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Thread: Iraq places Warka Bank under guardianship

  1. #101
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    Quote Originally Posted by opportunist View Post
    Se you are correct in stating that the fault for purchasing shares always falls on the shareholder. But...

    I helped organize two banks in the US and in every case the directors participated in the share offerings and the directors always voted in favor of what was best for the shareholders. Bunnia made a bad decision to not sell to Charter based upon giving up majority interest.

    In my opinion he should have never made the offering had he had no intention of participation especially since it was done to raise capital to get his butt out of a jam. For the record I did not excercise my right to purchase the shares.
    We have no idea of the negoiations. We don't even know if a share price was offered, we don't know for sure if he refused simply because of majority interest or for many other reasons that are not reveled. What if the squeeze was 50% of market price and share holders forced to sell. Been done many times. I do know that one does not spend two years just just debating majority interest. In this new world it seems to be the fashion that one be forced to sell their company weather they wish to or not and that people are not responsible for their own actions if they can pin the blame else where. Why did you not purchase the shares? I didn't either.
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  2. #102
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    Quote Originally Posted by Kickabuck View Post
    I expect losses, that isn't the point of this thread at all. My point is to draw attention to warka's stance, and your lack of ethics supporting it. You act like it's normal, and it's not.
    Again with out facts you attack me for a lack of ethics because I will not join in a witch hunt with you. In all of this you fail to note that if Warka fails who loses the most. In case you don't know its Bunnia that would lose the most as he by far is the most invested.
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  3. #103
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    SE, it's ok if you don't recognize the facts presented regarding warkas failed attempt at raising paid up capital.

    I'm also betting that you're so firmly dug into the warka camp, that even if warka goes bankrupt, you will still say they had the right to collect 150% paid ups. Notice my wording, "they had the right" which by LAW they did, it will never cross your mind wheather it was right or wrong.

    I'm done with this thread, I still have 13 other banks within the ISX, I see majority shareholders spending billions and billions of dinar toward paid ups...some even have enough guts to pony up 1 dinar per share with the selling price well below that. I'm in for the long haul in the ISX, I'm sure our paths will cross again.

    I apologize for questioning your ethics, I don't know you and don't have that right...I do question your logic though :)

  4. #104
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    It should be clear to everyone by now that the family who owns the bank has never been in a situation where - what he has built will now be turned over to the big guys. This is clearly a hostile take over through under hand legal means. The big guys understand that long term control of Iraq or the Middle East will not be through Military means, but through Monetary means assisted through the military. At the end of the day, Big banking will have what they want - the question really is how much is warka willing to loose to only see the inevitable.

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    well said Jonas......
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  6. #106
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    Quote Originally Posted by jonas View Post
    It should be clear to everyone by now that the family who owns the bank has never been in a situation where - what he has built will now be turned over to the big guys. This is clearly a hostile take over through under hand legal means. The big guys understand that long term control of Iraq or the Middle East will not be through Military means, but through Monetary means assisted through the military. At the end of the day, Big banking will have what they want - the question really is how much is warka willing to loose to only see the inevitable.
    You just said it all.... Iraq is going to bring Warka into the global market one way or the other...
    Can't understand normal thinking

  7. #107
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    SE
    It was always represented as a partnership, Not an outright purchase. Any type of haircut to stock value would have been better than the potential loss of listing. The problem with Bunnia was giving up majority interest. I did not purchase the shares due to the fast expansion of branches knowing its eventual hit to the PE. I still believe that this dance is not over for Warka. Someone needs to wake up management.
    "Bankers own the Earth, Take it away from them but leave them the power to create money and control credit and with the flick of a pen they will create enough to buy it back"- Sir Josiah Stamp former President Bank of England.
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  8. #108
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    Deputy Governor of Central Bank: Warka Bank
    Deputy Governor of Central Bank: Warka Bank will repeat itself and the imposition of guardianship to ensure that depositors' money
    Saturday 03/17/2012



    Baghdad (news) .. Deputy Governor of the Central Bank of the appearance of Mohammed that Warka Bank is able to recover himself again that he has guarantees of real estate of up to (250) billion dinars, and multiple branches in the country, noting that the trusteeship was to keep the funds of depositors and financial stability in the country.

