Shares in good name

[dinar_dude]

Once the shares purchased through Warka are transferred into our own name, does this protect them if Warka eventually is dissolved?

Any insights anyone?

[dinar shore]

From what was told to me, having the shares 'in your good name' solidifies and clarifies ownership but the problem will be to find another financial institution in Iraq to manage your respective stock portfolio the way Warka presently does. Hopefully, the CBI will prevent Warka from dissolving and right the ship so they can regain their reputation and competence as the largest private bank in Iraq. Like the mega banks in US, Warka is one of those 'too big to fail' banks in Iraq and if true, is a good thing for anyone here vested in the ISX.

Once the shares purchased through Warka are transferred into our own name, does this protect them if Warka eventually is dissolved?

Any insights anyone?

[dinar_dude]

Who was your source? I just wonder that the procedure would be to transfer share holdings to another broker or bank. If it were the CBI's duty to show financial control and guardianship of the Iraqi banking system, it may see no other alternative than to liquidate Warka. While I think the bank depositors will be covered, I fear shareholders may be stuck out in the cold, regardless if our shares are still under proxy at Warka or in "our good name".

Does anyone know of alternative banks or foundations besides Rabee which will transfer portfolios?

Just looking at my options.

[dinar_dude]

So, who actually holds our shares once they are transferred into "our good name"?

Is it CBI or Warka?

From what was told to me, having the shares 'in your good name' solidifies and clarifies ownership but the problem will be to find another financial institution in Iraq to manage your respective stock portfolio the way Warka presently does. Hopefully, the CBI will prevent Warka from dissolving and right the ship so they can regain their reputation and competence as the largest private bank in Iraq. Like the mega banks in US, Warka is one of those 'too big to fail' banks in Iraq and if true, is a good thing for anyone here vested in the ISX.

[dinar_dude]

There are several individuals in this forum who have connections inside Iraqi banking system and CBI.

Perhaps they can ping their contacts to find out what would happen to our stocks in this case. I, for one, want to know exactly who in Iraq controls and oversees my shares if Warka is, worst case, financially dissolved.

[War Eagle]

Warka Bank holds most of the foreign money invested in Iraq;over 10,000 foreign customers and 5,000 of them are invested in the ISX. Iraq,and the CBI will NOT let Warka fail!!!!! and you can "take that to the bank"!!

[Screaming Eagle]

There are several individuals in this forum who have connections inside Iraqi banking system and CBI.

Perhaps they can ping their contacts to find out what would happen to our stocks in this case. I, for one, want to know exactly who in Iraq controls and oversees my shares if Warka is, worst case, financially dissolved.

Your broker or brokerage is Warkaa Co located at Al-Kalanie Sequare / Al-Warka Bank Building. Warka bank and Warkaa Company are are seperate even though they share space. Warka is the bank that Warkaa company uses to transfer your money to buy and sell stock. Warka cannot buy and sell stocks for a third party as it is not a broker. That is why you should always contact the ISX dept for your stock information. The CBI has nothing to do with the brokerage company as they are vetted by the ISX and a ISX listed broker.

[dinar_dude]

Thanks, SE. Good to know.

[noodlesdad]

Here is my experience on this subject:
Some years ago, I sent email inquiries to a few ISX brokers in Iraq asking if I could open a brokerage account with them. The only one to reply back to me was Rabee Securities. The personal broker, Nausheruan, said they would open an account with a beginning balance of "any amount". Later on I saw some things with Warka that concerned me so I emailed Nausheruan and asked if I could transfer any of my stocks from Warka over to Rabee. He said it was easy, that all I needed to do was to ask Warka (ISX dept) to do the transfer of any or all of my stocks to Rabee Securities. I have not transferred any stocks yet but I think the 1st thing would be to open an account with another broker(easier said than done,but doable I think). Then, ask both brokers what forms might be needed, then submit the request via email.

[dinar_dude]

Opening an account with Rabee securities, where the buy in is $100k or more, is easier said than done.

[noodlesdad]

Opening an account with Rabee securities, where the buy in is $100k or more, is easier said than done.

dude,

Here is the list of the 47 brokers. http://www.isx-iq.net/isxportal/port...Container.html

Need to click on one to see their email adddress. If they all aren't already hungry for foreign investors, perhaps they will be soon. Hope this helps.

[MEALTICKET]

Warka Bank holds most of the foreign money invested in Iraq;over 10,000 foreign customers and 5,000 of them are invested in the ISX. Iraq,and the CBI will NOT let Warka fail!!!!! and you can "take that to the bank"!!

You have a good point there!!!

[geowhiz]

Two Hundred dollars, all the paperwork signed, sealed, delivered, and confirmed, and three years later I still don't have a damn thing "In my good name".

[dinar_dude]

Thanks, noodlesdad

dude,

Here is the list of the 47 brokers. http://www.isx-iq.net/isxportal/port...Container.html

Need to click on one to see their email adddress. If they all aren't already hungry for foreign investors, perhaps they will be soon. Hope this helps.

[dinar_dude]

So, to make sure I have this right. I understand your rationale for the CBI not liquidating Warka. You make some good points.

However, worst case scenario. If the CBI were to decide to liquidate Warka Bank, this would not have an effect on other bank stocks we have bought through Warkaa Co (the brokerage)? Just making sure I'm clear on this.
In this scenario, I kiss my Warka bank shares goodbye, but my remaining portfolio exists with no concerns of liquidation by the CBI. Warkaa maintains those funds and we go forward?

Thanks for your insights here. They've helped me sleep better.

I've always looked at this investment for long-term growth and have diversified my stock portfolio among about 14 banks, and a couple of industries. While this is a roller coaster and we're operating under minimal good press reporting, but I want to wish everyone good luck with our investments.

Your broker or brokerage is Warkaa Co located at Al-Kalanie Sequare / Al-Warka Bank Building. Warka bank and Warkaa Company are are seperate even though they share space. Warka is the bank that Warkaa company uses to transfer your money to buy and sell stock. Warka cannot buy and sell stocks for a third party as it is not a broker. That is why you should always contact the ISX dept for your stock information. The CBI has nothing to do with the brokerage company as they are vetted by the ISX and a ISX listed broker.

[Screaming Eagle]

So, to make sure I have this right. I understand your rationale for the CBI not liquidating Warka. You make some good points.

However, worst case scenario. If the CBI were to decide to liquidate Warka Bank, this would not have an effect on other bank stocks we have bought through Warkaa Co (the brokerage)? Just making sure I'm clear on this.
In this scenario, I kiss my Warka bank shares goodbye, but my remaining portfolio exists with no concerns of liquidation by the CBI. Warkaa maintains those funds and we go forward?

Thanks for your insights here. They've helped me sleep better.

I've always looked at this investment for long-term growth and have diversified my stock portfolio among about 14 banks, and a couple of industries. While this is a roller coaster and we're operating under minimal good press reporting, but I want to wish everyone good luck with our investments.

I have not said Warka would not be liquided or sold as there is a ongoing audit. In that case the Warka share holders would lose and the depositors would be the first protected.

You are correct that it would have no effect on your other stock purchases.

The CBI has taken over the running of Warka and the results of that action has yet to be determined and will not be known until the audit is completed.

At the moment it is a political fight.