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Thread: Warka court victory over cbi

  1. #1
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    Warka Court Victory Over CBI !!

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    Dear Sirs,

    With regards to the legal court case Warka Bank for Investment and Finance has filed against the Central Bank of Iraq.

    Warka Bank for Investment and Finance is delighted to inform its cliental, shareholders and management that the Iraqi Supreme High Court has awarded its decision in full favor of Warka Bank for Investment and Finance confirming its judicial decision that the liquidity crisis and events leading to Warka's declining financial position is entirely due to the fault, malice, mismanagement and misdirection of both the Ministry of Finance and Central Bank of Iraq their ill actions taken against the bank placing the full blame and cause on both the Central Bank of Iraq and Ministry of Finance their lack to take the proper action measurements and steps to resolve the crisis properly in supporting the rehabilitation of the largest financial enterprise in the country.


    Where we are delighted to add that the court decision confirms that Warka Bank for Investment and Finance has implemented, practiced and maintained all legal banking guidelines, protocols and regulations set by the bylaws of the Central Bank of Iraq confirming its true innocence.

    We have posted a copy of the court's decision to bring comfort joy and happiness to all those whom have supported our bank, board of directors and management….

    Best regards,

    Legal Department


    Warka Bank for Investment and Finance


    http://www.warka-bank.com/?0d64a1934dcafd4bf6a2baf1b2V
    Last edited by Seaview; 03-13-2013 at 12:17 PM.
    .
    How many more corners? :headbang:

  2. #2
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    OMG, that is great! Thanks Seaview!

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    Supporter and Investor! haggisbasher's Avatar
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    Great news,lets get on with it.

  4. #4
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    Quote Originally Posted by Seaview View Post
    ... the largest financial enterprise in the country.
    I like that...

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    Supporter and Investor! calstar's Avatar
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    I knew they would come through. Nobody lost money.

  6. #6
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    القضاء الاعلى يلغي وصاية البنك المركزي على مصرف الوركاء
    كتابات
    آذار، 2013 الثلاثاء، 12