    Saleh said (of the Agency news) said on Saturday: The Central Bank commissioned an observer of the accounts, prepare a special report Bank of Warka to show whether it is able to restore itself to be help by the Central Bank or need to hire a new management temporary until payment of the debt owed ​​on it.
    and the likely benefit: Enables the Warka Bank to regain their financial capacity to have the great potential and guarantees of real estate amounting to (250) billion dinars in addition to that it has approximately (120) branches in all provinces can be through reduced that provides cash flow significantly.

    He explained: that the central bank's decision to impose custody of the Warka Bank was to maintain financial stability in the country and to preserve the depositors 'money because most of them ordinary citizens and shareholders' funds by asserting that the trusteeship would be (18) months and is renewable if the bank is unable to recover the same again.

    The central bank announced on the status of the Warka Bank under trusteeship after the failure of talks with Standard Chartered Bank, which began in April 2011 to buy a stake in it, stressing that it will set a new administration soon.

    It is noteworthy that the Board of Governors in the Iraqi Stock Exchange decided to write off a company Warka Bank from the market, in accordance with paragraph IX of Article V of Instructions No. three amended for the year 2011, which provides for the write-off company from the listing if the stoppage of circulation for six months without taking appropriate action to appeal, pointing out that the Warka Bank is turned off from trading since the eighth of February 2010 and the Warka Bank for Investment and Finance, which was established in 1999, (130) branches and (350) ATMs in all parts of Iraq.

    http://www.ikhnews.com/news_view_36268.html

  9. #109
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    I guess that I am hopeful about this statement to ensure shareholders funds. Certainly not doing any cartwheels or anything, but I like the fact that this statement is coming from the Central Bank.

    He explained: that the central bank's decision to impose custody of the Warka Bank was to maintain financial stability in the country and to preserve the depositors 'money because most of them ordinary citizens and shareholders' funds by asserting that the trusteeship would be (18) months and is renewable if the bank is unable to recover the same again.
    Last edited by buck74; 03-17-2012 at 01:26 PM. Reason: typo
    2012 - "The Year of the ISX"!!!!!!

  10. #110
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    Folks; Your dinars (or dollars) on deposit in WARKA BANK are SAFE;So are your stocks in the ISX thru Warka brokerage; It is still uncertain about your Warka stock. We will simply have to "wait and see"!

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    "that Warka Bank is able to recover himself again that he has guarantees of real estate of up to (250) billion dinars, and multiple branches in the country" , "and the likely benefit: Enables the Warka Bank to regain their financial capacity to have the great potential".

    Sounds to me that the Trusteeship has already made some determinations as to Warkas health. I actually like the fact that the trustee will be there for 18 months. I could also see the CBI using warka to address many National banking issues.
    "Bankers own the Earth, Take it away from them but leave them the power to create money and control credit and with the flick of a pen they will create enough to buy it back"- Sir Josiah Stamp former President Bank of England.
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  12. #112
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    Quote Originally Posted by War Eagle View Post
    Folks; Your dinars (or dollars) on deposit in WARKA BANK are SAFE;So are your stocks in the ISX thru Warka brokerage; It is still uncertain about your Warka stock. We will simply have to "wait and see"!
    a little more each time! so now what have they told you about warak stocks?? more than youre telling us! we all there is way too many in circulation!!!!

  13. #113
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    Quote Originally Posted by buck74 View Post
    I guess that I am hopeful about this statement to ensure shareholders funds. Certainly not doing any cartwheels or anything, but I like the fact that this statement is coming from the Central Bank.

    He explained: that the central bank's decision to impose custody of the Warka Bank was to maintain financial stability in the country and to preserve the depositors 'money because most of them ordinary citizens and shareholders' funds by asserting that the trusteeship would be (18) months and is renewable if the bank is unable to recover the same again.
    wouldnt get too excited! whats the percentage of accounts that are owned by foreigners???? and how many foreigners have shares????

