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Will-it-happen?
10-28-2014, 02:41 PM
I just had an email from a lawyer based in Iraq who informed me that although Warka won their court case the decision isnt final and could take a couple more months to resolve.

You can file a claim to get your money back, but your chances are slim

Will-it-happen?
10-28-2014, 02:59 PM
However if Warka return you should be able to get all your money back (although didnt say anything about compensation)

I also assumed he meant the ISX dept would compensate us too

Will-it-happen?
10-28-2014, 03:10 PM
This lawyer (international company, established) has informed me that he would be happy to represent us

Would anyone be interested in getting some firm answers from Iraq about Warka ?

Post responses here please

dinar_dude
10-28-2014, 04:25 PM
Do we actually have to hire a lawyer to get some straight answers from the bank, though? Maybe this lawyer could engage with the ISX or the ISC to see what our rights are or if they will honor our investments in the ISX.

Will-it-happen?
10-28-2014, 04:39 PM
Do we actually have to hire a lawyer to get some straight answers from the bank, though? Maybe this lawyer could engage with the ISX or the ISC to see what our rights are or if they will honor our investments in the ISX.

You will get your money back , just need to wait

however if u want damages ( and a voice over there ) then $$$$$$$$$$$

dinar_dude
10-28-2014, 04:49 PM
I appreciate you sharing this with the group, and being proactive on it, WIH.

investindinar
10-28-2014, 09:03 PM
I just had an email from a lawyer based in Iraq who informed me that although Warka won their court case the decision isnt final and could take a couple more months to resolve.

Iraq just replaced Mr. Abdul Basit Turki Saeed with a new Governor of the Central Bank - Mr. Ali Mohsin Ismail - only last month.

link: http://www.iraq-businessnews.com/2014/09/12/central-bank-gets-new-governor/

I thought it would be only a matter of time before they replaced Mr. Turki, who only recently replaced Sinan Al Shabibi, with a new Central Bank Governor. That might expedite things a bit.

The delay in allowing Al Warka to resume business as usual seems to be due to the resolution of Al Warka's compensation for damages to their brand and clients as a result of the unnecessary custodianship it was placed under by the Central Bank in 2012 (my opinion).

Either way, as long as the money is collecting interest, and as long as stocks held in proxy are safe and accounted for, no one is going to lose any money or stock shares.

Just my 2 dinars worth.

- investindinar

40plus
10-29-2014, 07:54 PM
Iraq just replaced Mr. Abdul Basit Turki Saeed with a new Governor of the Central Bank - Mr. Ali Mohsin Ismail - only last month.

link: http://www.iraq-businessnews.com/2014/09/12/central-bank-gets-new-governor/

I thought it would be only a matter of time before they replaced Mr. Turki, who only recently replaced Sinan Al Shabibi, with a new Central Bank Governor. That might expedite things a bit.

The delay in allowing Al Warka to resume business as usual seems to be due to the resolution of Al Warka's compensation for damages to their brand and clients as a result of the unnecessary custodianship it was placed under by the Central Bank in 2012 (my opinion).

Either way, as long as the money is collecting interest, and as long as stocks held in proxy are safe and accounted for, no one is going to lose any money or stock shares.

Just my 2 dinars worth.

- investindinar

Good post, I agree.