    لانه قرار تعسفي كما قال .. فقد الغى مجلس القضاء العراقي الاعلى وصاية البنك المركزي العراقي على مصرف الوركاء التي استمرت عاما كاملا الحق خلالها اضرارا بالمصرف والمودعين فيه وفي الاقتصاد العراقي.
    وعلمت (كتابات) ان الهيئة التمييزية في رئاسة استئناف بغداد – الرصافة بمجلس القضاء الاعلى قد قررت الغاء وصاية البنك المركزي على مصرف الوركاء بعد جلسة عقدتها برئاسة الرئيس جعفر حسن علي وعضوية نائبيه لفتة هامل العجيلي ونجم عبد الله محسن.
    وقالت الهيئة التمييزية في قرارها الذي اطلعت عليه (كتابات) انه "في 29 – 2- 2012 قرر مجلس ادارة البنك المركزي العراقي وضع الوصاية على مصرف الوركاء للاستثمار والتمويل .. وحيث ان هذا القرار تعسفي ادى الى الاضرار بمصلحة المصرف والمودعين والمتعاملين معه والمساهمين في رأسماله والقطاع المصرفي والاقتصاد الوطني .. وبعد تدقيق الهيئة في قرار البنك المركزي فقد قررت قبول الطعن بقرار الوصاية بعد ان وجدت ان الحكم غير صحيح ومخالف للقانون لان البنك المركزي عندما قرر وضع الوصاية لم يراعي احكام القانون او الاسس التي تدعو لاتخاذه كما انه لم يتخذ الاجراءات اللازمة لتوفير خدمات السيولة للمصرف رغم انها من مهامه".
    واضافت الهيئة التمييزية في قرارها "ان وزارة المالية قد ساهمت بأجراءاتها المتمثلة بسحب الودائع الحكومية من المصارف الاهلية فى تأزيم الوضع المالي لمصرف الوركاء لانها كانت الدعامة الرئيسية لسيولته النقدية.. كما ان البنك المركزي لم يتخذ الاجراءات اللازمة لتحسين وضع المصرف برغم ان هذا من مسؤولياته حيث لم يقدم له القروض المطلوبة للخروج من ازمته المالية كما دعت الى ذلك اللجان التي شكلها البنك لمعالجة الوضع المالي لمصرف الوركاء".
    وخلصت الهيئة الى القول في الختام "وبذلك اصبح قرار البنك المركزي بفرض الوصاية على المصرف خاليا من اسانيده القانونية فتقرر الغاء الوصاية".
    وكان البنك المركزي العراقي قرر وضع وصايته على مصرف الوركاء أحد أكبر المصارف العراقية وله 130 فرعا في انحاء العراق بسبب تأشير بعض الإشكاليات المالية في تعاملاته. وقال البنك إن فرض وصايته على مصرف الوركاء العراقي للاستثمار والتمويل جاء لإنقاذه من بعض الإشكاليات التي يعاني منها. وتتلخص مهام البنك المركزي في إدارة السياسة النقدية في البلاد ورفع مستوى قيم الدينار العراقي ومعالجة التضخم.
    وقال نائب محافظ البنك العراقي مظهر محمد صالح إن "البنك المركزي فرض وصايته على مصرف الوركاء لمساعدته على تجاوز مشاكله" ،مبينا أن "المصرف تعرض لمشكلة ونحن ندقق حاليا موجوداته، والعمل متواصل فيه ولم يغلق". وأوضح أن "مصرف الوركاء من المصارف الكبيرة والجيدة جداً ويمتلك العديد من الفروع ، والوصاية تعني الإدارة المؤقتة للمصرف"، معبرا عن أمله أن "يعود مصرف الوركاء إلى وضعه الطبيعي بعد انتهاء التحقيقات".
    وتابع أن"الوصاية وفقا للقانون هي 18 شهراً قابلة للتجديد لـ18 أخرى"، كاشفا عن أن "المصرف تعثر في التعامل اليومي بسبب قسم من تعاملاته خارج إرادته ومنها سحب الحكومة العراقية لودائع منه قبل ثلاثة أعوام".
    وفي معرض رده على الاستغراب الذي أبداه وزير المالية العراقي رافع العيساوي من قرار الوصاية على مصرف الوركاء دون إبلاغه شخصيا، بيّن نائب محافظ البنك المركزي أن "هناك لبساً في قانون البنك المركزي حدث في مادتين هي 59 و66"، مشيرا إلى أنه "قدم شرحا لوزير المالية والأخير أبدى قناعته". حسب قوله.

    Supreme Judicial eliminates the tutelage of the Central Bank of the Warka Bank
    Writings
    March, 2013 Tuesday, 12

    It's arbitrary decision as he said .. Has canceled the Supreme Council of the Iraqi judiciary and tutelage of the Iraqi Central Bank on the Warka Bank, which lasted for a whole year which damaged the bank and its depositors in the Iraqi economy.

    And learned (writings) that the discriminatory at the head of the resumption of Baghdad - Rusafa the Supreme Judicial Council has decided to cancel the tutelage of the Central Bank of the Warka Bank after a hearing chaired by President Jaafar Hassan Ali and his two deputies membership Hamel Ajili gesture and Najim Abdullah Mohsen.

    She said the discriminatory in its resolution, obtained by (writings) that "in 29 - 2-2012 board decided CBI put guardianship of Warka Bank for Investment and Finance .. and that's where this decision arbitrarily led to damage the interests of the bank and the depositors and customers and shareholders in the capital The banking sector and the national economy .. and after checking the body in the central bank's decision has decided to accept the appeal decision guardianship after it found that the ruling is incorrect and contrary to the law as the central bank when he decided to put guardianship did not take into account the provisions of the law or the basis on which calls for taking as he did not take the necessary measures to provide liquidity for the bank, although it functions. "

    She Authority discriminatory in its resolution that "the Ministry of Finance may have contributed to its proceedings of withdrawing government deposits from private banks in crisis in the financial situation of the Warka Bank because it was the mainstay of its liquidity cash .. also said the central bank did not take the necessary measures to improve the situation of the bank, despite this from his responsibilities as did not provide him loans needed to get out of its financial crisis as called for by the committees set up by the World Bank to address the financial situation of the Warka Bank. "

    The Commission concluded to say in conclusion, "and thus became the central bank's decision to impose trusteeship bank free of isnads was decided to cancel the legal guardianship."

