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View Full Version : Standard Chartered / Warka - Beyond A Coincidence ?



ChinaGirl
06-26-2014, 04:50 AM
All my opinion ... but this is looking fishy to me - Warka only needed 90 Mil. US to bail itself out but has still failed to do so (even with CBI assistance or otherwise) - note all the NEW Standard Chartered Branch refs. below (related posts) as Warka struggled / struggles to revive itself - Did Warka owners redirect our Deposits and the CBI "court ordered" windfall (was it already issued to Warka?) into the Standard Chartered (Baghdad) start up ? ...with the plan to run Warka into the ground and run off with Standard Chartered without us (or any foreign investors for that matter).... Just thinking out loud here ... I have to admit, a very cunning scheme if so ... and remember this all happened almost simultaneously ... again... all JMHO ... too many coincidences are never a coincidence ..

Categorized | Banking & Finance (http://www.iraq-businessnews.com/category/banking-finance/)

Warka Bank placed under ‘Guardianship’ (http://www.iraq-businessnews.com/2012/03/05/warka-bank-placed-under-guardianship/)

Posted on 05 March 2012. Tags: Iraqi Private Banks League (http://www.iraq-businessnews.com/tag/iraqi-private-banks-league/), Standard Chartered (http://www.iraq-businessnews.com/tag/standard-chartered/), 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/2012/03/Warka-Bank-3.gif&w=250&h=180&zc=1&q=85 (http://www.iraq-businessnews.com/wp-content/uploads/2012/03/Warka-Bank-3.gif) Iraq’s central bank has reportedly placed private bank Warka Bank under guardianship to supervise it through insolvency.
Warka Bank had been in talks (http://www.iraq-businessnews.com/2011/10/19/warka%e2%80%99s-good-news-is-bad-news/)with Standard Chartered Plc to sell a stake last year, but they were not successful.
According to the report from Reuters, Mudher Kasim, deputy governor of the central Bank of Iraq, said:
“We gave Warka a chance to have Standard Chartered to be a partner but that did not happen, so there was nothing we could do as a financial authority … but to intervene as a guardian.
“When the bank loses its capital, fails in its financial operation and faces an unsolved problem, the central bank according to its law, intervenes as a guardian and appoints a new temporary administration to run this bank.“
He said the central bank would appoint a new administration to run Warka Bank, which would be given a month to appoint an auditor to determine how to restructure it and whether it needs to sell assets to raise capital.
Abdul-Aziz Hassoun, executive director of the Iraqi Private Banks League, said in August Warka (http://www.iraq-businessnews.com/2011/08/22/standard-chartered-in-talks-to-buy-warka-bank/) needed less than 100 billion Iraqi dinars ($90 million) to enhance its liquidity.
(Source: Reuters)


Related posts:



CBI “Lifts Custody” over Warka Bank (http://www.iraq-businessnews.com/2013/09/02/cbi-lifts-custody-over-warka-bank/)
By John Lee. The Central Bank of Iraq (CBI) has announced that its board has decided to “lift...
Standard Chartered to Open First Branch in Kurdistan (http://www.iraq-businessnews.com/2014/02/08/standard-chartered-to-open-first-branch-in-kurdistan/)
By John Lee. British-based bank Standard Chartered is to open its first branch in Iraqi Kurdistan early next...
Barzani welcomes Standard Chartered to Kurdistan (http://www.iraq-businessnews.com/2014/03/04/barzani-welcomes-standard-chartered-to-kurdistan/)
Kurdistan Regional Government (KRG) Prime Minister Nechirvan Barzani welcomed the British international bank Standard Chartered to Kurdistan on...
Standard Chartered gets OK to Open Branches (http://www.iraq-businessnews.com/2013/09/07/standard-chartered-gets-ok-to-open-branches/)
By John Lee. Standard Chartered has received approval from the Central Bank of Iraq to open branches, according...
Standard Chartered Opens Branch in Iraq (http://www.iraq-businessnews.com/2013/11/28/standard-chartered-opens-branch-in-iraq/)
BBC reports that Standard Chartered has opened a bank branch in, Baghdad. Opening the branch, Prime Minister Nouri...

