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Thread: Book of the Securities Commission on the request for shares of Warka Bank for Investm

  1. #11
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    Very True B


    Quote Originally Posted by Brazileiro View Post
    thanks for the translations. Looks like warka still doesn't have their house in order.

    I don't think anything good came of the "get well plan" yet or I'm sure warka would have released the good news. At least I've never heard of a company withholding good news from clients or the public.

  2. #12
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    ISC declined Al-Warkaa Investment Bank (BWAI) request to be relisted

    ISC declined Al-Warkaa Investment Bank (BWAI) request to be relisted until the bank fulfills listing and banking requirements.

    http://www.rs.iq/iraq_news/view/10214

  3. #13
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    I thinks it's coming. In view of all that has happened, civil war, factional attacks on bank, drop in oil prices, etc it will take some time. I believe the new US administration will help speed Iraq'a (and therefore Warka's) recovery.

    I can understand Warka having many civil suits filed..but my attitude during the bank's down fall was to wait & see what happens, rather than sue for something they could not avoid happening. I'm not into kicking the underdog. $$
    [Still kicking]

  4. #14
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    Well said and I totally agree.

    Quote Originally Posted by 40plus View Post
    I thinks it's coming. In view of all that has happened, civil war, factional attacks on bank, drop in oil prices, etc it will take some time. I believe the new US administration will help speed Iraq'a (and therefore Warka's) recovery.

    I can understand Warka having many civil suits filed..but my attitude during the bank's down fall was to wait & see what happens, rather than sue for something they could not avoid happening. I'm not into kicking the underdog. $$

  5. #15
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    They need a boat load of cash from the CBI, until they get that they are going nowhere IMO.

  6. #16
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    Quote Originally Posted by buck74 View Post
    They need a boat load of cash from the CBI, until they get that they are going nowhere IMO.
    I agree. Some still argue that a rise in rate would allow the country to buy it's way to recovery, with others giving the same reasons why not..it would make Iraq an import country with only one export resource, etc. But, like you said, without cash (value) they go nowhere.
    [Still kicking]

  7. #17
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    Quote Originally Posted by RogueTurtle View Post
    Translation is rough, hope someone can do better.

    My personal thoughts are in brackets ( )

    The short version is:

    Warka Bank's request to be relisted on the ISX was denied for the following reasons:

    1. The partners shares has to equal 100% of the paid capital of the bank, they have a deficit of -323 B ID. (not sure of exact meaning)
    2. The amount allocated for (uncertain debts) is not enough. (This is prob. related to the poor collateral mentioned a couple years ago)
    3. There are cases/claims against the bank involving large amounts of money. (pending civil cases???)
    4. Warka bank made no profits in the last 2 years, and reported a loss of 42.29 B ID in the years 2014 and 2015. (Unclear if that was the total for both years or the amount per year)
    Lets have some fun, response is order to the points above:

    1) Warka was about 95B IQD at the time of 150% paid ups were offered. Bunnai controlled the move and didn't fulfill his paid up shares. I.E created the deficit, but not 323B, just under half that.
    2) If the CBI released Warka from custody, what the hell are uncertain debts? Wouldn't the CBI know that before releasing them from custody?
    3) This is the Black Swan event. Who knows what Warka won via the CBI scandal, who knows what they owe. Legal cases go both ways.
    4) If that statement is true, why would the CBI ever release them from guardianship? There's something fishy in the air...

    There is an outlying factor...has anyone else noticed the Saudi olive branch delivered to Iraq. We're talking separate radical political parties uniting, very interesting times indeed.

  8. #18
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    LOL....this is Iraq we are talking about. We can't really analyze and come up with conclusions about a country that has gone through all the crap they have gone through in the last 20+ years. Think about all the maladies and misfortunes a country can face, and Iraq has done it more than twice. Yes, many of it is, in my opinion, self-inflicted, but still.....

    I guess the baby needs to learn how to crawl before walk....and Iraq is still in that crawl stage....
    "We are ready for an unforeseen event that
    may or may not occur." --Al Gore, VP :swear:

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