    The Central Bank of Iraq has decided to put his tutelage Warka Bank is one of the largest Iraqi banks and has 130 branches across Iraq because of marking some of the problems in financial dealings. The bank said that imposing guardianship on the Warka Bank for Investment and Iraqi funding came to save him from some of the problems suffered by. The main tasks of the central bank in the conduct of monetary policy in the country and raise the level of the values ​​of the Iraqi dinar and tackle inflation.

    The deputy governor of Bank of Iraq the appearance of Mohammed Saleh said that "the central bank to impose his tutelage on the Warka Bank to help him overcome his problems," noting that "the bank suffered a problem and we scrutinize its assets, and work is continuing it did not close." He explained that "the Warka Bank of large banks and very good and has many branches, and guardianship means the temporary administration of the bank," and expressed the hope that "Warka Bank returns to its normal position after the conclusion of the investigation."

    He continued that "trusteeship and in accordance with the law is 18 months, renewable for another 18," revealing that "the bank has stalled in daily trading because of a section of his dealings outside his control, including the withdrawal of the Iraqi government to deposit him three years ago."

    In response to the surprise shown by Iraqi Finance Minister Rafie al-Issawi's decision trusteeship Warka Bank without being informed personally, between the deputy governor of the Central Bank that "there is confusion in the central bank law occurred in articles are 59 and 66," noting that "He explained to the Minister Finance and the latter expressed his conviction. " He said.

    And expressed Finance Minister Rafie al-Issawi said in a press statement astonishment of the Iraqi Central Bank's decision put the Warka Bank under guardianship without coordination and obtaining the approval of the Ministry of Finance.

    The central bank says that the Iraqi Article 59 of its law allowing him a trusteeship on banks which is about the appointment of an interim administration for any bank get the financial problems, while indicating Article 66 of the law to be guardian after appointed central bank can seek through the central bank request decision of the Minister of Finance to save the bank in case it was found that there is a possibility to save him.




    Last edited by Seaview; 03-13-2013 at 01:29 PM.
    .
    How many more corners? :headbang:

  7. #7
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    great news!!!! Thanks seaview
    DINAR INDEX.COM London UK - Investments in the New Iraq - Currency Buy/Sell - ISX (Iraqi Stock Exchange) Facilitation - Iraqi Banking Services - Facebook.com/DINARINDEX - IIF Member since 2005

  8. #8
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    Thanks Seaview..
    Best news this year. Seems the finance minister was surprised about this decision as well. If my memory serves me correctly this tutelage was put in place during Shab's term so going by his previous track record we may have to assume there was a problem. Hopefully this is behind them now and we can continue trading as normal. Will international service be returned to normal as well? Lets hope so. Hopefully we shall see thru response to our emails.
    MWNN

  9. #9
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    This is good news, however let's not forget Warka still has liquidity issues. I see no information on how Warka will remedy this. Also, don't expect them to immediately start tradining, and when they do, don't expect the share price to be stable.
    "There are plenty of reasons NOT to buy the Iraqi dinar this year, and plenty of great reasons to buy renminbi instead. So I say stick to the currencies that have value, and leave the dinar for the speculators who donít know any better." Sean Hyman
    Editor, Currency Cross Trader

  10. #10
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    Quote Originally Posted by Uno View Post
    This is good news, however let's not forget Warka still has liquidity issues. I see no information on how Warka will remedy this. Also, don't expect them to immediately start tradining, and when they do, don't expect the share price to be stable.
    Agreed Uno.. But right now i'm pleased my 'cash' appears to be safe. The shares will be determined by the market.
    MWNN

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