  14. #114
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    Parliament is preparing to host the managers of private banks and the Central Bank
    03/17/2012 20:02:13


    BAGHDAD (Iba) .. In a move described by a member of the Economic Commission parliamentary Nora Albjara, the mission to end the dilemmas faced by the Iraqi banking sector, revealed that its Committee agreed to host the managers of private banks and also manage the Iraqi Central Bank, in order to create legal frameworks for the development of this important sector, which is the main gate to attract investment and development the economic reality of Iraq.

    Club journalists, economists in Iraq, the transfer of statements to a member of the Committee on Economics Nora Salem Albjara, stressed that its committee looked at several meetings of the topic problems faced by the banking sector recently, especially after the recent decisions announced by the Central Bank of Iraq to stop dealing with the North Bank and the withdrawal of government deposits from the private banks in full the decision issued by the Ministry of Finance, then the decision to impose the tutelage of the Central Bank to Warka Bank Ahli.

    She said the Commission concluded that a strategy Mnchanha solve these problems through the host managers of all private banks in order to present the problems that hinder the work of their banks and ways to improve them, then we will decide these problems in the form of paragraphs will be displayed on the management of the central bank, and then will extend invitations to experts, academics specialized banks to raise views of both the private banks as well as the central bank, in order to find solutions to them.

    As if there is a possibility to translate the conclusions of those meetings of the laws, she said Albjara, yes this is possible, as everyone knows that most of the laws approved in both during the former regime or after 2003 suffer from Tgratwoogod texts do not fit and the rapid developments taking place in Iraq on the economic level and other sectors, legal, social and others, here and on the grounds that Parliament exercises two roles are important and they control the executive branch as well as the legislation of laws that go by the authority mentioned, it is possible to collect all the proposals and exploited either to amend previous laws or adoption of new laws regulating the banking sector, and remove impediments his face.

    She Albjara it as a member of the Committee on economic consideration for such a decision issued either by the executive authority represented by the Ministry of Finance or the Central Bank, as a mirror reflecting the validity of the Iraqi environment for the development and attract investment, which are always looking for stability and the legal environment appropriate and the guarantor of his works, and that is always going to be patient in Stockade any resolution that would tarnish this image.

    Prior to the Central Bank of Iraq and a week ago from now to announce the imposition of the trusteeship full Warka Bank Ahli who Aaadahadd largest private banking institutions in Iraq, he manages more than 181 branches in cities across Iraq, which caused a wave of criticism of the Bank, especially as it is a guardianship fifth of its kind on the banks, but that the central bank defended his decision as it is one of the means by which to improve the functioning of the bank in case Tlkuh show in its business and also protect the interests of depositors and customers.

    Of Jhthorteur Warka Bank Ahli filed a lawsuit against the Central Bank of Iraq and accused him of issuing a decision of the Trusteeship illegally, according to Deputy Managing Director, who explained that his bank called on the competent courts overturn the trusteeship because of doubts that there are points pushed for this resolution and mean competitors, and also doubts Banaaked The World Bank board at a late hour of the night to approve such an order, not to mention that Warka has not announced Avlasshuan reluctance was due to the decision of the Ministry of Finance to withdraw government deposits and hit a then $ 800 billion dinars for the state, in addition to the decisions of the Central Bank that do not have to do with any legal action, including closure of 50 branches of the bank and prevent it from entering the auction Alamlhouhty the stock market.

    He continued that we Manfezon claim against the Central Bank of compensation for damage caused by us, and since 2009 has prevented the Bank from participating in the auction currency and it has nothing to do the position of the bank, and also decided to close 50 branch without justification.

    Iraqi government's position was Dhaha through the Economic Committee, chaired by Deputy Prime Minister Ruz Nuri Shaways, who announced that the government is supportive of the development of the private sector of all kinds, especially the private banks that decide coverage system granting bank guarantees for foreign companies operating in Iraq for amounts less than $ 4 million.There are a number of recommendations and decisions that are in favor of the private sector will be adopted government.

    Finance Minister Rafie al-Issawi said in a news conference in Amman and Iraq after the end of the meetings of the World Bank to discuss the budget of 2012, without counting the legal guardianship decision, accusing the central bank to exercise the powers are not right.

