several high level ministers made a grab at a very lucrative Warka profit center.

" al-tayeb transfer company"- The shareholding structure of al-tayeb company was 25% saad (on behalf of the bank), 25% Raad al-badri who was at that time an employee of the bank , 25% sayed hamad al-musawi , 25% for ahmed al jebouri who is the deputy governor of the central bank of iraq in which his shares were in the name of his nephew and later on transferred partly to his daughter which registered at company registrar ministry of trade.

The CBI owes all depositors and shareholders damages.

The government ministers STOLE the Warka money ???

ChinaGirl
04-20-2014, 06:03 PM
i dont care what people say here... this was a very high risk investment... having said that... i have many phone numbers of VIP bank holders.... all have good news as of current... Warka is killing the CBI, GOI, MOF, ECT.... Its only a matter of time before the bank come backs ... IT WAS COMPETING WITH THE STATE BANKS... TRUTH... # 1 bank 3 years in a row... and than huge bank account clients suddenly pulled money out?!?!!? and put the bank in a state of shock.... things will work out and if it is to go down... boy... i learned... but this whole idea... this forum... the internet... the few good men here... who get what we did... and have patience a good heart.... I finally understand how to look at the world for this time of my life... im so happy... and i have a good FEELING about what MIGHT happen... and i do have good sources... but hey its Iraq....JMHO

http://www.redkid.net/generator/8ball/newsign.php?line1=Warka&line2=Back&line3=Soon&Shake+Me=Shake+Me

Will-it-happen?
04-20-2014, 06:15 PM
After 30th April , right ??

Screaming Eagle
04-20-2014, 06:28 PM
This all occured because an ex-employee and several high level ministers made a grab at a very lucrative Warka profit center.

" al-tayeb transfer company"- The shareholding structure of al-tayeb company was 25% saad (on behalf of the bank), 25% Raad al-badri who was at that time an employee of the bank , 25% sayed hamad al-musawi , 25% for ahmed al jebouri who is the deputy governor of the central bank of iraq in which his shares were in the name of his nephew and later on transferred partly to his daughter which registered at company registrar ministry of trade.

The CBI owes all depositors and shareholders damages. I would agree!! Not often we see factual information concerning Warka. However I remember the grab very well.

mike032588
04-21-2014, 03:32 AM
I would agree!! Not often we see factual information concerning Warka. However I remember the grab very well.


please explain what you mean... SE i dont get it.... what is this about?

mike032588
04-21-2014, 03:33 AM
http://www.redkid.net/generator/8ball/newsign.php?line1=Warka&line2=Back&line3=Soon&Shake+Me=Shake+Me


ahahhha i love it

Screaming Eagle
04-21-2014, 01:01 PM
please explain what you mean... SE i dont get it.... what is this about?Its complicated and it has to do with what happen in the beginning with Warka. When the new CBI was formed private banks such as Warka had trouble participating and being approved to buy and sell dinar at the CBI. That is a necessity if you are going to survive as CBI bank member. So they made a deal with a crook and formed a intermediary company to broker and buy and sell dinar for Warka at the CBI auction. The crook was Ahmed Al Jebouri who is a deputy governor of the CBI. He received 25% shares that were put in the name of his nephew. The problem occurred because Jebouri wanted a much larger buy and sell spread that Warka wanted to charge. Where Warka charges a couple of dinar per thousand transaction he wanted them to charge a much fee and as much as 20 dinar. Warka refused, he began to make things difficult for Warka. Warka in return tried to force him out and go around his influence. He in turn sent false documents and accusations concerning Warka to the finance minster and other banks who held deposits to be transferred to Warka. Jebouri is very political and has influence with the Maliki government so the opposition to Warka was large. Jebouri succeeded in getting Warka shut down, audited and taken over by the CBI. You know the rest.

This corruption still occurs. The large spread between the CBI rate and the market rate is due to banks and money changers that are controlled by greedy people with influence such as Jebouri.