oldskiier
06-26-2014, 05:55 AM
I'd like to think Warka will stay... and Standard is a Silent partner at this point opening a branch in Iraq to keep their eye on their investment :) ....and our shares are just fine !!! REMEMBER.... we all had confidence in Warka because they were under the world bank and they had to operate under those rules.... :) JMHO :)

Screaming Eagle
06-26-2014, 12:03 PM
I'd like to think Warka will stay... and Standard is a Silent partner at this point opening a branch in Iraq to keep their eye on their investment :) ....and our shares are just fine !!! REMEMBER.... we all had confidence in Warka because they were under the world bank and they had to operate under those rules.... :) JMHO :)A bank silent partner would be illegal as all bank stockholders have to be transparent.

ChinaGirl
06-26-2014, 01:14 PM
A bank silent partner would be illegal as all bank stockholders have to be transparent.

Nothing happening in Iraq is "legal" - has not been for some time (well.. to our standards - they may think it's perfectly legal) ... "legally" the courts favored Warka (tutelage etc.) - months/years later have they been paid out or compensated to date ? (well..that we know of - unless Bunnia was indeed paid out and took it all in another direction - oh, but that would be "illegal")

Sorry not buying the illegal / legal scenario - it's "anything goes" and will be for some time.

ChinaGirl
06-26-2014, 01:20 PM
I'd like to think Warka will stay... and Standard is a Silent partner at this point opening a branch in Iraq to keep their eye on their investment :) ....and our shares are just fine !!! REMEMBER.... we all had confidence in Warka because they were under the world bank and they had to operate under those rules.... :) JMHO :)

Good point - I wonder how they are viewed by the WB now? Still on the books or have they been written off as a Bankrupt Bank ? - be interesting to contact them and get a reading.

ChinaGirl
06-26-2014, 01:27 PM
A bank silent partner would be illegal as all bank stockholders have to be transparent.

Also... not saying he is a stockholder - way to cunning for that... he (Bunnia) is on a whole different level. You just have to get a little creative - Standard Chartered bought their way out of a heavy money laundering charge - you don't think they can hide Bunnia or a numbered company somewhere in the books as a "consultant" ?

All my opinion, and it could be much more complex than that - but I'm confident he's involved somehow.

ChinaGirl
06-26-2014, 01:55 PM
I'd like to think Warka will stay... and Standard is a Silent partner at this point opening a branch in Iraq to keep their eye on their investment :) ....and our shares are just fine !!! REMEMBER.... we all had confidence in Warka because they were under the world bank and they had to operate under those rules.... :) JMHO :)


This was such a good point - I'll put my money where my mouth is ... just sent this (below) and got a confirm back....

Could you give me the World Bank "status" on Warka Bank Iraq please - it was put under "tutelage" by the CBI - but that was over ruled by the courts and the CBI (Central Bank Iraq) was ordered to pay restitution - do you have further information on this ? Is the bank still operational in your eyes ?
Please advise.
Thank you.
************************************************** *******************************************

Thank you for contacting the World Bank Group.

This is to confirm that we have received your inquiry and will get back to you as soon as possible.

Thank you.
External and Corporate Relations
The World Bank Group
www.worldbank.org (http://www.worldbank.org)

************************************************** ******************

I'll let y'all know how it goes :)

oldskiier
06-26-2014, 03:38 PM
Very cool "Girl".... hope you get a response !! :) good thinking :)

BatmaninIraq
06-26-2014, 04:00 PM
ChinaGirl,

Thanks for sharing...

tmorr37
06-26-2014, 05:58 PM
This is BS, put this in the BS Rumor section please
This is not Warka news but Opinions

ChinaGirl
06-26-2014, 06:14 PM
This is BS, put this in the BS Rumor section please
This is not Warka news but Opinions

I wondered when you would show up - get your head out the sand - this whole site is based on news and opinion - my opinions stem from and are based on news stories.