    He said such a decision, according to the laws should begin to lift a recommendation or proposal to the Minister of Finance recommendation and after the failure of other solutions, then we have such as the Ministry of financial re-answer the central bank either the decision of guardianship or other solutions, they returned it that would negatively affect the reality of investment and will fear in the hearts of investors foreigners.

    Chairman of the Board of Directors of banks, the economy Husam Obeid said in a statement that there Aalaama gap between public and private sectors in this country, and began to break four years ago when the Ministry of Finance has decided to withdraw government deposits from fully private banks.

    And the slaves that in America alone, 235 U.S. banks suffer from failures in their work and the U.S. Federal Bank is working to address the failures and supports it, while we find here and all government departments including the Central Bank abandoned the private banks.

    Member of Finance Committee Faleh Djiashiwcef For his part, the nature of competition among private banks to (unfair), and asserts that it is far from the applicable specifications of the competition by the World Bank.

    Questioned Djiashi that there is who is behind such decisions and the means (the decision of the Trusteeship) on the Warka Bank NCB, noting that the parliament and the government stand by strengthening the private sector, but that does not intersect with the principle should be that there would be mechanisms to protect the citizen, but must be taken gradually and start better, such as providing a loan for the troubled bank or suffering from drought in liquidity, and this is what is universally applicable.

    He revealed that in many cases Chksna a conflict and the intersection between fiscal policy and monetary, and since the central bank independent in its decisions, unfortunately, I find the continuing effects of the Government to the Central Bank and a blatant interference by the government in the affairs of the bank and as if reminiscent of what was acting by the former regime with the Central Bank, and there are characters inherited the former is thought that contributed to the Ministry of Finance to take such decisions.

    He expressed his Djiashi surprise extreme of the resort's central bank and directly to resolve the latest in a series of solutions prescribed by its own law for the year 2004, namely the imposition of trusteeship, but we find that all the world's central banks step in to support banks her in the event of a financial crisis and was done recently in America, But even now in Iraq will not get to the mentality of a sophisticated adopt this style, even if the central in this way for the accused by the government and the integrity that he step in and side of the ambulance Ksrv particular, and I think it is afraid and did not benefit from the text of a legal constitutional obligation applied only an ambulance national banks.

    For its part, objected to a member of the Economic Commission parliamentary Nora Albjara decision of the Central Bank of Iraq's recent imposition of a trusteeship and asked him to find a solution more realistic like those in place worldwide during the financial crises, because such decisions will lead to catastrophic results, overlooked the bank is that the citizens of Iraq from the category of customers of banks will be reluctant to deposit their money in banks, and this will lead to a decrease in deposits in any of these banks' liquidity and thus will be unable to stand the last execution of its functions and in particular the exploitation of liquidity in the investment projects, and we will reach to the investment sector is paralyzed after a period of time.



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    Last edited by WhiteFeather; 03-18-2012 at 11:17 AM.

  15. #115
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    Quote Originally Posted by WhiteFeather View Post
    Parliament is preparing to host the managers of private banks and the Central Bank
    03/17/2012 20:02:13


    BAGHDAD (Iba) .. In a move described by a member of the Economic Commission parliamentary Nora Albjara, the mission to end the dilemmas faced by the Iraqi banking sector, revealed that its Committee agreed to host the managers of private banks and also manage the Iraqi Central Bank, in order to create legal frameworks for the development of this important sector, which is the main gate to attract investment and development the economic reality of Iraq.

    Club journalists, economists in Iraq, the transfer of statements to a member of the Committee on Economics Nora Salem Albjara, stressed that its committee looked at several meetings of the topic problems faced by the banking sector recently, especially after the recent decisions announced by the Central Bank of Iraq to stop dealing with the North Bank and the withdrawal of government deposits from the private banks in full the decision issued by the Ministry of Finance, then the decision to impose the tutelage of the Central Bank to Warka Bank Ahli.

    She said the Commission concluded that a strategy Mnchanha solve these problems through the host managers of all private banks in order to present the problems that hinder the work of their banks and ways to improve them, then we will decide these problems in the form of paragraphs will be displayed on the management of the central bank, and then will extend invitations to experts, academics specialized banks to raise views of both the private banks as well as the central bank, in order to find solutions to them.

