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Hue Mi
12-26-2013, 09:02 PM
The cabinet formed a Committee to find ways to help the "Warka" (http://www.awaniq.com/2/index.php/2013-11-05-13-06-52/5290-2013-12-26-11-13-28)

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Published on Thursday, 26 December 2013 11: 13
Posted by: Publisher
Visits: 286
Baghdad-time

Formed the General Secretariat of the Council of Ministers, Commission to study the objection Warka investment and financing and find ways to help him promote the fact.

According to a statement by the General Secretariat of the Council received a "time" the General Secretariat of the Council of Ministers nominates the Director of control and credit at the Ministry of finance as the Chairman of the Committee, composed of the Director of the legal department at the Central Bank, and Director General of the Department of administrative and financial authority, Deputy Director General of the Finance Ministry experts".

Hue Mi
12-27-2013, 01:21 AM
Form a Committee to examine the objection Warka (http://www.dananernews.com/News_Details.php?ID=4281)

http://www.dananernews.com/LionImages/News/gal.warka.jpg_-1_-1xsww22333.jpg

Baghdad/JD/... Announced the General Secretariat of the Council of Ministers set up a Committee to examine the objection of Warka, revealed that the membership of this Committee will be the Central Bank and financial integrity.

The secretariat said in a statement/JD/copy: a Committee was formed to examine the objection Warka Bank for investment and finance, and find ways to help him promote the fact.

The statement said: the Committee chaired by the Director-General and the Ministry of finance and credit with the Director of the legal department at the Central Bank, and Director General of the Department of administrative and financial authority of integrity, Deputy Director of the General Office of the Ministry of finance experts.

The Central Bank lifted the Trusteeship of Warka despite the Court decision, was consistent with the reports of the committees formed by the Prime Minister, adding that the firm (kpmg), specialized in internal reports and accounts of the Central Bank of Iraq, which agreed on the possibility of rehabilitating the Bank with appropriate solutions.

The Cassation Commission co-chaired the resumption of Baghdad-Rusafa in the Supreme Judicial Council has decided to cancel the Central Bank trust Warka after a meeting chaired by President Jaafar Hassan Ali and membership Vice-Presidents gesture Hamel Broadwell and Najm Abd Allah.

And discriminatory in its resolution body said it "on 29-2-2012 Board of Directors decided the Central Bank put the guardian of the Warka Investment Bank, finance.

After the auditing body in the Central Bank's decision has decided to appeal the decision of the guardianship after he found that the provision was invalid and contrary to the law of the Central Bank when he decided to establish guardianship does not take into account the provisions of the Act or the foundations for action and did not take the necessary action to provide liquidity for the Bank, although from his duties".

The Commission in its resolution "discriminatory that the Finance Ministry had procedures to withdraw government deposits from private banks at the worsening financial situation of Warka because it was the main pillar of Monetary liquidity.

The Central Bank did not take the necessary action to improve the situation of the Bank, although this responsibility did not provide the required loans out of the financial crisis as called for by the commissions formed by the World Bank to address the financial situation of the Warka". /finished/22/

ChinaGirl
12-27-2013, 01:41 PM
"the membership of this Committee will be the Central Bank"

so....the very people that caused the mess will be in charge of cleaning it up ? I would think an unbiased third party would be more appropriate.

HumbleGenius
12-27-2013, 01:54 PM
"the membership of this Committee will be the Central Bank"

so....the very people that caused the mess will be in charge of cleaning it up ? I would think an unbiased third party would be more appropriate.

All in all I take this as good news. KPMG is involved so thats good. Pretty simple first step to resolution is the CBI/gov redeposit the funds they withdrew trying to break Warka. That would give them the liquidity they need to become operational again. After that figure out how, or if, there is any restitution to account and stock holders. I am assuming the last part will bring an all new definition to the word 'soon'. As in, not in our lifetime.

ChinaGirl
12-27-2013, 02:50 PM
All in all I take this as good news. KPMG is involved so thats good. Pretty simple first step to resolution is the CBI/gov redeposit the funds they withdrew trying to break Warka. That would give them the liquidity they need to become operational again. After that figure out how, or if, there is any restitution to account and stock holders. I am assuming the last part will bring an all new definition to the word 'soon'. As in, not in our lifetime.


Agreed, just strange logic on the Gov. behalf..

"I am assuming the last part will bring an all new definition to the word 'soon'. As in, not in our lifetime" ... LOLOLOLOL

dinar_dude
12-27-2013, 06:46 PM
I take this as good news too. The CBI, which is amenable to the desires of the Prime Minister's office, has to begin instilling confidence in not only Iraqi banks, but also the foreign banks Iraq is trying to entice into operations inside the country. This is a way for Iraq to show the outside financial world that it can deal with and clean up its own messes. Of course, it won't be as smoothly and efficiently as the developed countries are accustomed to (this is Iraq we're talking about). Hence, the "soon"..

chakkarchee
12-28-2013, 03:09 AM
Central Bank has foreign banking conference in Emirates next months and I am sure there will be many questions there if foreign banks wants to do business in Iraq with current example of Warka situation how it was handled by the CBI ( A very big stain on how CBI uses it powers to work in Iraq)

ChinaGirl
12-28-2013, 06:45 PM
"A camel is a horse designed by a committee."

Sir Alec Issigonis



The cabinet formed a Committee to find ways to help the "Warka" (http://www.awaniq.com/2/index.php/2013-11-05-13-06-52/5290-2013-12-26-11-13-28)

http://fanarnews.com/wp-content/uploads/2013/11/8391954.jpg

Published on Thursday, 26 December 2013 11: 13
Posted by: Publisher
Visits: 286
Baghdad-time

Formed the General Secretariat of the Council of Ministers, Commission to study the objection Warka investment and financing and find ways to help him promote the fact.

According to a statement by the General Secretariat of the Council received a "time" the General Secretariat of the Council of Ministers nominates the Director of control and credit at the Ministry of finance as the Chairman of the Committee, composed of the Director of the legal department at the Central Bank, and Director General of the Department of administrative and financial authority, Deputy Director General of the Finance Ministry experts".

Sponson
12-29-2013, 09:16 AM
I wish something would happen. I'm ready for this to end one way or the other.