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Thread: so are we all just screwed or what

  1. #1
    Supporter and Investor!
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    so are we all just screwed or what

    Hello friends,
    I invested some money into dinar around 2006-2007, became pessimistic about RV situation, and then converted funds to stocks held in proxy by warka. My assumption at that time was that this would take at least 10 years to have real progress. Through the years we have seen corruption, political infighting, ISIS and so on. I have mainly lurked on the forum from time to time to stay current on developments. Now with Warka liquidating the proxy holders I have no idea if this is something I should just write off as a total loss. I assume I still have funds in a proxy (shares not being actively traded, how can Warka sell a stock that is not trading?). I have attempted numerous times to contact warka to get some sort of documentation of what was sold and what was not. All I can get from them is deafening silence. So basically, I am asking people with more knowledge or skin in the game , to get any thoughts on if this is something worth spending any more energy to follow? Thanks

  2. #2
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    Cullulus,

    what we know so far...........

    Warka Bank remains functional as a bank to some extent, and will respond normally to questions regarding banking functions such as password issues or resets ( in their own due time

    Warka Banks online access remains functional, although their web site security cert is expired, and you need to make a command decision on your own if you wish to press "continue" to access it.

    There have been reports that Warka bank continues to post semi annual interest deposits into bank accounts at 3% annually.

    Maybe 6 months ago??, Warka put out a 30 day deadline/warning that unless you submitted the appropriate paper work within 30 days to transfer "Proxy" stock holdings into "your" good name, any, and all, ISX stock held in "Proxy" status would be liquidated, and the funds were to be redeposited back into the holders bank account.

    They issued an 30 day extension period of the Proxy deadline, which has come and now long gone, and then the Warka ISX Department has gone silent since, on most anything else related to the ISX.

    There is no recovery option of any "Proxy" stocks that were liquidated.

    Warka Bank remains "de-certified" for ISX transactions, but there is conflicting data on current status.
    Last edited by crazyfrank; 03-02-2019 at 01:27 AM.
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  3. #3
    Supporter and Investor!
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    crazyfrank,
    I appreciate your update. I am still able to access Warka and have been paid interest on my balance. However, the fact that we were basically given an impossible task (1-2 months to get required paperwork) leaves me completely down on this investment. When has Warka done ANYTHING in a month, lol. In addition, the lack of transparency at least in my case, to what was sold and not, makes me concerned. So proxy is dead, all non-trading stocks must be considered a loss. We cannot withdrawal any funds in brokerage accounts. I'm looking for any sane reason to have any optimism. I think we as westerners made a mistake of not understanding the psychology/level of corruption in Iraq. I think most Americans would gladly stop fighting a grudge match with our neighbors if we knew an ocean of oil was under our feet. Just my two dinars.

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