    As if there is a possibility to translate the conclusions of those meetings of the laws, she said Albjara, yes this is possible, as everyone knows that most of the laws approved in both during the former regime or after 2003 suffer from Tgratwoogod texts do not fit and the rapid developments taking place in Iraq on the economic level and other sectors, legal, social and others, here and on the grounds that Parliament exercises two roles are important and they control the executive branch as well as the legislation of laws that go by the authority mentioned, it is possible to collect all the proposals and exploited either to amend previous laws or adoption of new laws regulating the banking sector, and remove impediments his face.

    She Albjara it as a member of the Committee on economic consideration for such a decision issued either by the executive authority represented by the Ministry of Finance or the Central Bank, as a mirror reflecting the validity of the Iraqi environment for the development and attract investment, which are always looking for stability and the legal environment appropriate and the guarantor of his works, and that is always going to be patient in Stockade any resolution that would tarnish this image.

    Prior to the Central Bank of Iraq and a week ago from now to announce the imposition of the trusteeship full Warka Bank Ahli who Aaadahadd largest private banking institutions in Iraq, he manages more than 181 branches in cities across Iraq, which caused a wave of criticism of the Bank, especially as it is a guardianship fifth of its kind on the banks, but that the central bank defended his decision as it is one of the means by which to improve the functioning of the bank in case Tlkuh show in its business and also protect the interests of depositors and customers.

    Of Jhthorteur Warka Bank Ahli filed a lawsuit against the Central Bank of Iraq and accused him of issuing a decision of the Trusteeship illegally, according to Deputy Managing Director, who explained that his bank called on the competent courts overturn the trusteeship because of doubts that there are points pushed for this resolution and mean competitors, and also doubts Banaaked The World Bank board at a late hour of the night to approve such an order, not to mention that Warka has not announced Avlasshuan reluctance was due to the decision of the Ministry of Finance to withdraw government deposits and hit a then $ 800 billion dinars for the state, in addition to the decisions of the Central Bank that do not have to do with any legal action, including closure of 50 branches of the bank and prevent it from entering the auction Alamlhouhty the stock market.

    He continued that we Manfezon claim against the Central Bank of compensation for damage caused by us, and since 2009 has prevented the Bank from participating in the auction currency and it has nothing to do the position of the bank, and also decided to close 50 branch without justification.

    Iraqi government's position was Dhaha through the Economic Committee, chaired by Deputy Prime Minister Ruz Nuri Shaways, who announced that the government is supportive of the development of the private sector of all kinds, especially the private banks that decide coverage system granting bank guarantees for foreign companies operating in Iraq for amounts less than $ 4 million.There are a number of recommendations and decisions that are in favor of the private sector will be adopted government.

    Finance Minister Rafie al-Issawi said in a news conference in Amman and Iraq after the end of the meetings of the World Bank to discuss the budget of 2012, without counting the legal guardianship decision, accusing the central bank to exercise the powers are not right.

    He said such a decision, according to the laws should begin to lift a recommendation or proposal to the Minister of Finance recommendation and after the failure of other solutions, then we have such as the Ministry of financial re-answer the central bank either the decision of guardianship or other solutions, they returned it that would negatively affect the reality of investment and will fear in the hearts of investors foreigners.

    Chairman of the Board of Directors of banks, the economy Husam Obeid said in a statement that there Aalaama gap between public and private sectors in this country, and began to break four years ago when the Ministry of Finance has decided to withdraw government deposits from fully private banks.

    And the slaves that in America alone, 235 U.S. banks suffer from failures in their work and the U.S. Federal Bank is working to address the failures and supports it, while we find here and all government departments including the Central Bank abandoned the private banks.

    Member of Finance Committee Faleh Djiashiwcef For his part, the nature of competition among private banks to (unfair), and asserts that it is far from the applicable specifications of the competition by the World Bank.

    Questioned Djiashi that there is who is behind such decisions and the means (the decision of the Trusteeship) on the Warka Bank NCB, noting that the parliament and the government stand by strengthening the private sector, but that does not intersect with the principle should be that there would be mechanisms to protect the citizen, but must be taken gradually and start better, such as providing a loan for the troubled bank or suffering from drought in liquidity, and this is what is universally applicable.

