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View Full Version : Warka bank......good news!



BettingOn Iraq
12-10-2013, 03:53 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

dinar_dude
12-10-2013, 06:38 PM
Nice! Now let's get on with the rehabilitation.

BettingOn Iraq
12-11-2013, 04:46 PM
Nice! Now let's get on with the rehabilitation. I just hope it doesn't take forever to reactivate Warka stock! Once they reactivate, I want all the stock I left in Warka immediately put in my name. I may still transfer them over to Aljareza with my other stock.