WARKA transferring stock shares into our names

[jimmy4645]

I'm going to keep this short and not to be a stickler, but what ever happened to WARKA transferring or stock shares into our names...... The last thing that i heard was two weeks.... Two weeks until they will begin transferring.... Well that was about three / four months ago... Anybody have an idea of what's going on at WARKA and MR. I's position regarding this matter.... Have a nice day!!!

[cowpoke]

I'm going to keep this short and not to be a stickler, but what ever happened to WARKA transferring or stock shares into our names...... The last thing that i heard was two weeks.... Two weeks until they will begin transferring.... Well that was about three / four months ago... Anybody have an idea of what's going on at WARKA and MR. I's position regarding this matter.... Have a nice day!!!

Jimmy, do us all a favor and email Warka and ask.. This would be a separate question from the Dormant account emails so maybe you will have good luck and be able to share some insight..:)

[jimmy4645]

AS far as the Dormant accounts. My understanding is that you need to meet the minimum $150 US and 300,000IQD no matter when you opened your account at Warka.....two days ago or two years ago.......


How do you know if your account is Dormant???? I just check mine everything looks good except that i have $5 missing from my US account making my balance at $145.00. Just notice that one....

[jimmy4645]

Well hold the books.... I just looked a little more carefully now and my US account is Dormant too.... But Thats F#ck*d (F#ck@d) up.. I had my minium $150.00 the whole time until i just notice they deducted $5 and bringing my account below $150 to $145.00.. What the hell is going on?????????????

[coconut]

Well - I had a promise that money would be returned to my "Dormant" account - nothing yet - I'll give it a few more days.

Converting shares - I have several un-answered emails in this regard - not sure what in going on.

[jimmy4645]

Well - I had a promise that money would be returned to my "Dormant" account - nothing yet - I'll give it a few more days.

Converting shares - I have several un-answered emails in this regard - not sure what in going on.



Money returned to your account???? Why did your money disappear from your account in the first place???

[jimmy4645]

Just sent Mr. I an email.....Hope I get an honest response?!?!

[Mucho_Dinaro]

I'm going to keep this short and not to be a stickler, but what ever happened to WARKA transferring or stock shares into our names...... The last thing that i heard was two weeks.... Two weeks until they will begin transferring.... Well that was about three / four months ago... Anybody have an idea of what's going on at WARKA and MR. I's position regarding this matter.... Have a nice day!!!

Sell all stock purchased before 8/02 + Repurchase new stock = Peace of mind.

[BAMABOY]

I'm going to keep this short and not to be a stickler, but what ever happened to WARKA transferring or stock shares into our names...... The last thing that i heard was two weeks.... Two weeks until they will begin transferring.... Well that was about three / four months ago... Anybody have an idea of what's going on at WARKA and MR. I's position regarding this matter.... Have a nice day!!!

Here's an e-mail I got from Mr. I about transferring the stocks well over a month ago. Seems they are still waiting on the ISX to give approval for the stocks to be transfered out of proxy to our "good names"


Dear Mr. David XXXXXXX,



It is always a pleasure to hear from you offering my full cooperation.



The ISX has given the go ahead regarding the purchasing of stocks in the name of our esteemed foreign clients who have submitted their notarized documentation and we are executing orders accordingly for those clients and we have provided the related certificates in their good names for the purchases made on the 16th of August and onwards. We are now waiting to receive the approval from the ISX regarding the transfer of ownership and once finally approved we will initiate the transfer of stock ownership deducting the 2% fee accordingly.



Best regards,


M.K.I.

Deputy Managing Director

International Affairs

[isx-investor]

I think we should all sign a petition that will be sent to the heads of the ISX. We are demanding the green light for transffering stock owenership to the stock purchased before 08.02

[Mucho_Dinaro]

I think we should all sign a petition that will be sent to the heads of the ISX. We are demanding the green light for transffering stock owenership to the stock purchased before 08.02

Selling and repurchasing will cost just as much commission as transfering to our names. By getting a petition going we may get some unwanted attention. In other words, throwing rocks in a glass house.

