Results 1 to 16 of 16

Thread: Shares in good name

  1. #1
    Join Date
    Oct 2006
    Posts
    175

    Default Shares in good name

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

    Any insights anyone?
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  2. #2
    Join Date
    Nov 2004
    Posts
    1,333

    Default

    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.

    Quote Originally Posted by dinar_dude View Post
    Once the shares purchased through Warka are transferred into our own name, does this protect them if Warka eventually is dissolved?

    Any insights anyone?
    Instead of our new POTUS (President of the United States), Barack Hussein Obama (aka Barry Soetoro) is the new MOTUS - Marxist of the United States

  3. #3
    Join Date
    Oct 2006
    Posts
    175

    Default

    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.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  4. #4
    Join Date
    Oct 2006
    Posts
    175

    Default

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

    Is it CBI or Warka?

    Quote Originally Posted by dinar shore View Post
    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.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  5. #5
    Join Date
    Oct 2006
    Posts
    175

    Default

    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.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  6. #6
    Join Date
    Dec 2007
    Location
    Alabama
    Posts
    2,816

    Default

    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"!!

  7. #7
    Join Date
    Jun 2005
    Posts
    7,170

    Default

    Quote Originally Posted by dinar_dude View Post
    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.
    Get a free first class world education here. http://www.khanacademy.org/

    We are all born ignorant, but one must work hard to remain stupid. - by Franklin, Benjamin.

  8. #8
    Join Date
    Oct 2006
    Posts
    175

    Default

    Thanks, SE. Good to know.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  9. #9
    Join Date
    Oct 2005
    Location
    Rocky Mountain West
    Posts
    109

    Default

    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.
    Last edited by noodlesdad; 04-07-2012 at 12:44 PM. Reason: spelling

  10. #10
    Join Date
    Oct 2006
    Posts
    175

    Default

    Opening an account with Rabee securities, where the buy in is $100k or more, is easier said than done.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  11. #11
    Join Date
    Oct 2005
    Location
    Rocky Mountain West
    Posts
    109

    Default

    Quote Originally Posted by dinar_dude View Post
    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.

  12. #12
    Join Date
    Nov 2004
    Location
    GREAT LAKES
    Posts
    2,443

    Default

    Quote Originally Posted by War Eagle View Post
    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!!!

  13. #13
    Join Date
    Apr 2007
    Location
    Debt Row
    Posts
    12,341

    Default

    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".

  14. #14
    Join Date
    Oct 2006
    Posts
    175

    Default

    Thanks, noodlesdad

    Quote Originally Posted by noodlesdad View Post
    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.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  15. #15
    Join Date
    Oct 2006
    Posts
    175

    Default

    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.

    Quote Originally Posted by Screaming Eagle View Post
    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.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  16. #16
    Join Date
    Jun 2005
    Posts
    7,170

    Default

    Quote Originally Posted by dinar_dude View Post
    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.
    Get a free first class world education here. http://www.khanacademy.org/

    We are all born ignorant, but one must work hard to remain stupid. - by Franklin, Benjamin.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •