PDA

View Full Version : High Tribunal Court – Rasafa Appeal Court Verdicts Dated: 2013-12-09



thebest
12-09-2013, 01:34 PM
Dear Warka Clients and Shareholders,

Further to our website post dated October 9th 2013 with regards to the court proceedings between Warka Bank for Investment and Finance and the Central Bank of Iraq Warka Bank Board of Directors are delighted to inform our fine clients and esteemed shareholders that the High Tribunal Court – Rasafa Appeal Court on November 28th 2013 has yet again awarded its verdict Reference No. 1752/M/2013 in full favour of Warka Bank for Investment and Finance instructing and enforcing the Central Bank of Iraq to fully rehabilitate Warka Bank for Investment and Finance holding the Central Bank of Iraq fully liable and responsible for all the damages occurred on the bank to complete the rehabilation task efficiently to the best interest of the bank, clients, shareholders and management.

The rehabilitation verdict has retained full legal stature where Warka Bank for Investment and Finance is currently waiting for the Central Bank of Iraq to act in accordance with the verdict and court order where we will keep all the good parties well updated attached is a copy of the winning verdict.

In this respect Warka Bank Board of Directors would also like to add that the High Tribunal Court – Rasafa Appeal Court on November 28th 2013 issued its final verdict Reference No. 1690/M/2013 rejecting and declining the request of Central Bank of Iraq dated February 4th2013 to reconsider and reopen the bankruptcy case the request of the Central Bank of Iraq to proceed in this matter throwing the case out of court closing this case preventing the Central Bank of Iraq from taking such course of action ordering the Central Bank of Iraq to lift and dismiss the appointment of the second Central Bank Custodian Committee that has been assigned for this specific task which until now the Central Bank of Iraq has not obeyed the courts verdict and decision.

In Summary Warka Bank for Investment and Finance on November 28th 2013 has won two verdicts both of which have retained full legal stature:
1-The full rehabilitation of Warka Bank for Investment and Finance holding the Central Bank of Iraq fully liable and responsible ordering the Central Bank of Iraq to efficiently implement and execute the rehabilitation task.

2-Declining dismissing refusing and canceling the request of Central Bank of Iraq for the court to reconsider the bankruptcy case closing this matter ordering the Central Bank of Iraq to lift and cancel the Custodianship appointed by the Central Bank of Iraq for this task.

Kindly note that both verdicts have been attached for your fine consideration where Warka Bank for Investment and Finance is currently waiting for the CBI to execute the verdicts and follow the court decisions accordingly.

Respectfully,
Board of Directors
Warka Bank for Investment and Finance

http://www.warka-bank.com/newsFls/news1386577477.pdf



http://www.warka-bank.com/?0d64a1934dcafd4bf6a2bafeb7









rehabilitation verdict.pdf (http://www.investorsiraq.com/forums/newsFls/news1386577477.pdf) 151 KB (http://www.warka-bank.com/newsFls/news1386577477.pdf)

manwithnoname
12-09-2013, 05:52 PM
This is awesome news!! Many thanks TB. Lets hope its a very merry xmas for all our fellow investors :-)
MWNN

seadesk
12-09-2013, 06:19 PM
This is awesome news!! Many thanks TB. Lets hope its a very merry xmas for all our fellow investors :-)
MWNN

This really is awesome news!

I sure hope the rehabilitation timeline for the CBI is court-driven or "waiting for the CBI to execute the verdicts" could be forever...

Brazileiro
12-10-2013, 01:44 AM
great news indeed! it will be very interesting to see the results of this...

"enforcing the Central Bank of Iraq to fully rehabilitate Warka Bank for Investment and Finance holding the Central Bank of Iraq fully liable and responsible for all the damages occurred on the bank to complete the rehabilation task efficiently to the best interest of the bank, clients, shareholders and management."

opportunist
12-10-2013, 02:52 AM
"There are still four cases against the Central Bank of Iraq for reputable and financial damages raised by the below:
1. Depositors
2. Shareholders
3. Staff
4. Managing Director demanding the full rehabilitation of the bank by the Central bank in accordance with the reasons indicated in all the court cases noting that as the four cases share legal similarities and are interconnected the court has decided to unite all of them into one case reference No. 1/ Services/ 2013 which is yet to finalized and hearings are still taking place.
Thank you for your time and cooperation ."

This was the original case were we were all united into one case.



"Central Bank of Iraq fully liable and responsible for all the damages occurred on the bank to complete the rehabilation task efficiently to the best interest of the bank, clients, shareholders and management."