[Jack2576]

Join Date: Nov 2004
Location: Alabama
Posts: 226


Quote:
Originally Posted by jimmy4645 http://www.investorsiraq.com/images/buttons/viewpost.gif (http://www.investorsiraq.com/showthread.php?p=504077#post504077)
I'm going to keep this short and not to be a stickler, but what ever happened to WARKA transferring or stock shares into our names...... The last thing that i heard was two weeks.... Two weeks until they will begin transferring.... Well that was about three / four months ago... Anybody have an idea of what's going on at WARKA and MR. I's position regarding this matter.... Have a nice day!!!

Here's an e-mail I got from Mr. I about transferring the stocks well over a month ago. Seems they are still waiting on the ISX to give approval for the stocks to be transfered out of proxy to our "good names"


Dear Mr. David XXXXXXX,



It is always a pleasure to hear from you offering my full cooperation.



The ISX has given the go ahead regarding the purchasing of stocks in the name of our esteemed foreign clients who have submitted their notarized documentation and we are executing orders accordingly for those clients and we have provided the related certificates in their good names for the purchases made on the 16th of August and onwards. We are now waiting to receive the approval from the ISX regarding the transfer of ownership and once finally approved we will initiate the transfer of stock ownership deducting the 2% fee accordingly.



Best regards,


M.K.I.

Deputy Managing Director

International Affairs

I rec'd 2 of the letters in the last month and nothings happening:shake:

[dagod1]

I am ok with letting them keep it in proxy.

[grimly]

Proxy is fine for me.

[ISX_TIME]

I think we should all sign a petition that will be sent to the heads of the ISX. We are demanding the green light for transffering stock owenership to the stock purchased before 08.02

You gotta be joking if you think anyone has enough weight to send the ISX an ultimatum . Sit back and relax, your time will come

[Michwlv]

My money was recredited to both my dollar and dinar accounts this morning and I received a confirmation email from c.accounts with both my balances.

So you guys should see the same today...or very soon.

[Reymar]

What is the latest information about Warka transfering stocks into our names?

Thanks



Here's an e-mail I got from Mr. I about transferring the stocks well over a month ago. Seems they are still waiting on the ISX to give approval for the stocks to be transfered out of proxy to our "good names"


Dear Mr. David XXXXXXX,



It is always a pleasure to hear from you offering my full cooperation.



The ISX has given the go ahead regarding the purchasing of stocks in the name of our esteemed foreign clients who have submitted their notarized documentation and we are executing orders accordingly for those clients and we have provided the related certificates in their good names for the purchases made on the 16th of August and onwards. We are now waiting to receive the approval from the ISX regarding the transfer of ownership and once finally approved we will initiate the transfer of stock ownership deducting the 2% fee accordingly.



Best regards,


M.K.I.

Deputy Managing Director

International Affairs

[IraqiFreedom]

Why do you want stock certificates issued in your name? Good luck making trades.

Are you holding stock certificates in your name for your US stocks? In most cases your brokerage is a proxy, and when that is not the case transactions are slow and expensive.

[BatmaninIraq]

Why do you want stock certificates issued in your name? Good luck making trades.

Are you holding stock certificates in your name for your US stocks? In most cases your brokerage is a proxy, and when that is not the case transactions are slow and expensive.

How about if I decided not to trade my stock for 2-4 years and i dont have any proof that im a shareholder of that company, just only the spreadsheets? so for me it's better to have it in my name..

[IraqiFreedom]

How about if I decided not to trade my stock for 2-4 years and i dont have any proof that im a shareholder of that company, just only the spreadsheets? so for me it's better to have it in my name..That would be a case where it might make sense, but, again, you could make the same argument with a domestic stock or Mutual fund. The only proof that you have of ownership is on the books of your broker, yet few people hold stock certificates.

Additionally, the ISX could prove quite volatile as it revs up and some companies make it and some don't. With electronic trading, I would imagine that you will probably be able to use stop loss or other trading functionality that won't be available to you if you are holding a stock certificate.

It really comes down to whether you trust your business partner, whether it is Warka or Merrill Lynch.

[AbuSpinoza]

That would be a case where it might make sense, but, again, you could make the same argument with a domestic stock or Mutual fund. The only proof that you have of ownership is on the books of your broker, yet few people hold stock certificates.

Additionally, the ISX could prove quite volatile as it revs up and some companies make it and some don't. With electronic trading, I would imagine that you will probably be able to use stop loss or other trading functionality that won't be available to you if you are holding a stock certificate.

