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Thread: CBI announces its guardianship "Warka" and waving his elimination

  1. #21
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    Quote Originally Posted by Fishindinar View Post
    Unless he already raided Warka, I can't see anyone just walking away from owning a bank.
    Good Point Fish..
    DINAR INDEX.COM London UK - Investments in the New Iraq - Currency Buy/Sell - ISX (Iraqi Stock Exchange) Facilitation - Iraqi Banking Services - Facebook.com/DINARINDEX - IIF Member since 2005

  2. #22
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    It's the most wonderful time of the year ..... la la la la la laaaa ... eat, drink and be merry everyone
    :thinking: what, no blini? :headbang:

  3. #23
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    The Bunnia family are the Rockerfellows of Iraq.Go to their web site Al-Bunnia.com and see their VAST holdings.Surely,unless Saad Al-Bunnia is on the "outs " with the family,they can raise the money.Secondly, if I were about to lose EVERYTHING,I would go back to Standard Charter, "with my hat in my hand ",and agree to give up 51 %. Maybe the CB has already made arrangements with SC to take over after Al-Bunnia (a Sunni )is gone.You know,Maliki is "getting rid of his competition,especially the Sunnis!!

  4. #24
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    Folks; You can find the greatest authors in the world and they could NOT write a script like what is transpiring in IraQ!!!!

  5. #25
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    Hi all... It's been a long time. In This article http://www.iraq-businessnews.com/201...ness-tensions/

    Bunnia says “They don’t want a strong bank to operate and compete with state banks,” said British-educated Bunia, a member of one of Iraq’s old and wealthy merchant families, who accuses authorities of waging a campaign to undermine the bank"

    With the report going on to say..."The saga also shows how political divisions plague business in Iraq. The controversy over Warka has polarised government officials and members of parliament, highlighting a rift between the Shi’ite-led government and a Sunni Muslim community which lost political dominance because of the U.S. invasion in 2003, [U]but which still retains considerable economic power[/U]. <(Importnat part)

    However the Central Banks DG argues "The custodianship decision was prompted by growing liquidity problems at Warka, its difficulties in meeting depositor withdrawals, and its failure to reach an agreement in talks with Standard Chartered on the foreign bank acquiring a majority stake" And..."The bank expanded by giving loans – it appeared collateral for these loans was weak. What concerns us foremost is the stability of the financial sector and depositors’ rights, and thirdly shareholders’ rights" But pointed out... “This is not a bad bank and was one of the best private banks in terms of assets, technology and the number of its branches, which constituted more than a quarter of private bank branches” in the country"

    Me... I think it's a little of both. However you all were pretty spot on.
    "Faith without works...
    IS DEAD."

    Advocatus Diaboli / Fidei Defensor

  6. #26
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    Hi all... It's been a long time. In This article http://www.iraq-businessnews.com/201...ness-tensions/

    Bunnia says “They don’t want a strong bank to operate and compete with state banks,” said British-educated Bunia, a member of one of Iraq’s old and wealthy merchant families, who accuses authorities of waging a campaign to undermine the bank"

    With the report going on to say..."The saga also shows how political divisions plague business in Iraq. The controversy over Warka has polarised government officials and members of parliament, highlighting a rift between the Shi’ite-led government and a Sunni Muslim community which lost political dominance because of the U.S. invasion in 2003, [U]but which still retains considerable economic power[/U]. <(Importnat part)

    However the Central Banks DG argues "The custodianship decision was prompted by growing liquidity problems at Warka, its difficulties in meeting depositor withdrawals, and its failure to reach an agreement in talks with Standard Chartered on the foreign bank acquiring a majority stake" And..."The bank expanded by giving loans – it appeared collateral for these loans was weak. What concerns us foremost is the stability of the financial sector and depositors’ rights, and thirdly shareholders’ rights" But pointed out... “This is not a bad bank and was one of the best private banks in terms of assets, technology and the number of its branches, which constituted more than a quarter of private bank branches” in the country"

    Me... I think it's a little of both. However you all were pretty spot on.

    Oh and P.S. Khalil al-Bunnia (Saad's Brother) Ownes the family business but not the bank. Last I heard a long time ago Saad fell out of the familys graces when he purchased one of the largest buildings in Baghdad without Khalil's permission. Something about that being behind Saad's detention by CF but later released.
    "Faith without works...
    IS DEAD."

    Advocatus Diaboli / Fidei Defensor

  7. #27
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    Good to see you posting, Jerry, from another 'ole timer'. Merry Christmas!

    Quote Originally Posted by Jerry View Post
    Hi all... It's been a long time. In This article http://www.iraq-businessnews.com/201...ness-tensions/

    Bunnia says “They don’t want a strong bank to operate and compete with state banks,” said British-educated Bunia, a member of one of Iraq’s old and wealthy merchant families, who accuses authorities of waging a campaign to undermine the bank"

    With the report going on to say..."The saga also shows how political divisions plague business in Iraq. The controversy over Warka has polarised government officials and members of parliament, highlighting a rift between the Shi’ite-led government and a Sunni Muslim community which lost political dominance because of the U.S. invasion in 2003, [U]but which still retains considerable economic power[/U]. <(Importnat part)

    However the Central Banks DG argues "The custodianship decision was prompted by growing liquidity problems at Warka, its difficulties in meeting depositor withdrawals, and its failure to reach an agreement in talks with Standard Chartered on the foreign bank acquiring a majority stake" And..."The bank expanded by giving loans – it appeared collateral for these loans was weak. What concerns us foremost is the stability of the financial sector and depositors’ rights, and thirdly shareholders’ rights" But pointed out... “This is not a bad bank and was one of the best private banks in terms of assets, technology and the number of its branches, which constituted more than a quarter of private bank branches” in the country"

    Me... I think it's a little of both. However you all were pretty spot on.

    Oh and P.S. Khalil al-Bunnia (Saad's Brother) Ownes the family business but not the bank. Last I heard a long time ago Saad fell out of the familys graces when he purchased one of the largest buildings in Baghdad without Khalil's permission. Something about that being behind Saad's detention by CF but later released.
    The POTUS, Barack Hussein Obama, (aka Barry Soetoro) continues to prove that he is now the MOTUS - Marxist of the USA with much more collateral damage yet to come.

  8. #28
    Supporter and Investor! calstar's Avatar
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    Hi Jerry, thanks for post. Its been a long time you ole salt.

  9. #29
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    Page 30 of http://www.albunnia.com/

    Investments:

    Al Bunnia Group maintains and [sic] investment portfolio which holds shares in publicly-traded companies. Al Bunnia Group holdings include:


    Iraqi National Bank
    Al Warka’ Bank
    Ahlia Insurance Company
    Baghdad Company for Soft Drinks ( Pepsi Cola Company )
    Al Razi Chemicals and Cosmetics Company
    Iraqi Packing and Canning Company
    National Company for Chemical Products and Plastics
    Last edited by Hue Mi; 12-26-2012 at 08:24 PM.


  10. #30
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    According to the CBI Saad Bunnia has till 1st January 2013 to make or break Al-Warka,wonder if he will pay the 200 million USD capital to keep it trading or will he merge,don't want to think about the other option,hope it works out for everyone,,good luck to all us Al-Warka investors we should know soon.
    Last edited by haggisbasher; 12-26-2012 at 10:50 PM.

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