Also, "tmorr37" why are you even here ? - your signature reads "All Is Lost" - are you here to prolong your agony ... and ours ??

Screaming Eagle
06-26-2014, 06:27 PM
Nothing happening in Iraq is "legal" - has not been for some time (well.. to our standards - they may think it's perfectly legal) ... "legally" the courts favored Warka (tutelage etc.) - months/years later have they been paid out or compensated to date ? (well..that we know of - unless Bunnia was indeed paid out and took it all in another direction - oh, but that would be "illegal")

Sorry not buying the illegal / legal scenario - it's "anything goes" and will be for some time.You really think that Standard Charter, a international bank with tremendous creditable, would ruin it's reputation by hiding its involvement with a challenged bank in a third world country under siege. Do you realize the action that would be taken in and by every country in which they do business if it came to light they were committing and conspiring to commit fraud of their stockholders. They would be banned from business in several countries and fined heavily in others.

ChinaGirl
06-26-2014, 07:48 PM
You really think that Standard Charter, a international bank with tremendous creditable, would ruin it's reputation by hiding its involvement with a challenged bank in a third world country under siege. Do you realize the action that would be taken in and by every country in which they do business if it came to light they were committing and conspiring to commit fraud of their stockholders. They would be banned from business in several countries and fined heavily in others.


"Standard Charter, a international bank with tremendous creditable, would ruin it's reputation"

While your naivety is certainly endearing it is quite laughable as well .... nothing credible about Standard / Warka /CBI or Bunnia. Get Serious SE, where have you been the last 10+ years - I know you're seeing what the rest of us are here - how you interpret it though is beyond my comprehension.

I'm calling this group out - we'll see if I'm right or not eventually.

http://edition.cnn.com/2012/08/07/business/standard-chartered-iran-allegations/

ChinaGirl
06-26-2014, 07:55 PM
You really think that Standard Charter, a international bank with tremendous creditable, would ruin it's reputation by hiding its involvement with a challenged bank in a third world country under siege. Do you realize the action that would be taken in and by every country in which they do business if it came to light they were committing and conspiring to commit fraud of their stockholders. They would be banned from business in several countries and fined heavily in others.


Yes .. a bank with tremendous credibility ...

According to the order, an official in the bank's U.S. division warned top bank managers in London in 2006 that the bank could face "serious criminal liability," according to internal emails.
How was the warning received?
The warning was allegedly rejected by the recipient, who regulators say responded by writing in an email: "You f-ing Americans. Who are you to tell us, the rest of the world, that we are not going to deal with Iranians. [sic] "
According to the regulators, Standard Chartered's most senior management, "designed and implemented an elaborate scheme by which to use its New York branch as a front for prohibited dealings with Iran -- dealings that indisputably helped sustain a global threat to peace and stability."

Read on...

http://edition.cnn.com/2012/08/07/business/standard-chartered-iran-allegations/

tmorr37
06-27-2014, 05:33 AM
I wondered when you would show up - get your head out the sand - this whole site is based on news and opinion - my opinions stem from and are based on news stories.

Also, "tmorr37" why are you even here ? - your signature reads "All Is Lost" - are you here to prolong your agony ... and ours ??

Why am I here? I've been here since 2005. I have 8 different accounts with Warka
Who are you that Joined in 2013. What other alias do you go by
And Yes under the heading WARKEA NEWS I expect to find some fact or article then followed by opinion and discussion

Screaming Eagle
06-27-2014, 01:28 PM
Yes .. a bank with tremendous credibility ...