It really comes down to whether you trust your business partner, whether it is Warka or Merrill Lynch.

It is always best to have shares in your name.

[IraqiFreedom]

It is always best to have shares in your name.Why?????? And, assuming that you have domestic investments. Are all of your stock certificates in your name/possession?

[F355]

Why?????? And, assuming that you have domestic investments. Are all of your stock certificates in your name/possession?

IF, I think Abu is referring to the fact that it is better to have your shares in your name in with respect to the current situation in the Iraq (fledgling ISX bourse)...with the lack of electronic trading, etc.

It goes without saying that domestic shares are a far more secure investment...secure from perils that exist in the ISX (manual recording errors, etc.) that do not exist in North American markets.

[IraqiFreedom]

IF, I think Abu is referring to the fact that it is better to have your shares in your name in with respect to the current situation in the Iraq (fledgling ISX bourse)...with the lack of electronic trading, etc.

It goes without saying that domestic shares are a far more secure investment...secure from perils that exist in the ISX (manual recording errors, etc.) that do not exist in North American markets.
I agree that there is probably more risk of clerical errors in the current manual system. I'm just trying to point out that there are both advantages and disadvantages to having the securities in your name.

Frankly, I see the possibility of a clerical error as minor compared to drawbacks of holding stock certificates in your own name. Also, clerical errors can be corrected if you keep your Warka documentation.

The only real advantage I see to physically holding certificates is to protect yourself from the failure of Warka.

[explorerhot]

What is the latest information about Warka transfering stocks into our names?

Thanks
I have no information on this, but I have always thought they were waiting for the electronic trading system to be up and running. Seems it would be an easier process of transfer.

[F355]

I agree that there is probably more risk of clerical errors in the current manual system. I'm just trying to point out that there are both advantages and disadvantages to having the securities in your name.

Frankly, I see the possibility of a clerical error as minor compared to drawbacks of holding stock certificates in your own name. Also, clerical errors can be corrected if you keep your Warka documentation.

The only real advantage I see to physically holding certificates is to protect yourself from the failure of Warka.

are the drawbacks you see?

[RoyalBeluga]

What difference does it really make? I mean nothing is happening, the share prices are not going up so what does it matter?

[bigpoppapump]

Ask Crow.....

[IraqiFreedom]

are the drawbacks you see?I mentioned a few above, but they all relate to carrying out transactions. When you hold a certificate in your name, then your physical signature is required to carry out a transaction. That's slow and expensive because the certificates must be shipped for your signature and then returned to the broker. Additionally, you invite the possibility of losing a document in shipping.

There is also no way to quickly sell your security should the company's value start to slide.

[IraqiFreedom]

I have no information on this, but I have always thought they were waiting for the electronic trading system to be up and running. Seems it would be an easier process of transfer.Electronic trading will offer little advantage if the stock certificates are in your name.

[F355]

I mentioned a few above, but they all relate to carrying out transactions. When you hold a certificate in your name, then your physical signature is required to carry out a transaction. That's slow and expensive because the certificates must be shipped for your signature and then returned to the broker. Additionally, you invite the possibility of losing a document in shipping.
There is also no way to quickly sell your security should the company's value start to slide.

When I wish to sell my shares, I simply email the sell order to my broker...the sell order authorises him to place the trade offer & consumate the deal if the conditions of the trade are met...the fact that the share certificates are in my name doesn't enter into the equation.

I think you are misconstruing having your share certificates in your name (but being warehoused by your broker) and actually taking delivery of your share certificates.

[F355]

Electronic trading will offer little advantage if the stock certificates are in your name.

this is incorrect. The fact that the share certificates are in your name is not a factor.

Electronic trading between the ISX and it's brokers will greatly enhance foreign investment in the ISX.

[IraqiFreedom]

When I wish to sell my shares, I simply email the sell order to my broker...the sell order authorises him to place the trade offer & consumate the deal if the conditions of the trade are met...the fact that the share certificates are in my name doesn't enter into the equation.

I think you are misconstruing having your share certificates in your name (but being warehoused by your broker) and actually taking delivery of your share certificates.I am perfectly willing to be wrong, but I believe that you may be mistaken about your own shares. While the process may have changed, it used to be the case that a signed power of attorney was required each time you want to sell certificates with your name on them, and not just a phone call.

