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Thread: Warka - Rising From The Ashes

  1. #11
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    If and that is a big IF they get back on track they will restrict withdrawal amounts...........either that or they will have to put a huge amount aside for withdrawals as lets face it having money not at your disposal for such a long time would make most who have deposits run for the hills if it were made available.

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  2. #12
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    I will certainly be liquidating my account with the possibility of starting with another Iraq bank.

  3. #13
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    I believe that Warka is on the way back. They been through a lot. I am also glad they did not merge with HSBC. I was fortunate to get Credit Bank of Iraq as a second bank thru NBK back in 2005. Why not wait it out. I only used money that I could afford to lose. On top of that most of my money was made from Cd's and interest thru Warka.

  4. #14
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    Quote Originally Posted by triumphantcorp View Post
    Does anybody remember this post from 2010 when we first became concerned,
    Triumphantcorp

    I emailed a couple of Warka contacts and received the following in response:

    Mr. I wrote:
    >
    > Dear Sir,
    >
    > Please note this information has been posted by an Iraqi Brokerage firm another competitor in the market where each competitor based on their own evaluation and assessment sets their strategy, tactics and business plan to promote their business and interests in the market attracting cliental to their establishment noting that our bank from day one through its capital increases has been the only company that generated and guaranteed continuous profit and bonus gains to its fine shareholders bringing added value, incentive and profit.
    >
    >
    >
    > Our bank currently holds the largest capital and cliental whereby the number of foreign investors are increasing on a daily basis where Warka Bank will resume trading once it finalizes its entire committee procedures and set protocols.
    >
    >
    >
    > With regards to our finances it is very important to note that in accordance with standard practice and procedures set in Iraq our bank must submit its finances 30 days prior to holding our general assembly to the CBI, Iraqi Company Registration Office and the Iraqi Securities Commission the related authorities in Iraq to study, review and thoroughly assess our finances where at our general assembly our finances were approved and certified by the CBI, Iraqi Company Registration and Iraqi Securities Commission noting at the said meeting representatives from the Iraqi Securities Commission expressed their thanks and appreciation for finalizing and submitting our finances in accordance with the set requirements and deadline where representatives of the said parties added their seal of approval.
    >
    >
    >
    > Although the firm policy of our bank is not to reply to posts and articles posted on the website however our Chairman of the Board CEO has personally contacted the said company conveying and expressing his thoughts to the information published by the said company.


    >
    >
    > Best regards,
    >
    >
    >
    > Mr. I

    I also received this email in response to my inquiries:

    Dear Sir,



    In reply to your e-mail where you are concerned about your investment in warka bank, kindly find below our communication with Mr. Taha who runs the brokerage company and I am sure in due time he will back down on his allegations.



    Thank you for writing to me.



    Dear sir , we remain.





    Saad Sadoon Al-Bunnia

    Chairman of the Board

    Warka bank for Investment and Finance












    goood info here... hope its all true
    I'm not giving up till i'm successful. Iraq is an investment that will make us millions however it might take time. Click here to Laugh Click here to get Scared Know any good stocks? PM me the Symbol. Genius STUDY MY LIFE IT WILL MAKE YOUR RICH>>HERE<<

  5. #15
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    The difference between that information then started with a competitor of Warka, and this more recent info is originating from the CBI chairman, whose mess it is to clean up. I think we may see Warka going away within the year, but that's just me. I'm not a naysayer and am not trying to slam the bank, I've been with them from the beginning, but just think that the bank is saddled with too much to overcome now. The conditions in Iraq are so that the CBI is ill-fit to help out any banks, and regulation is hit or miss. It surprises me that the CBI is not forced to assist Warka by the supreme court ruling, but no one is talking about that. The CBI could bail it out, but that doesn't sound like it's going to happen. Could Warka find a buyer or a bank to merge with? possibly. In that case, I hope it would.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  6. #16
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    are we any further forward ?

    warka still arent answering their emails and there is no info on their situation anywhere

    whats going on ???

  7. #17
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    Quote Originally Posted by Will-it-happen? View Post
    are we any further forward ?

    warka still arent answering their emails and there is no info on their situation anywhere

    whats going on ???
    Pulled from the Facebook Warka bank Victims group this morning

    For all your information Mr Issa's email to me reads as follows:- Currently we are waiting for the Central Bank of Iraq to proceed with setting a get well plan executing the Court's order of fully rehabilitating the bank ensuring the adequate flow of funds ensuring solvency of the bank
    We appreciate your fine patience and understanding and will keep you and all our esteemed clients well posted of any new and positive developments.



  8. #18
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    As I said, we're waiting on funding from the CBI - question is will the CBI abide by the court's decision. I think a lot is riding on this. If the CBI disregards the court's decision or dithers, the blowback on foreign investment could be enormous, IMO. Who, besides the oil companies with their lucrative deals, would want to invest in a country where government offices can do what they want despite court orders?

    The CBI's actions on rehabilitating Warka will help determine if I move the majority of my investment to Kurdistan (ESX) or not.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  9. #19
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    Quote Originally Posted by dinar_dude View Post
    As I said, we're waiting on funding from the CBI - question is will the CBI abide by the court's decision. I think a lot is riding on this. If the CBI disregards the court's decision or dithers, the blowback on foreign investment could be enormous, IMO. Who, besides the oil companies with their lucrative deals, would want to invest in a country where government offices can do what they want despite court orders?

    The CBI's actions on rehabilitating Warka will help determine if I move the majority of my investment to Kurdistan (ESX) or not.
    How can we find out the time-frame given to the CBI to put this right ?

    also the compensation package due to Warka ?

  10. #20
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    Unfortunately, we're on Iraqi time. The election year will likely lengthen the timeline the CBI has for this, but those statements are colored by my experiences with this thus far.

    Does anyone have any info or sources who might be able to shed any light on the timeline?
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

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