Warka Capital Increase 03-15-2018

[Kadeda]

James. Do we need to have a bank account in Iraq for Al Karmal to wire funds to us? I don't have a working bank account there as Warka isn't active. I'm leaving about 10% of my original buys in Al Karmal but want to get 90% back as I think stock markets worldwide will be in slowdown soon.

[James]

Kadeda I am in the same boat. As I mentioned before I have wired to Al Karmal but have not ask them to wire funds back. In that case Al Karmal would initiate the sell of stocks on your behalf then using their bank (Bank of Baghdad) they could wire the funds to your bank which I assume is here in the US.

[Kadeda]

Thanks James. Appreciate your reply. I will let everyone know here how it went.

Note to all: Has anyone successfully had their funds wired back from Al Karmal yet? This is something that it's in all our interests to know regarding Al Karmal and other brokers. The idea of investing is to not lose our money after all.

Al Karmal staff, if you're reading this, feel free to reply to give reassurance and confirmation of process.

[James]

Here is my contact at Al Karmal . Ask him the process of wiring back funds and any fees involved.

taha (at) isx-karmal (dot) com

[calstar]

<strong>James<br>
<br>
Contacted Mr Taha about receiving stock dividends from Al Mansour Phama. They ran out of money paying out stock dividends. So we wait for the reinstatement.</strong>

[James]

Wow that stinks.

[Will-it-happen?]

Any further updates on the capital increase?

[investindinar]

Anyone have any luck with the proxy shares transfer first announced on January 24, 2018? I'm not having any luck at all with getting information from Al Warka, Al Rassam, M. K. Issa, or 3044 or anyone else.

The only thing that I receive is a repetition of the instructions to submit a colored copy of my passport, etc., which I did within the adjusted deadline. I'm beginning to think that they liquidated my stock positions, didn't transfer anything over to the ISX, but refuse to admit it.

investindinar

[James]

If they liquidated any of your stocks would it not show up in your Warka account as a deposit? (We would assume)
If not maybe you will be able to transfer these shares still because they did not evaporate.
Have you tried al-wasata.co (at) warka-bank-iq (dot) com? I once got an email from them when I had a stock question.

[investindinar]

The email you described in your response to my post is exactly whom I've been communicating with for the last 18 months. Anyway, I think they vaporized my stock holdings, deposited everything into my current account with Al Warka, and never opened an account with the ISX under my name. Beginning in March of 2018, I did see substantial deposits into my current account without any explanation. To be honest, I think they had no intention of doing what they promised anyway. They used that announcement to liquidate everyone's position even though efforts were made to comply with the required documents within the deadlines. I've thought about getting legal counsel involved, but that may turn out to be a worse alternative.

What's more, I think they are reticent to admit their actions to my numerous requests for information on their status, either due to gross incompetence, or simply because they never really had any intention of following through with their promise to transfer all stocks in proxy following that announcement, as I mentioned earlier.

investindinar