Are you sure that your broker is actually holding paper certificates with your name on them? Almost all brokers hold your stocks in proxy. I'll bet that your shares are recorded in book entry only with no paper certificate issued in your name. For example, Morgan Stanley doesn't even issue paper certificates anymore.

Regardless, if it only takes a phone call to your broker to transfer, you have no real additional protection, even if certificates are being held in your name by the broker, because the broker can clearly do whatever they want with your certs.

[IraqiFreedom]

this is incorrect. The fact that the share certificates are in your name is not a factor.

Electronic trading between the ISX and it's brokers will greatly enhance foreign investment in the ISX.
Who is your broker and what program are you using where they are holding physical certs in your name, and then allowing phone confirmation only trades.

[F355]

Who is your broker and what program are you using where they are holding physical certs in your name, and then allowing phone confirmation only trades.

Actually, I think you misread my post...I posted...

"When I wish to sell my shares, I simply email the sell order to my broker...the sell order authorises him to place the trade offer & consumate the deal if the conditions of the trade are met...the fact that the share certificates are in my name doesn't enter into the equation."

You are correct about the proxy permission...is contained in the "fine print" attached to the sell order (that is emailed to the broker).

[pokerfool]

I'm not kicking anyone one way or the other. Mine are still in proxy and I plan to keep it that way but I have all the paperwork needed to consumate the legal ownership of my share holdings.

I believe that there is supposed to come a day when the Iraqi Securities Commission will require us to do that. So better to be ready.

[F355]

I'm not kicking anyone one way or the other. Mine are still in proxy and I plan to keep it that way but I have all the paperwork needed to consumate the legal ownership of my share holdings.

I believe that there is supposed to come a day when the Iraqi Securities Commission will require us to do that. So better to be ready.

no one is pushing one way or the other...to each his own.

Even if you're content in keeping your shares in a proxy, you should probably start the registration process with the AACC (if you're an American)...you will have to register eventually, and it's probably best to avoid possible future "lineups" at the AACC.

[IraqiFreedom]

no one is pushing one way or the other...to each his own.
...Absolutely, were just kicking around potential advantages and disadvantages. We can all learn something from others on he forum.

[geowhiz]

What difference does it really make? I mean nothing is happening, the share prices are not going up so what does it matter?


Agreed, when they double in value, then I start to worry about the paperwork "in my good name" end of it. Right now it's still in the gamble on a penny stock phase of the "investment", and has essentially stalled out. The only three things that will move the prices up will be true electronic push button trading or faster movement in the dinar value against the dollar, or HCL "dividends" creating wealth in Iraq to move the banking usage system forward.

[kevlad]

looks like the proxy transfer has begun Warka charged me 2% today on my account for the transfer of Commercial Bank shares:clapping:

[ISX_TIME]

I notice they took 4 K from my online account today.
It only says transfer from one account to another account.
Don't know what this is about.
How did you find out the fee was for stock transfer ???
Thanks, MED

There is a notation on the statement page that indicates the company that was transfered and the trading date when it occured

[kevlad]

Please be informed that your Commercial Bank stock held under the name of our proxy company has been transferred to your good name and the transfer fee as set by the ISX has been deducted from your account.



A stock certificate will be issued in your good name and provided once received from the company.


GOT MY EMAIL THIS MORNING CONFIRMING TRANSFER OUT OF PROXY

[kevlad]

Email came without myself asking for it. When I sent the legal documentation last year I asked Warka to hold my stock certs, they provide me with an electronic copy of the certificate once it is provided by the company.

I have however been sent an exel spreadsheet for the stock that has been transferred which I usually receive before the stock cert is provided.

[ISX_TIME]

There is something written in Arabic next to the amount taken.
Don't know what is says though. Is yours written in English ??

English only, but I did have some in the past when I received statements (after I bought under my name directly)

[ISX_TIME]

I notice they took 4 K from my online account today.
It only says transfer from one account to another account.
Don't know what this is about.
How did you find out the fee was for stock transfer ???
Thanks, MED

You saving money too...

If Warka had posted Capital Shares and dividends to your name under the proxy company (which you are entitled to), then you would have also paid the 2% commision to transfer these also