We won! Will be interesting to see how the damages are disbursed between the bank, depositors, shareholders and staff?

thebest
12-10-2013, 05:06 AM
When the court orders arrest some bank official from the CBI, for contempt, the problem will be resolved with WARKA.

thebest
12-10-2013, 05:28 AM
"There are still four cases against the Central Bank of Iraq for reputable and financial damages raised by the below:
1. Depositors
2. Shareholders
3. Staff
4. Managing Director demanding the full rehabilitation of the bank by the Central bank in accordance with the reasons indicated in all the court cases noting that as the four cases share legal similarities and are interconnected the court has decided to unite all of them into one case reference No. 1/ Services/ 2013 which is yet to finalized and hearings are still taking place.
Thank you for your time and cooperation ."

This was the original case were we were all united into one case.



"Central Bank of Iraq fully liable and responsible for all the damages occurred on the bank to complete the rehabilation task efficiently to the best interest of the bank, clients, shareholders and management."

We won! Will be interesting to see how the damages are disbursed between the bank, depositors, shareholders and staff?


OHHH YESSSS. :o:);)
Of course I imagine those who closed their accounts :(, will not give them anything. Only if they have WARKA shares I guess.

BatmaninIraq
12-10-2013, 12:46 PM
CBI needs AL WARKA = RV

Virenque
12-10-2013, 01:58 PM
BTW guys, do you get any responses on your emails to Warka bank? At least from ISX@... and ifrd@.... I do not get any response already for the past half a year or so. I hope these news bring some fresh breeze into the whole situation...however, is there any other email address I could use to contact the bank?

thebest
12-10-2013, 04:47 PM
This is simple WARKA, sued the CBI, the CBI appealed, was denied his appeal, now the CBI has to pay for damages to WARKA. The CBI is seeking a solution that is not seen as incompetent by the loss of the case plus the time and money invested in this persecution to WARKA. Now CBI wants to reach an agreement that is not burdensome to the CBI, but the problem is that we were a long time without to buy the shares of WARKA, we could not get money from WARKA, the reputation of WARKA was damaged, WARKA could not get into the sale of currency, WARKA had to sell their assets (WE HAD TO LISTEN TO NEGATIVE PEOPLES IN THE FORUM 4849:confused:) and all this for an illegal action against WARKA by the CBI. Now they say you have to save WARKA for the good of the country, lies have no choice.
Now we have to wait for compensation. I see a good end to WARKA and US.
I think the CBI will have to pay a good amount to WARKA
It seems to be very large because they do not know how.




Financial penalties will increase for private banks if the stability and put the cash




10/12/2013




BAGHDAD / JD / .. Ministry of Finance admitted that there is a certain period of time to resolve the problem of sanctions imposed on the number of private banks in the country.The adviser said the ministry Hilal Taan told the reporter / JD / that a bug that has happened with some of the private banks, is pledged to the Iraqi Central Bank by giving them financial packages in order to stabilize the situation in which the cash.He said that the central bank has pledged to give financial packages to customers of private banks until the end of its crisis and the stability of monetary conditions have thus lifting of sanctions and returning again to the banking system.And suffer from a number of private banks from continuing to inflict damage and closed by the depositors and the Iraqi economy, despite a court order lifting the tutelage of the Iraqi Central Bank reported.
It is noted that the CBI did not raise guardianship for Warka Bank, despite the court's decision, it is compatible with the reports of the committees set up by the Prime Minister, in addition to the company (kpmg) U.S., specialized accounts and internal reports of the Central Bank of Iraq, which unanimously agreed on the possibility of rehabilitation of the bank with an appropriate solution for it. / End / / 22

http://www.dananernews.com/News_Details.php?ID=4229 (http://www.dananernews.com/News_Details.php?ID=4229) 50

thebest
12-10-2013, 04:49 PM
NOW EVERYONE AGREE
EVEN THE PRIMER MINISTER COMMITEEEES AND CBI REPORTS.

it is compatible with the reports of the committees set up by the Prime Minister, in addition to the company (kpmg) U.S., specialized accounts and internal reports of the Central Bank of Iraq, which unanimously agreed on the possibility of rehabilitation of the bank with an appropriate solution for it. / End / / 22

http://www.dananernews.com/News_Details.php?ID=4229 (http://www.dananernews.com/News_Details.php?ID=4229) http://www.investorsiraq.com/forums/attachment.php?attachmentid=50&d=1386693959

thebest
12-10-2013, 05:04 PM
We agree in the forum? 51525354

thebest
12-10-2013, 05:13 PM
Nos vemos. Suerte a todo el mundo en esta inversión.
Que DIOS nos siga acompañando.
AMEN AMEN AMEN.