HumbleGenius
04-21-2014, 02:08 PM
Its complicated and it has to do with what happen in the beginning with Warka. When the new CBI was formed private banks such as Warka had trouble participating and being approved to buy and sell dinar at the CBI. That is a necessity if you are going to survive as CBI bank member. So they made a deal with a crook and formed a intermediary company to broker and buy and sell dinar for Warka at the CBI auction. The crook was Ahmed Al Jebouri who is a deputy governor of the CBI. He received 25% shares that were put in the name of his nephew. The problem occurred because Jebouri wanted a much larger buy and sell spread that Warka wanted to charge. Where Warka charges a couple of dinar per thousand transaction he wanted them to charge a much fee and as much as 20 dinar. Warka refused, he began to make things difficult for Warka. Warka in return tried to force him out and go around his influence. He in turn sent false documents and accusations concerning Warka to the finance minster and other banks who held deposits to be transferred to Warka. Jebouri is very political and has influence with the Maliki government so the opposition to Warka was large. Jebouri succeeded in getting Warka shut down, audited and taken over by the CBI. You know the rest.

This corruption still occurs. The large spread between the CBI rate and the market rate is due to banks and money changers that are controlled by greedy people with influence such as Jebouri.

This was a couple years before my time I believe and find it a very positive piece of knowledge I was not aware of. Actually really changes my perspective in consideration there may be a positive light at the end of the tunnel 'eventually'. However I understand there was another piece to this that involved bad/written off loans. I would think the severity of that aspect would also be a factor in the ability for Warka to rise from the ashes.

RVTheNid
04-22-2014, 08:03 PM
What will i do when warka come back on ??????

The same as i have done since 2005 buy and sell stocks and ride the isx up TO ACCUMULATE WEALTH

withdraw interest and dividends at the rv amount



cheers

Ditto! Let's get this ball rolling!!!

mike032588
04-22-2014, 08:15 PM
Its complicated and it has to do with what happen in the beginning with Warka. When the new CBI was formed private banks such as Warka had trouble participating and being approved to buy and sell dinar at the CBI. That is a necessity if you are going to survive as CBI bank member. So they made a deal with a crook and formed a intermediary company to broker and buy and sell dinar for Warka at the CBI auction. The crook was Ahmed Al Jebouri who is a deputy governor of the CBI. He received 25% shares that were put in the name of his nephew. The problem occurred because Jebouri wanted a much larger buy and sell spread that Warka wanted to charge. Where Warka charges a couple of dinar per thousand transaction he wanted them to charge a much fee and as much as 20 dinar. Warka refused, he began to make things difficult for Warka. Warka in return tried to force him out and go around his influence. He in turn sent false documents and accusations concerning Warka to the finance minster and other banks who held deposits to be transferred to Warka. Jebouri is very political and has influence with the Maliki government so the opposition to Warka was large. Jebouri succeeded in getting Warka shut down, audited and taken over by the CBI. You know the rest.

This corruption still occurs. The large spread between the CBI rate and the market rate is due to banks and money changers that are controlled by greedy people with influence such as Jebouri.


perfecttt thank you so much... i believe i read some where on the IFF the complete letter from Mr. Bundi... exciting stuff...

ChinaGirl
04-22-2014, 08:42 PM
perfecttt thank you so much... i believe i read some where on the IFF the complete letter from Mr. Bundi... exciting stuff...

"... exciting stuff..." yes .. but I bet some here would rather be "exiting stuff"

mike032588
04-22-2014, 10:36 PM
"... exciting stuff..." yes .. but I bet some here would rather be "exiting stuff"



lettem leaveeee im here to stay

oldskiier
04-23-2014, 12:13 AM
Thought I would share this :)..... Nice to hear from old Mr. I :)
Mohammad K. ISSA Dear Sir, Below is the most recent statement issued by our good bank where currently we are waiting for the Central Bank of Iraq to proceed with setting a get well plan executing the court's order of To Me

Apr 20 at 12:34 AM
Dear Sir,


Below is the most recent statement issued by our good bank where currently we are waiting for the Central Bank of Iraq to proceed with setting a get well plan executing the court's order of fully rehabilitating the bank ensuring the adequate flow of funds ensuring solvency of the bank.


