View Full Version : CBI Warka Release - New Facebook Translation

02-08-2014, 10:32 PM
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Iraq's Warka Bank Victims (https://www.facebook.com/pages/Iraqs-Warka-Bank-Victims/125804980856940?ref=stream) 135 like this
21 hours ago

We all thank Mushtaq Mas Ali for his post alerting us to the news of release of Warka Bank from ICB custody. Strange, we were just as excited two years ago when Warka went into ICB custody thinking incorrectly that it will help us recover our lost deposit.


The news was published yesterday in Al-Mada Press, I was able to find a link to the paper/article, here it is:


The article is in Arabic and here is a translation that I came up with. The text is not professionally written so my translation is a reflection of this fact.

ICB Removes the custody it imposed two years ago on Warka Bank
Baghdad, by Ayser Jabar,
Iraq's Central Bank decided to lift the custodianship it had imposed on Warka Bank since 2012 for its failure to perform beginning 2010, a move described by professionals as "financially good" and called on the government to "guard the financial state of the country".
A source in ICB told Al-Mada Press that "the bank, yesterday, decided to lift the custodianship it imposed on Warka bank since 2012" pointing that " ICB imposed the custodianship due to performance failure of the bank in 2010". In a conversation Al-Mada Press had with Mr. Mudhir Muhamed Saleh, the former director of ICB, Mr. Saleh stated that "The move ICB made in lifting the custodianship on Warka bank after two years is a good financial step because it will give a good signal for financial assurances and dealing in Iraq" Wondering why "The lifting of custodianship was delayed despite verbal words that were given by international financial institutions about the bank's (ability) return to operation".
Mr. Saleh reiterated that "Warka bank is in need of minor operational reorganization to return to the financial arena, and that it is also necessary to extend solid assistance from the government through the ministry of Finance in a form of long term deposit in the bank to help it get to financial operation, despite the fact that the bank itself has more funds that it's owes".
The former ICB Director continued to say "It is the duty of the government to preserve the financial state of the country, because Warka bank does not only represent the individual who own the bank but also huge funds of the public that is part of finical canvas of the country and assistance from the ministry of finance to Warka bank is required now". Mr Saleh pointed out that "With the lifting of custodianship on Warka bank, there only remain one bank in Iraq that we can not say it is nuder custody because it is on the verge of debit resolution between the ICB and the debtors".
From his end, Mr. Isam Al-Asadi, member of the board of director of Warka bank, welcomed the decision by the ICB describing it as "Fair decision because it will strengthen the role of the bank in the financial system". Mr. Asadi reiterated in a conversation with Al-Mada Press that "Warka bank is presently able to solve its problems because it now has funds reaching approximately 500 billion I.D., which is more than the 380 billion I.D. it owes depositors".

02-08-2014, 10:44 PM
wow !!!!!!!!!!!!!!!!

02-08-2014, 10:50 PM
finally,now what is next?

02-09-2014, 12:04 AM
Very good news. May be true light at the end of the tunnel.