According to the order, an official in the bank's U.S. division warned top bank managers in London in 2006 that the bank could face "serious criminal liability," according to internal emails.
How was the warning received?
The warning was allegedly rejected by the recipient, who regulators say responded by writing in an email: "You f-ing Americans. Who are you to tell us, the rest of the world, that we are not going to deal with Iranians. [sic] "
According to the regulators, Standard Chartered's most senior management, "designed and implemented an elaborate scheme by which to use its New York branch as a front for prohibited dealings with Iran -- dealings that indisputably helped sustain a global threat to peace and stability."

Read on...

http://edition.cnn.com/2012/08/07/business/standard-chartered-iran-allegations/ If the bank has no creditability why would you want it to secretly own Warka. You want to do business with a bank that you think is not creditable.

Screaming Eagle
06-27-2014, 01:57 PM
"Standard Charter, a international bank with tremendous creditable, would ruin it's reputation"

While your naivety is certainly endearing it is quite laughable as well .... nothing credible about Standard / Warka /CBI or Bunnia. Get Serious SE, where have you been the last 10+ years - I know you're seeing what the rest of us are here - how you interpret it though is beyond my comprehension.

I'm calling this group out - we'll see if I'm right or not eventually.

http://edition.cnn.com/2012/08/07/business/standard-chartered-iran-allegations/Wher Yea, I have been here for 10 years. however I have never brought into any magical RV or the thousands of rumors stated and posted like your latest one. On a scale for rumors I would give it about as much credibility as a daily Oakie announcement of the impending RV. I'm calling this group out is beyond laughable. SC is the 11th largest company in the world and you are calling it out. I would call that delusions of glandular. Might want to check your temperature.

40plus
06-28-2014, 05:21 AM
Also... not saying he is a stockholder - way to cunning for that... he (Bunnia) is on a whole different level. You just have to get a little creative - Standard Chartered bought their way out of a heavy money laundering charge - you don't think they can hide Bunnia or a numbered company somewhere in the books as a "consultant" ?

All my opinion, and it could be much more complex than that - but I'm confident he's involved somehow.


Girl, you may be overdoing the righteous accuser thing..ever consider that Mr. Bunnia may in fact be an honest man who rejected Standard's offer because he was aware of the flagrant corruption of western financial institutions? Maybe he felt that Warka was not founded to be used for money laundering purposes as evidence points Standard 'danced' away from; the fine being "easily managed" per their spokesman.

I would venture to say Mr. Bunnia is neither dishonest nor a fool. To obtain the verdict from the courts and wait until Malaki is de-throned before Warka rises again may be the better part of valor. Maybe throw a little support to ISIS to help get rid of M?

40plus
06-28-2014, 05:42 AM
You really think that Standard Charter, a international bank with tremendous creditable, would ruin it's reputation by hiding its involvement with a challenged bank in a third world country under siege. Do you realize the action that would be taken in and by every country in which they do business if it came to light they were committing and conspiring to commit fraud of their stockholders. They would be banned from business in several countries and fined heavily in others.


Ok guys & gals...let's look at it from a different perspective. Maliki is an Iranian who's desire is to corrupt Iraq's revival and negate the Sunnis. Standard Charter wanted in on the action & Maliki was pissed Warka buzzed them off. Maliki attacks Warka, Standard finds another path to achieve it's goal. Warka knows that to rise up prior to Maliki's removal would waste treasure fending off additional attacks. This is a strong, family business that has successfully survived Saddam's reign...I believe they know what they are doing and will rise up from the ashes not only a winner, but respected among the honorable.

As for Standard Charter's rep.....ah...um....well, the fine was easily managed...tut, tut old boy, onward and upward!

baz
06-28-2014, 11:36 AM
Girl, you may be overdoing the righteous accuser thing..ever consider that Mr. Bunnia may in fact be an honest man who rejected Standard's offer because he was aware of the flagrant corruption of western financial institutions? Maybe he felt that Warka was not founded to be used for money laundering purposes as evidence points Standard 'danced' away from; the fine being "easily managed" per their spokesman.

I would venture to say Mr. Bunnia is neither dishonest nor a fool. To obtain the verdict from the courts and wait until Malaki is de-throned before Warka rises again may be the better part of valor. Maybe throw a little support to ISIS to help get rid of M?