    He revealed that in many cases Chksna a conflict and the intersection between fiscal policy and monetary, and since the central bank independent in its decisions, unfortunately, I find the continuing effects of the Government to the Central Bank and a blatant interference by the government in the affairs of the bank and as if reminiscent of what was acting by the former regime with the Central Bank, and there are characters inherited the former is thought that contributed to the Ministry of Finance to take such decisions.

    He expressed his Djiashi surprise extreme of the resort's central bank and directly to resolve the latest in a series of solutions prescribed by its own law for the year 2004, namely the imposition of trusteeship, but we find that all the world's central banks step in to support banks her in the event of a financial crisis and was done recently in America, But even now in Iraq will not get to the mentality of a sophisticated adopt this style, even if the central in this way for the accused by the government and the integrity that he step in and side of the ambulance Ksrv particular, and I think it is afraid and did not benefit from the text of a legal constitutional obligation applied only an ambulance national banks.

    For its part, objected to a member of the Economic Commission parliamentary Nora Albjara decision of the Central Bank of Iraq's recent imposition of a trusteeship and asked him to find a solution more realistic like those in place worldwide during the financial crises, because such decisions will lead to catastrophic results, overlooked the bank is that the citizens of Iraq from the category of customers of banks will be reluctant to deposit their money in banks, and this will lead to a decrease in deposits in any of these banks' liquidity and thus will be unable to stand the last execution of its functions and in particular the exploitation of liquidity in the investment projects, and we will reach to the investment sector is paralyzed after a period of time.



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    "due to the decision of the Ministry of Finance to withdraw government deposits and hit a then $ 800 billion dinars for the state, in addition to the decisions of the Central Bank that do not have to do with any legal action, including closure of 50 branches of the bank and prevent it from entering the auction Alamlhouhty the stock market"

    "Member of Finance Committee Faleh Djiashiwcef For his part, the nature of competition among private banks to (unfair), and asserts that it is far from the applicable specifications of the competition by the World Bank.

    Questioned Djiashi that there is who is behind such decisions and the means (the decision of the Trusteeship) on the Warka Bank NCB, noting that the parliament and the government stand by strengthening the private sector, but that does not intersect with the principle should be that there would be mechanisms to protect the citizen, but must be taken gradually and Start better, such as providing a loan for the troubled bank or suffering from drought in liquidity, and this is what is universally applicable.

    He revealed that in many cases Chksna a conflict and the intersection between fiscal policy and monetary, and since the central bank independent in its decisions, unfortunately, I find the continuing effects of the Government to the Central Bank and a blatant interference by the government in the affairs of the bank and as if reminiscent of what was acting by the former regime with the Central Bank, and there are characters inherited the former is thought that contributed to the Ministry of Finance to take such decisions.
    What R U A fan Of?

  16. #116
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    i hope they get there act together

  17. #117
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    Default Don't worry, be happy!

    Just my 2 dinars worth... for all they're worth.

    I think that Al Bunnia has been a victim of a political vendetta that's out to create as many problems as possible for Al Warka Bank. The bank under Al Bunnia's leadership may be able to get out from underneath the current liquidity crunch and / or lack of adequate reserves by (a) selling other assets the bank owns, (b) getting an additional capital injection from Al Bunnia's personal assets as well as other investors, or (c) finally selling out to Standard Chartered 51% of Al Warka stock at whatever price the former is willing to offer. The last option is the least palatable to Al Bunnia because they don't want to give up control of the bank and for a lower than market price for obvious reasons.

    I think they'll resolve the problem eventually by doing a combination of (a) and (b). Permanent insolvency with subsequent liquidation of assets seems like a very unlikely scenario.

    My bet is that Al Warka will come out of this bruised, but with a slightly lower stock price by EOY. I also think we'll eventually see BBII - Basra Int'l Investment Bank crawl out of their funk, but then I'm an eternal optimist.

    BTW, this is very little skin off of my nose. My portfolio is only 5% invested in Warka. This is also a good lesson in diversification of investment portfolios in order to avoid panic and other forms of hysteria and self-deceiving mania.
    A rational investor is a happy investor.

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