We appreciate your fine patience and understanding and will keep you and all our esteemed clients well posted of any new and positive developments.


Mohammad K. Issa
Deputy Managing Director
Senior Executive
Warka Bank for Investment and Finance

This e-mail is confidential and the information contained in it is privileged. It should not be read, copied or used by anyone other than the intended recipient. If you have received it in error, please contact the sender immediately by return email, and delete the e-mail and do not disclose its contents to any person.





As posted on our website news bulletin the High Tribunal court has awarded all verdicts in favor of Warka Bank for Investment and Finance ordering the CBI to implement and execute the full rehabilitation of the bank the lifting and dismissal of the CBI Custodian Committee holding the CBI fully liable for financial and reputable damages where the full details of the court proceedings and related verdicts are posted on our website www.warka-bank.com news bulletin.


Warka Bank for Investment and Finance is currently waiting for the CBI to follow in accordance with the court's decisions and verdicts executing the orders of the court where once this matter has been finalized Wark Stock will be re-trading accordingly.


Please follow our site regularly as we will keep our fine clients, shareholders and management well updated with the upcoming events…


Best regards,

Warka Bank for Investment and Finance


This e-mail is confidential and the information contained in it may be privileged. It should not be read, copied or used by anyone other than the intended recipient. If you have received it in error, please contact the sender immediately by return email, and delete the e-mail and do not disclose its contents to any person

BatmaninIraq
04-23-2014, 02:51 AM
I told you.. everybody would be happy... no need to argue with...

stevie
04-23-2014, 01:02 PM
Thanks skier, I am anxiously and patiently waiting for Warka's return.

HumbleGenius
04-23-2014, 01:20 PM
I told you.. everybody would be happy... no need to argue with...

Please explain how I will recover from all the lost paid up shares Warka has not executed on my behalf? Just trying to prepare to be happy since apparently we all will be.

ChinaGirl
04-23-2014, 06:29 PM
Please explain how I will recover from all the lost paid up shares Warka has not executed on my behalf? Just trying to prepare to be happy since apparently we all will be.

"Please explain how I will recover ... "

via The Warka Genie of course ..


https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcTcHuR7waABehbge2m01aFTTRGcX3mPK PM0y9A_KqJeOLG_IZGM

Fishindinar
04-26-2014, 03:59 AM
I want my damages………...

Will-it-happen?
04-26-2014, 01:58 PM
I want my damages………...

and the pepsi free shares

ChinaGirl
04-26-2014, 02:53 PM
and the pepsi free shares

No Pepsi ..Coke .. cheezborger, cheezborger

No RV ... Lop ... CBI, CBI

No Warka Shares ...Proxy ... Tutelage, Tutelage

oldskiier
04-26-2014, 06:43 PM
Ok.. this is the way I see it...... I really think Warka will come out fine !! ... remember they are still open and have never close thru all of this.... and as far as Free shares.... those are given to who ever holds current shares ...you don't have to do anything to get them.... so Warka will have record of them... and I really think our shares are fine !! JMHO :)..... now did we miss out on being able to buy paid up shares..Yes .. but at this point I'm ok with what I have .... I think 2014 will turn out alright for us :)

HumbleGenius
04-26-2014, 11:04 PM
Ok.. this is the way I see it...... I really think Warka will come out fine !! ... remember they are still open and have never close thru all of this.... and as far as Free shares.... those are given to who ever holds current shares ...you don't have to do anything to get them.... so Warka will have record of them... and I really think our shares are fine !! JMHO :)..... now did we miss out on being able to buy paid up shares..Yes .. but at this point I'm ok with what I have .... I think 2014 will turn out alright for us :)

That sums it up pretty well. Pretty much where i stand with the exception of losing out on the paid ups. I believe the shares in my name i will get the free shares. Missed pd ups, forget about it. Proxy stocks, who knows re the original stocks, the free shares or the paid ups.
(And ChinaGirl, the jenie was pretty funny)
All IMHGO of course.