ISIS have already said Malaki is on the hit list after capturing and killing the judge who gave Saddam the death penalty, and an Army General that had some dealings in it.

HumbleGenius
06-28-2014, 06:38 PM
ISIS have already said Malaki is on the hit list after capturing and killing the judge who gave Saddam the death penalty, and an Army General that had some dealings in it.
Which means ISIS or the people who now make it up were in cahoots w Saddam which means George Bush was right in going in under the cause of shutting down terrorist threats to the US.

haggisbasher
06-28-2014, 07:24 PM
Just read there that the US state dept. has just announced that it has 30,000 troops in the Iraq area ready to round up ISIL army of jihadists, this is going to get messy soon.

This is why I admire the US governments policy on terrorist ,lets not wait till the ISIL are ready, the US takes the fight into the terrorists own back yards and kick ass there.

Will-it-happen?
06-28-2014, 07:46 PM
lets hope Al-Bunnia(s) selling out to the like of Standard Chartered (SC share price approx £12) !!!

baz
06-28-2014, 09:33 PM
Which means ISIS or the people who now make it up were in cahoots w Saddam which means George Bush was right in going in under the cause of shutting down terrorist threats to the US.

Don't recall threats or actual terrorist actions to the US, or to the UK for that matter from Saddam, thought it was all about weapons of mass destruction and the stupid super gun, which did in fact turn out to be no more then old oil pipes, or sewage pipes, and as far as I understand no weapons of mass destructions or chemicals of any danger were found

Seems to me the only terrorist threat to either country has been due to the fact that both of our countries invaded Iraq and the muslims have retaliated, well they have in England anyway.

HumbleGenius
07-02-2014, 02:57 PM
Don't recall threats or actual terrorist actions to the US, or to the UK for that matter from Saddam, thought it was all about weapons of mass destruction and the stupid super gun, which did in fact turn out to be no more then old oil pipes, or sewage pipes, and as far as I understand no weapons of mass destructions or chemicals of any danger were found

Seems to me the only terrorist threat to either country has been due to the fact that both of our countries invaded Iraq and the muslims have retaliated, well they have in England anyway.

Well we did have that little incident on 9/11 that we dont want to forget about. My point really was that whole northern swatch of land across afganistan iran iraq and into Syria is a terrorist breeding ground. Always has been. We needed then and we need now to go into all of that area and clear it out.

baz
07-02-2014, 05:09 PM
Well we did have that little incident on 9/11 that we dont want to forget about. My point really was that whole northern swatch of land across afganistan iran iraq and into Syria is a terrorist breeding ground. Always has been. We needed then and we need now to go into all of that area and clear it out.


Thought 9/11 had nothing to do with Saddam? isn't that why you blew the shit out of Afghanistan? yes fully agree it does need a drastic clear out but as it's been proved by what you did with Afghanistan after 9/11 unless you kill everyone down to the last man they keep on coming, from my understanding in Iraq at least Saddam kept them under control because he hated them, and they feared him, it has also been mentioned that bush and blair didn't like his human rights issue's....Or rather the lack of them, seems his worked a little better then ours has though.

Personally I think if Saddam was still in Iraq and ISIS took a walk into Iraq he might have wiped them out wholesale, but then they wouldn't have done that anyway knowing how he was.

If the whole of the Iraq forces after being trained by two of the best armed forces in the world i.e., American and British, cant do the job it's about time they were left alone to sort their own mess out.

maintumsehun
07-03-2014, 07:40 AM
Hi Dear Fellows...

I want to sell my stock that have been purchased by Warka on my behalf..I have emailed them but they are not responding... Please anybody guide me


Regards

Will-it-happen?
07-03-2014, 06:00 PM
Hi Dear Fellows...

I want to sell my stock that have been purchased by Warka on my behalf..I have emailed them but they are not responding... Please anybody guide me


Regards



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