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  1. #1
    Supporter and Investor! thebest's Avatar
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    Warka Court Victory Over CBI UPDATE FULL COURT TRANSLATION 03-13-2013

    The court made ​​an UPDATE. Included the full translation of the court's decision.
    This was news of Warka. PDF 1-6


    Warka CourtVictory Over CBI UPDATE FULL TRANSLATION 03-13-2013
    warkacourtvictoryovercb.jpg

    http://www.warka-bank.com/newsFls/news1363520785.pdf












    Last edited by thebest; 04-14-2013 at 03:36 PM.
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  2. #2
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    CBI make many errors to apply the guardianship

    CBI make many errors to apply the guardianship
    I like this parts. The world pay and impose

    I request to call the defendant to attend to the proceeding and decide to cancel the above
    guardianship decision and to oblige him to pay the expenses and advocacy fees.

    The Decision:
    Upon auditing and discussion, it was found that the appealing revocation was submitted within its legal period, and it wasdecided to accept it formally and upon reviewing the appealing !udgment, it was found that it is incorrect and contradict the law, that when the Central Bank of Iraq decided to impose the guardianship on AI-Warkaa Bank for Investment and Finance based on the Provisions of Para(2) of Article 59 of Banks Law No. 94 for the year 2004 it did not take into consideration the two Paragraphs (3 & 4) of Article (60) f that Law which it is supposed to determine the guardianship period in the appointment decision, and this does not mean the period mentioned in the article referred to is not included, also it was supposed to determine the basis on which it depended and including a list of the main duties for the guardian and published that in the official newspaper ,
    Last edited by thebest; 04-14-2013 at 05:07 PM.
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  3. #3
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    also it was clarified to the commission that some of the reasons which lead the Bank to take its decisions by imposing the guardianship is the non-financial capacity or cash liquidity and the bank did not take any necessary actions to provide the liquidity service for the bank

    it was supposed to contact the Minister of finance to show that if the mentioned minister has to issue a written guaranty to the bank on behalf of the Government and guarantee to pay the value of the loan which it may submit to AI-Warkaa Bank with guaranties submitted to the mentioned bank in spite of the repeated petitions which the bank submitted in this concern

    therefore it was decided to revoke the appealing judgment and to resend the case to its court to follow
    what was mentioned
    provided that the appealing fees remain following the result , and it was issued by an agreement on 18/
    Rabie AI-Thani/1434 H. corresponding to 28/2/2013 A.d.


    If anyone need the complete document follow the link.
    http://www.warka-ban...s1363520785.pdf
    Last edited by thebest; 04-14-2013 at 05:05 PM.
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  4. #4
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    The world agreement

    The last part mentioned agreement. This only happens when two or more agree. Interesting, wich agree.

    therefore it was decided to revoke the appealing judgment and to resend the case to its court to follow
    what was mentioned provided that the appealing fees remain following the result , and it was issued by an agreement on 18/
    Rabie AI-Thani/1434 H. corresponding to 28/2/2013 A.d.
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  5. #5
    Supporter and Investor! haggisbasher's Avatar
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    Hi theBest I have read over this several times and the original letter from the court hearing has been up-dated,but what I don't understand is that Warka was to go before the finance committee for a another hearing, has this been over turned by the appeal court,
    this is confusing to say the least,can anyone clarify warka bank's present situation.????????????????????????
    OR has Al-warka bank just vanished.
    Last edited by haggisbasher; 04-15-2013 at 07:34 PM.

  6. #6
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    Quote Originally Posted by haggisbasher View Post
    Hi theBest I have read over this several times and the original letter from the court hearing has been up-dated,but what I don't understand is that Warka was to go before the finance committee for a another hearing, has this been over turned by the appeal court,
    this is confusing to say the least,can anyone clarify warka bank's present situation.????????????????????????
    OR has Al-warka bank just vanished.
    I'm with you on that HB! The reports are confusing, plus on the report saying about another hearing there was only part of the date. The month was missing. Have they got to fight liquidation again or not. If there was a hearing Sunday surely it would be in the news by now.
    MWNN

  7. #7
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    Court DECISION Higher Judicial Council Appealing Commission NO WARKA DECISION

    For my to many violations. For a lawyer is priceless.
    In my opinion the Court use strong words.
    Giving many
    details of the case.
    For me it was clear the details.
    Now we just wait.