ChinaGirl
04-27-2014, 12:27 PM
That sums it up pretty well. Pretty much where i stand with the exception of losing out on the paid ups. I believe the shares in my name i will get the free shares. Missed pd ups, forget about it. Proxy stocks, who knows re the original stocks, the free shares or the paid ups.
(And ChinaGirl, the jenie was pretty funny)
All IMHGO of course.


(And ChinaGirl, the jenie was pretty funny) - Pretty funny ? I'll have to work harder ... otherwise, I agree with your statement(s) - just stirring things up a bit, oddly enough, in the end, cash in hand may have been the way to succeed here - somebody will still buy it - right ? time will tell.

mike032588
04-27-2014, 06:54 PM
Ok.. this is the way I see it...... I really think Warka will come out fine !! ... remember they are still open and have never close thru all of this.... and as far as Free shares.... those are given to who ever holds current shares ...you don't have to do anything to get them.... so Warka will have record of them... and I really think our shares are fine !! JMHO :)..... now did we miss out on being able to buy paid up shares..Yes .. but at this point I'm ok with what I have .... I think 2014 will turn out alright for us :)


oldskiier (http://www.investorsiraq.com/forums/member.php?7079-oldskiier) im so happy to see you posting again.. you have no idea how much of an impact you had on my life.... but you changed everything for me7 years ago when i was only 18... now im 26 manging over 5 million ,,, IRA's stock bonds ect.... LOVE MY JOB... all becuase people like you motivated me early on... THANK YOU!

oldskiier
04-27-2014, 07:43 PM
oldskiier (http://www.investorsiraq.com/forums/member.php?7079-oldskiier) im so happy to see you posting again.. you have no idea how much of an impact you had on my life.... but you changed everything for me7 years ago when i was only 18... now im 26 manging over 5 million ,,, IRA's stock bonds ect.... LOVE MY JOB... all becuase people like you motivated me early on... THANK YOU!

Good for you buddy !!! ..goes to show you .... you never know who's listening :) not that I was trying :)

ChinaGirl
04-27-2014, 10:07 PM
oldskiier (http://www.investorsiraq.com/forums/member.php?7079-oldskiier) im so happy to see you posting again.. you have no idea how much of an impact you had on my life.... but you changed everything for me7 years ago when i was only 18... now im 26 manging over 5 million ,,, IRA's stock bonds ect.... LOVE MY JOB... all becuase people like you motivated me early on... THANK YOU!

Seriously ?? manging becuase me7= $5 million portfolio ...just WOW.

RoyalBeluga
04-28-2014, 12:58 AM
Seriously ?? manging becuase me7= $5 million portfolio ...just WOW.

He never said he could spell!

ChinaGirl
04-28-2014, 12:55 PM
He never said he could spell!


True. Huked on Fonix maybe ?

RoyalBeluga
04-28-2014, 07:45 PM
True. Huked on Fonix maybe ?

If only I knew what that meant ..... :rolleyes:

ChinaGirl
04-28-2014, 08:39 PM
If only I knew what that meant ..... :rolleyes:

was a joke...that didn't quite land...


https://secure.hookedonphonics.com/offers/learn-to-read-scrn-2stp.aspx?vc=ECG1&pc=SECGCI&gclid=CKOAmIb3g74CFfFFMgodvi0AEw

RoyalBeluga
04-28-2014, 09:18 PM
was a joke...that didn't quite land...


https://secure.hookedonphonics.com/offers/learn-to-read-scrn-2stp.aspx?vc=ECG1&pc=SECGCI&gclid=CKOAmIb3g74CFfFFMgodvi0AEw

Sorry, lost in translation. Link helped, now my spelling is bett're thn' befour, thanks xx

mike032588
04-29-2014, 01:04 AM
True. Huked on Fonix maybe ?


thats right.. as a matter of fact if you look at my history of post... i cleared that up a while ago... get with it... hahah love your 2 cetns tho china... cuz at the end the day what i do is real... and what we will have is also real!!!! have faith...

