BIME Distribution

[Makemony]

Just received notification from Warka that my Middle East Bank shares were transfered to my name. Although I didn't get a confirmation that the most recent 25% distribution was credited to my account, the spreadsheet indicates the number of shares converted includes the distribution.

[HumbleGenius]

BIME has declared a 10% cash dividend for 2012 and 2013 results. I wonder:
1) if Warka even has anyone left to represent/accept the transactions on our behalf for the execution of them.
2) will we even see it posted to our accounts.
3) will they have the gaul to accept the funds knowing they will be redirected and the funds wont really be in our accounts.
4) will the ISX shut down the 'Warka Brokerage' since it knowingly does business w a failed bank.

So many more questions......

[40plus]

BIME has declared a 10% cash dividend for 2012 and 2013 results. I wonder:
1) if Warka even has anyone left to represent/accept the transactions on our behalf for the execution of them.
2) will we even see it posted to our accounts.
3) will they have the gaul to accept the funds knowing they will be redirected and the funds wont really be in our accounts.
4) will the ISX shut down the 'Warka Brokerage' since it knowingly does business w a failed bank.

So many more questions......

I may be wrong, but I think Warka is more of a crippled bank than failed. Cripples can make astounding recoveries.

[HumbleGenius]

I may be wrong, but I think Warka is more of a crippled bank than failed. Cripples can make astounding recoveries.

Agreed. Sort of pisses me off the ISX is letting a broker (Warka brokerage which is supposedly a separated entity from the bank) to continue in business w out providing the services stated/required to maintain licensing as a broker on the exchange. However, I knew the risks going into this so it is what it is when dealing w a 4th world group of people.

[Will-it-happen?]

remember that Warka brokerage uses Warka banking services

[HumbleGenius]

remember that Warka brokerage uses Warka banking services

Agreed, to maintain their licensing they should be making arrangements w another bank to do business and then notify their clients w the process to setup accounts w the new bank. Or they should be shut down by the ISX since they are not performing as required and stated in the rules for holding a ISX brokers license.