English Bob
12-11-2013, 03:54 PM
Nos vemos. Suerte a todo el mundo en esta inversión.
Que DIOS nos siga acompañando.
AMEN AMEN AMEN.





K?

Thanks for the news

EB

RV ing
12-12-2013, 03:49 AM
What are the chances they are timing the RV with the currency reset next spring? Iraq has always said that the wanted the IQD to equal the USD and with the USD taking a 30% hit it might be what they have been waiting for..

shinerguy
12-12-2013, 02:05 PM
I try not to be cynical but it wouldn't surprise me to find out the US caused the $ to go down in value just for that reason.

HumbleGenius
12-12-2013, 02:58 PM
What are the chances they are timing the RV with the currency reset next spring? Iraq has always said that the wanted the IQD to equal the USD and with the USD taking a 30% hit it might be what they have been waiting for..

When the currency reset occurs and they knock off 3 zeros they absolutely will do an RV. Where 1usd = 1172 dinar today 1 usd will = approx 1.172 dinar after. And the 50M dinars you own today will equal 5,000 dinars then. You can do the math with this now to see how much you can plan on spending on the yacht you are going to buy after this RV.

manwithnoname
12-12-2013, 09:42 PM
When the currency reset occurs and they knock off 3 zeros they absolutely will do an RV. Where 1usd = 1172 dinar today 1 usd will = approx 1.172 dinar after. And the 50M dinars you own today will equal 5,000 dinars then. You can do the math with this now to see how much you can plan on spending on the yacht you are going to buy after this RV.

HG.. Where as im not convinced of an impending RV you seem to be implying that 3 zero's being removed would take 50M down to 5000 and making a major loss.
Perhaps you should note that 50M minus 3 zero's becomes 50,000 therefore being fairly neutral.
MWNN

dinar_dude
12-13-2013, 12:02 AM
I can't see the dinar becoming that strong in that short a time frame. Do we expect that Iraq's fledgling economy can support a revaluation to close to that of the U.S., the largest economy in the world by far?
I think we'll see a three zero lop, then a gradual and natural revaluation as the economy and oil production really start to pick up.

ChinaGirl
12-13-2013, 12:24 AM
HG.. Where as im not convinced of an impending RV you seem to be implying that 3 zero's being removed would take 50M down to 5000 and making a major loss.
Perhaps you should note that 50M minus 3 zero's becomes 50,000 therefore being fairly neutral.
MWNN

Uh oh... the 10+ year old debate is rising from the desert once again ... what will happen, lop / flop/ drop / hop / pop ? Frankly...it's all slop, till the driving force arrives with the money mop.

HumbleGenius
12-13-2013, 01:07 PM
HG.. Where as im not convinced of an impending RV you seem to be implying that 3 zero's being removed would take 50M down to 5000 and making a major loss.
Perhaps you should note that 50M minus 3 zero's becomes 50,000 therefore being fairly neutral.
MWNN

You are correct. I am off 1 zero on this. Point is as you note it would be a neutral move. KTF. (Yes, someone left the RV sandbox gate open and they are sneaking over here to the adult swimming pool)

thebest
12-15-2013, 03:28 PM
K?

Thanks for the news

EB

Thanks Bob.
Remember Bob I am in the same boat WARKA is really my biggest stock.

thebest
12-15-2013, 04:06 PM
Could someone translate the decision of the court in Arabic? what the court says. I sent a notice prior to American Contractor, his deparment translated, but for some reason the last two news WARKA not want to translate it, does not answer the e-mail regarding the translation others do. I sense that there's more good news. Maybe it's the amount of damage that the CBI has to pay.

http://www.warka-bank.com/newsFls/news1386577477.pdf (http://www.warka-bank.com/newsFls/news1386577477.pdf)

Fishindinar
12-17-2013, 02:41 AM
Hope they pay their share holders as well, we've suffered monetary damages and mental damages... I may have suffered mental damages long ago, but don't tell anyone.

thebest
12-17-2013, 04:04 AM
Hope they pay their share holders as well, we've suffered monetary damages and mental damages... I may have suffered mental damages long ago, but don't tell anyone.


As they said, we will get compensated. But how much?
I hope it's something good.