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  1. #1
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    Warka May Cost US Army Millions APRIL 18, 2014 NEWS

    Warka May Cost US Army Millions

    Posted on 18 April 2014. Tags: Warka Bank

    Like a replay of the Great Depression, a bank in Iraq went under in 2010, nearly taking millions of American dollars with it.
    According to a report from the Washington Times, Iraq’s Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq.
    The Pentagon’s internal inspector general has said that since the bank was placed in receivership in November 2010, the US Army has been unable to readily withdraw cash.
    The estimated loss of $5.4 million is only now coming to light because the disbursing officer in charge of the funds never reported the loss, the Inspetor General said, “because she believed she would recover these funds in the future.”
    About $1.1 million has been repaid so far by the bank, inspectors said, but not getting the proper Defense Department debt payment experts involved immediately puts the rest of the cash — $5.4 million — at risk.

  2. #2
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    Quote Originally Posted by BatmaninIraq View Post
    Warka May Cost US Army Millions

    Posted on 18 April 2014. Tags: Warka Bank

    Like a replay of the Great Depression, a bank in Iraq went under in 2010, nearly taking millions of American dollars with it.
    According to a report from the Washington Times, Iraq’s Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq.
    The Pentagon’s internal inspector general has said that since the bank was placed in receivership in November 2010, the US Army has been unable to readily withdraw cash.
    The estimated loss of $5.4 million is only now coming to light because the disbursing officer in charge of the funds never reported the loss, the Inspetor General said, “because she believed she would recover these funds in the future.”
    About $1.1 million has been repaid so far by the bank, inspectors said, but not getting the proper Defense Department debt payment experts involved immediately puts the rest of the cash — $5.4 million — at risk.


    Does not bode well for our dosh

    EB
    A day without laughter is a day wasted: Charlie Chaplin. :cheeky-smiley-025: :yelrotflmao:

    NO RV TODAY! MAYBE TOMMOROW! :shhh:

  3. #3
    Supporter and Investor! oldskiier's Avatar
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    I still believe they will make all accounts good ..... Keep the faith

  4. #4
    Supporter and Investor! millionairetobe71's Avatar
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    Quote Originally Posted by oldskiier View Post
    I still believe they will make all accounts good ..... Keep the faith

    Really ?.....they haven't answered my emails yet.....


    MTB71
    "We are ready for an unforeseen event that
    may or may not occur." --Al Gore, VP :swear:

  5. #5
    Supporter and Investor! oldskiier's Avatar
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    This is a reply I received April 20, 014

    Dear Sir,


    Below is the most recent statement issued by our good bank where 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.


    Mohammad K. Issa
    Deputy Managing Director
    Senior Executive
    Warka Bank for Investment and Finance





    As posted on our website news bulletin the High Tribunal court has awarded all verdicts in favor of Warka Bank for Investment and Finance ordering the CBI to implement and execute the full rehabilitation of the bank the lifting and dismissal of the CBI Custodian Committee holding the CBI fully liable for financial and reputable damages where the full details of the court proceedings and related verdicts are posted on our website www.warka-bank.com news bulletin.


    Warka Bank for Investment and Finance is currently waiting for the CBI to follow in accordance with the court's decisions and verdicts executing the orders of the court where once this matter has been finalized Wark Stock will be re-trading accordingly.


    Please follow our site regularly as we will keep our fine clients, shareholders and management well updated with the upcoming events…


    Best regards,

    Warka Bank for Investment and Finance
    Last edited by oldskiier; 05-15-2014 at 06:45 PM.

  6. #6
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    anytime very soon folks

  7. #7
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    Quote Originally Posted by millionairetobe71 View Post
    Really ?.....they haven't answered my emails yet.....


    MTB71
    Just send in the Marines....

    I come in peace, I didn't bring artillery. But I am pleading with you with tears in my eyes: If you f**k with me, I'll kill you all.
    Marine General James Mattis, to Iraqi tribal leaders


    http://oldcorps.org/USMC/quotes.html

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