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View Full Version : Warka May Cost US Army Millions APRIL 18, 2014 NEWS



BatmaninIraq
05-14-2014, 11:43 AM
Warka May Cost US Army Millions (http://www.iraq-businessnews.com/2014/04/18/warka-may-cost-us-army-millions/)Posted on 18 April 2014. Tags: Warka Bank (http://www.iraq-businessnews.com/tag/warka-bank/)

http://www.iraq-businessnews.com/wp-content/themes/IBN-Theme/thumb.php?src=http://www.iraq-businessnews.com/wp-content/uploads/2014/04/one_billion_dollars.jpg&w=250&h=180&zc=1&q=85 (http://www.iraq-businessnews.com/wp-content/uploads/2014/04/one_billion_dollars.jpg)Like a replay of the Great Depression, a bank in Iraq went under in 2010, nearly taking millions of American dollars with it.
According to a report from the Washington Times, Iraq’s Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq.
The Pentagon’s internal inspector general has said that since the bank was placed in receivership in November 2010, the US Army has been unable to readily withdraw cash.
The estimated loss of $5.4 million is only now coming to light because the disbursing officer in charge of the funds never reported the loss, the Inspetor General said, “because she believed she would recover these funds in the future.”
About $1.1 million has been repaid so far by the bank, inspectors said, but not getting the proper Defense Department debt payment experts involved immediately puts the rest of the cash — $5.4 million — at risk.

English Bob
05-15-2014, 11:58 AM
Warka May Cost US Army Millions (http://www.iraq-businessnews.com/2014/04/18/warka-may-cost-us-army-millions/)

Posted on 18 April 2014. Tags: Warka Bank (http://www.iraq-businessnews.com/tag/warka-bank/)

http://www.iraq-businessnews.com/wp-content/themes/IBN-Theme/thumb.php?src=http://www.iraq-businessnews.com/wp-content/uploads/2014/04/one_billion_dollars.jpg&w=250&h=180&zc=1&q=85 (http://www.iraq-businessnews.com/wp-content/uploads/2014/04/one_billion_dollars.jpg)Like a replay of the Great Depression, a bank in Iraq went under in 2010, nearly taking millions of American dollars with it.
According to a report from the Washington Times, Iraq’s Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq.
The Pentagon’s internal inspector general has said that since the bank was placed in receivership in November 2010, the US Army has been unable to readily withdraw cash.
The estimated loss of $5.4 million is only now coming to light because the disbursing officer in charge of the funds never reported the loss, the Inspetor General said, “because she believed she would recover these funds in the future.”
About $1.1 million has been repaid so far by the bank, inspectors said, but not getting the proper Defense Department debt payment experts involved immediately puts the rest of the cash — $5.4 million — at risk.




Does not bode well for our dosh

EB

oldskiier
05-15-2014, 03:34 PM
I still believe they will make all accounts good ..... Keep the faith :)

millionairetobe71
05-15-2014, 04:51 PM
I still believe they will make all accounts good ..... Keep the faith :)


Really ?.....they haven't answered my emails yet.....


MTB71

oldskiier
05-15-2014, 06:40 PM
This is a reply I received April 20, 014 :)

Dear Sir,


Below is the most recent statement issued by our good bank where currently we are waiting for the Central Bank of Iraq to proceed with setting a get well plan executing the court's order of fully rehabilitating the bank ensuring the adequate flow of funds ensuring solvency of the bank.


We appreciate your fine patience and understanding and will keep you and all our esteemed clients well posted of any new and positive developments.


Mohammad K. Issa
Deputy Managing Director
Senior Executive
Warka Bank for Investment and Finance




As posted on our website news bulletin the High Tribunal court has awarded all verdicts in favor of Warka Bank for Investment and Finance ordering the CBI to implement and execute the full rehabilitation of the bank the lifting and dismissal of the CBI Custodian Committee holding the CBI fully liable for financial and reputable damages where the full details of the court proceedings and related verdicts are posted on our website www.warka-bank.com (http://www.warka-bank.com) news bulletin.


Warka Bank for Investment and Finance is currently waiting for the CBI to follow in accordance with the court's decisions and verdicts executing the orders of the court where once this matter has been finalized Wark Stock will be re-trading accordingly.


Please follow our site regularly as we will keep our fine clients, shareholders and management well updated with the upcoming events…


Best regards,

Warka Bank for Investment and Finance

Will-it-happen?
05-15-2014, 07:03 PM
anytime very soon folks

ChinaGirl
05-15-2014, 07:21 PM
Really ?.....they haven't answered my emails yet.....


MTB71

Just send in the Marines....

I come in peace, I didn't bring artillery. But I am pleading with you with tears in my eyes: If you f**k with me, I'll kill you all.
Marine General James Mattis, to Iraqi tribal leaders


http://oldcorps.org/USMC/quotes.html