Is the Warka Brokerage closed?

[What If....]

So I finally got a response from Warka saying that they were selling my shares and that not only did they give everyone 15 days they extended it another 15 so people had a month to get their papers in.

The thing about it is, is that it took three weeks to get papers back given the lady at the embassy quit and it took another week to get the papers to Warka/Iraq. There was really no way to get them in on time. Or if you were lucky you might get them there the last day.

So my question now is, is Warka Brokerage closed or is there another means to invest in the ISX? Given Warka should have my papers/documents how do I go about getting them to invest or have the papers and money transferred to Karmel or other brokerage?


Thanks for any help.

[crazyfrank]

........... and that not only did they give everyone 15 days they extended it another 15 so people had a month to get their papers......

Now that is news in itself with confirmation that they indeed had extended it another 15 days, but that 30 day window of opportunity has now passed.

So in your situation you were finally able to acquire all the needed paper work and sent it all off to Warka, and as I recall it had to be all the original copies. At this point I suggest you have a few choices, and none are easy decisions unfortunately.

1. Allow Warka to continue to process your paperwork, establish an ISX account and begin looking at acquiring more new holdings, as the Warka Brokerage ISX Dept is indeed still operating, as we see they are able to negotiate/sell off the proxy shares, and can process your new orders, since you now have an account established.

2. Request Warka return your original paperwork, and stop your application into their brokerage services. Once that might get returned then use it, and look into another such brokerage bank, such as Al Kamal. I myself do not have information how to get that processed, but odds are it will need similar such paperwork, and the initial application fee structure may be quite different. I believe there are a few souls here who lurk, who can better provide more info on Al Kamal Brokerage.

3. Initiate another set of such paperwork, and again process an application into another brokerage such as Al Kamal.

my advise? I would go with option # 1, since you have received confirmation they have received the papers, and opened an ISX account for you, and go forward from there.

[James]

. Allow Warka to continue to process your paperwork, establish an ISX account and begin looking at acquiring more new holdings, as the Warka Brokerage ISX Dept is indeed still operating, as we see they are able to negotiate/sell off the proxy shares, and can process your new orders, since you now have an account established.
I agree to get all your shares in to the ISX depository and get your account balance finalized. At that point your pretty much a free agent. I went from Warka to Al Karmal last year.

2. Request Warka return your original paperwork, and stop your application into their brokerage services. Once that might get returned then use it, and look into another such brokerage bank, such as Al Kamal. I myself do not have information how to get that processed, but odds are it will need similar such paperwork, and the initial application fee structure may be quite different. I believe there are a few souls here who lurk, who can better provide more info on Al Kamal Brokerage. Opening an account with Al Karmal wasn't hard. I have made several purchases of stock already and unlike Warka I can on online and see my daily ISX account totals, purchases and sells.

3. Initiate another set of such paperwork, and again process an application into another brokerage such as Al Kamal.

my advise? I would go with option # 1, since you have received confirmation they have received the papers, and opened an ISX account for you, and go forward from there.[/QUOTE]

[investindinar]

and that not only did they give everyone 15 days they extended it another 15 so people had a month to get their papers in.

That statement goes a long ways to explain all of the delays in getting any notifications back from Iraq. They must be swamped with requests by clients to register stocks held by Warka in proxy sent and registered in the ISX, and concurrently getting others' holdings sold due to non-compliance.

Regarding the lady at the embassy no longer working there - are you sure you're not referring to the Iraqi Consulate in DC? The Iraqi Embassy and Consulate are both in DC, but they're separate. Only the consulate was processing the documents to be sent to Iraq. Anyone going to the embassy was told to go over to the consulate.

investindinar

[What If....]

That statement goes a long ways to explain all of the delays in getting any notifications back from Iraq. They must be swamped with requests by clients to register stocks held by Warka in proxy sent and registered in the ISX, and concurrently getting others' holdings sold due to non-compliance.

Regarding the lady at the embassy no longer working there - are you sure you're not referring to the Iraqi Consulate in DC? The Iraqi Embassy and Consulate are both in DC, but they're separate. Only the consulate was processing the documents to be sent to Iraq. Anyone going to the embassy was told to go over to the consulate.

investindinar

Yes, you're probably right about the lady. I sent it to ACC and they handled it.

Does anyone know why I wouldn't be able to repurchase stocks in Warka and National Bank of Iraq? After I get this all sorted out.

[Brazileiro]

Yes, you're probably right about the lady. I sent it to ACC and they handled it.

Does anyone know why I wouldn't be able to repurchase stocks in Warka and National Bank of Iraq? After I get this all sorted out.

Warka shares aren't currently trading on the ISX. Did you ask to buy any in their upcoming subscription sale?

I couldn't see anything about the other bank you mention on the isx

[James]

Warka shares aren't currently trading on the ISX. Did you ask to buy any in their upcoming subscription sale?

I couldn't see anything about the other bank you mention on the isx

Here is some info on National Bank of Iraq (BNOI)
Currently trading lightly. In the last 3 months they have traded 8 days.
http://www.isx-iq.net/isxportal/port...Tab=0&search=1

[mike032588]

i worked years on building my portfolio and they sold it out in days.. fuck warka bank

[What If....]

Here is some info on National Bank of Iraq (BNOI)
Currently trading lightly. In the last 3 months they have traded 8 days.
http://www.isx-iq.net/isxportal/port...Tab=0&search=1

Thanks James.

Bought it at .33 so hopefully I made some money on that one to counter Warka.

Mike, it's still really really early, get your money and repurchase stocks.

[crazyfrank]

Mike,

As best possible one needs to remain positive, and although it may be difficult to agree, you are still ahead of the game. The proxy holdings were liquidated yes, but the funds remain, and are still negotiable. If you have cleared the hurtle of getting your paperwork together and sent off then you can recover. If you can see most ISX stock prices have fallen quite a bit over time, as many are 1 IQD or less. Even the telcom stock that opened at 22 IQD, is now hovering today at 8 IQD per share.

So you are ahead of most in the game, with the door still open to begin again, and now process the brokerage registration with Warka, and as James suggested either go to another brokerage, or proceed again forward with Warka for your stock requests that will now begin to be secured as no longer in the jeopardy category of "proxy".

But again one needs to remain positive and see some benefit in any such situation