ChinaGirl
04-29-2014, 01:32 AM
thats right.. as a matter of fact if you look at my history of post... i cleared that up a while ago... get with it... hahah love your 2 cetns tho china... cuz at the end the day what i do is real... and what we will have is also real!!!! have faith...

Just having some fun while we wait for the pot to B(oil) ... besides, you should be earning enough by now to hire an entire hive of spelling bees, if you so desire...

ChinaGirl
04-29-2014, 04:38 PM
Sorry, lost in translation. Link helped, now my spelling is bett're thn' befour, thanks xx

yer rite ... gud wirk http://www.websleuths.com/forums/images/smilies/ffj/floorlaugh.gif

Fishindinar
05-01-2014, 03:31 AM
If only I knew what that meant ..... :rolleyes:

In the states there was a commercial about hooked on fonix where you could buy CD's to help your child learn to read, but it was a huge disaster and now kids can't spell.

mike032588
05-01-2014, 01:49 PM
ocne aigian seplling maeans ntohnig cmopraed wtih udnertsndnig ... so start reaing between the lines of who not to mess with in this forum .... CHINA VAHHHH hahahah :D all laughs

ChinaGirl
05-01-2014, 02:10 PM
ocne aigian seplling maeans ntohnig cmopraed wtih udnertsndnig ... so start reaing between the lines of who not to mess with in this forum .... CHINA VAHHHH hahahah :D all laughs


HAHAHA ... I see you're hiring - excellent ... joking of course :)


https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcQN-7068jrCKdHRF_0_YXT8S4m3Y59itSP8PsWTrS1NONpC_c2g

mike032588
05-01-2014, 03:45 PM
HAHAHA ... I see you're hiring - excellent ... joking of course :)


https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcQN-7068jrCKdHRF_0_YXT8S4m3Y59itSP8PsWTrS1NONpC_c2g

i really am hiring... call 516-631-0762

ChinaGirl
05-01-2014, 04:48 PM
i really am hiring... call 516-631-0762

Awesome... I'll fit in perfectly .. I just won this:

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcTLDNAWMPFvDCwPNbp-HAHm7dz9YxwzqnjpASSjrKgGT6ervh-H5g

ChinaGirl
05-23-2014, 11:24 PM
Still nothing yet ? ... why has the CBI not compensated Warka yet ... waiting on election results ?

mike032588
05-24-2014, 03:04 AM
Still nothing yet ? ... why has the CBI not compensated Warka yet ... waiting on election results ?


its crazy how close believing in warka is to believe in god... you know its there... you want to believe its good... and your waiting for it to help you... and the funny thing is... god and warka never lets us know whats to come next.... tick tockkkk i have faith... but how far can faith really take you? we shall see!!!

calstar
05-24-2014, 03:39 AM
its crazy how close believing in warka is to believe in god... you know its there... you want to believe its good... and your waiting for it to help you... and the funny thing is... god and warka never lets us know whats to come next.... tick tockkkk i have faith... but how far can faith really take you? we shall see!!!Hey mike get any strippers this year.

mike032588
05-24-2014, 07:20 AM
Hey mike get any strippers this year. not yet ill be fishing this wekend lettya knboww BTW how you been brotha?!?!

ChinaGirl
05-24-2014, 12:28 PM
its crazy how close believing in warka is to believe in god... you know its there... you want to believe its good... and your waiting for it to help you... and the funny thing is... god and warka never lets us know whats to come next.... tick tockkkk i have faith... but how far can faith really take you? we shall see!!!

Faiths come in all shapes and sizes ... one that comes to mind works at a Gentleman's Club and she drives a white Celebrity - she'll be glad to take you to the bank and then to the cleaners, all on the same day. :)

calstar
05-24-2014, 02:08 PM
[QUOTE=mike032588;23833]not yet ill be fishing this wekend lettya knboww BTW how you been brotha?!?![/QUOT
Still hanging in there and waiting. Good luck this weekend and catch a big one!

chakkarchee
05-24-2014, 06:55 PM
Faiths come in all shapes and sizes ... one that comes to mind works at a Gentleman's Club and she drives a white Celebrity - she'll be glad to take you to the bank and then to the cleaners, all on the same day. :)

Sorry my cleaner is Mr K. and he is a pro with plenty of references

ChinaGirl
05-24-2014, 10:54 PM
Sorry my cleaner is Mr K. and he is a pro with plenty of references

Excellent ... can he get out Maliki Spots and CBI Stains...

RoyalBeluga
05-24-2014, 11:56 PM
Excellent ... can he get out Maliki Spots and CBI Stains...

Don't leave any dinars in your drawers, you'll be reported for money laundering ....... TA DAAAAA!! :rolleyes:

ChinaGirl
05-25-2014, 01:07 AM
Don't leave any dinars in your drawers, you'll be reported for money laundering ....... TA DAAAAA!! :rolleyes:

LOL .. good one... do socks count ?

RoyalBeluga
05-25-2014, 01:21 AM
LOL .. good one... do socks count ?

erm ... sure! 100% cotton?

ChinaGirl
05-25-2014, 03:40 AM
erm ... sure! 100% cotton?

Oh you set me real good.... yes .."caught'n" my drawers http://www.websleuths.com/forums/images/smilies/drumroll.gif

RoyalBeluga
05-25-2014, 06:11 AM
Oh you set me real good.... yes .."caught'n" my drawers http://www.websleuths.com/forums/images/smilies/drumroll.gif

http://www.polyvore.com/cgi/img-thing?.out=jpg&size=l&tid=101834504
SUSHI SOCKS!!!!!!!!! :cool:

ChinaGirl
05-25-2014, 12:08 PM
http://www.polyvore.com/cgi/img-thing?.out=jpg&size=l&tid=101834504
SUSHI SOCKS!!!!!!!!! :cool:


HAHAHA .. I think we've now officially Hi-jacked this thread ...

rfcr
06-09-2014, 08:31 PM
Anybody had any success lately renewing the internet banking account when password expired???? I am trying to renew now.

tmorr37
06-10-2014, 06:25 AM
attempt to renew using your old password

rfcr
06-10-2014, 12:35 PM
attempt to renew using your old password

Where???? The login screen I'm seeing does not show a renew option.....

calstar
06-10-2014, 05:54 PM
Where???? The login screen I'm seeing does not show a renew option.....


Hey my password expired two days ago. I was contacted by mr issa send my info to them for account access.

cowpoke
06-14-2014, 06:36 AM
Hey my password expired two days ago. I was contacted by mr issa send my info to them for account access.

That's gota be a first. Them initiating contact?
Smells Fishy.

Dinar_OS
06-14-2014, 02:17 PM
Check that spelling.
mr issa

Could be mr isis

They have their own bank now.

Will-it-happen?
06-16-2014, 07:17 PM
maybe the Iraq Securities Commission could shed some light on Warka situation ......

http://www.isc.gov.iq/isc%20ing%20Web%20Sites/index.htm

Will-it-happen?
06-16-2014, 07:42 PM
hmmmm

according to them, Warka still delisted and they dont have any other info :

http://www.isc.gov.iq/en/node/256

ChinaGirl
06-16-2014, 08:01 PM
hmmmm

according to them, Warka still delisted and they dont have any other info :

http://www.isc.gov.iq/en/node/256

Anyone else see the email address to Warka Brokerage here ? They may have some answers - just heading out or I'd attempt contact myself.

warka_bank_isx@yahoo.com (warka_bank_isx@yahoo.com)

http://www.isc.gov.iq/en/node/34

rfcr
06-17-2014, 03:48 AM
Pretty sure no one is home at Warka. Web page has not been updated since APRIL.

ChinaGirl
06-17-2014, 02:56 PM
Pretty sure no one is home at Warka. Web page has not been updated since APRIL.

Yes... today I'm getting "This page can't be displayed" - recent threat of civil war (banks robbed etc.) could have kept everyone in a cave for a while. I see US in talks with Iran right now - were they the culprits ?