    In the court system of the United States, if someone violates a law or procedure, or can prove that there was an intention to do harm, you lose the court case. Case close.

    Iraq is another country, but the Warka Bank is claiming that the CBI violated the law or procedures on several occasions, and the Warka Bank said they applied for a loan and was denied several times, where there was a recommendation of a committee for the loan, a loan that was guaranteed by law. The CBI do not publish in an official newspaper the detail sof the period of guardianship even impose a guardianship free from its legal supports. When the CBI violated the law, he caused more economic damage to Warka Bank. I'm not a lawyer, but I see a clear pattern to hurt economically Warka Bank. If Warka bank can sue for damages, be assured that the bank's lawyers know what to do.

    Note: Look carefully the word impose, supposed and becomes entitled.
    its decision becomes entitled to impose a guardianship free from its legal supports (In the EE.UU this is a big violation)

    Violations court said in its decision.

    it did not take in to consideration the two Paragraphs (3 & 4) of Article (60) f that Law which it is supposed to determine the guardianship period in the appointment decision, and this does not mean the period mentioned in the article referred to is not included

    it was supposed to determine the basis on which it depended and including a list of the main duties for theguardian and published that in the official newspaper

    and the bank did not take any necessary actions to provide the liquidity service for the bank despite the fact it is one of the duties of the Central Bank according to the provisionsof Para. (H) of Article 4 of Central Bank Law No. 56 for the year 2004

    it was supposed to contact the Minister of finance

    to show that if the mentioned minister has to issue a written guaranty to the bank on behalf of the Government and guarantee to pay the value of the loan which it may submit to AI-Warkaa Ba

    spite of the repeated petitions which the bank submitted in this concern ( loan)

    the committee recommended to loan the bank to get ride ofhis financial crisis

    its decision becomes entitled to impose a guardianship free from its legal supports












    Last edited by thebest; 04-17-2013 at 06:33 AM.
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  8. #8
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    Court DECISION Higher Judicial Council Appealing Commission NO WARKA DECISION

    Damage to WARKA court said in its decision.

    the Ministry of Finance had participated with its procedures stipulated with drawing the governmental deposits from Private Banks which lead to complicating the financial situation ofthe bank where as those deposits were the main supporter to the cash liquidity


    but the procedures of the Central Bank of Iraq for improving the financial situation of the bank lead to encourage it to sell all its surplus assets or to borrow from the private banks which also did no help the bank in this direction ,while the bank abstained to execute what it was obliged with the legal teststo increase the cash liquid ity stipulating loaning it according to the provisions of article (30) of its law


    of its recommendations, and the legal inspection section in the mentioned directorate confirmed in the Memo raised to the Central Bank Governor on 81812011 that the reason of shortage in the cash liquidity in the bank because of the Ministry of Finance had requested to withdraw the deposits from the private banks, in addition to that the branches which the bank opened was not done with official approvals, a large number of the deposits werere turned


    the Central Bank Law No. 56 for the year 2004 and did not comply to the recommendations of the committees which was formed to solve the financial situation of the bank that the committee recommended to loan the bank to get ride of his financial crisis that the Ministry of Finance had participated with its procedures to withdraw the governmental deposits from Private Banks which lead to complicating the financial situation of the bank and in this case
    Last edited by thebest; 04-16-2013 at 04:12 PM.
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  9. #9
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    any news ?

  10. #10
    Supporter and Investor! haggisbasher's Avatar
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    Maybe Al-warka are in the final stages of a merger,but it has been very quiet recently, no info anywhere other than the last bulletins, I e-mailed the Iraq securities commission about Warka's present situation and they replied saying that they would investigate and message me, will pass on my answer to the IIF when it arrives.

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