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  1. #1
    Supporter and Investor! thebest's Avatar
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    Activity stop Warka Brokerage Company with effect from Sunday session 12-28-2014


    Activity stop Warka Brokerage Company with effect from Sunday session 28/12/2014 12/28/2014 09:02

    Given counting commitment Warka Brokerage Company to submit a letter of guarantee in the amount equivalent to the capital of the company decided to suspend work on the company's activity in the market under our No. 2276 on 12.28.2014 with effect from Sunday, 28.12.2014 session.

    الأخبـــار



    http://www.isx-iq.net/isxportal/file...2_0_9_2_39.pdf
    Last edited by thebest; 12-31-2014 at 01:36 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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    for what reason they need deposit this "given capital of the company" ?

    They not been paying their bills or do all brokers need to do this ?

  3. #3
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    Quote Originally Posted by Will-it-happen? View Post
    for what reason they need deposit this "given capital of the company" ?

    They not been paying their bills or do all brokers need to do this ?

    im not sure my guy read and translated for me saying this is saying warka is suspended?

    Yeah that is what it says and it is dated on the 28th Dec 2014





    Due to not presenting a letter of guarantee of Alwarka'a company capital.



    Last edited by mike032588; 12-31-2014 at 02:38 PM.
    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<<

  4. #4
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    As I have been saying all along and dopes w blinders on did not listen

    Quote Originally Posted by mike032588 View Post
    im not sure my guy read and translated for me saying this is saying warka is suspended?
    A brokerage firm cannot operate if it does not have a viable financial institution associated w it. Most of us have accepted the fact that Warka has gone under. Hence the Warka brokerage does not have capital to stand behind since it is not associated w a financial institution.

    So now maybe some more members here that used Warka understand my point that we have been broken off from the ISX. Sooner or later if that sh..thole called Iraq gets its head out of his arse we will need to open up a new brokerage/bank account w a different outfit. And that is only to possibly salvage those stocks that are in our good name. Forget about those held in Warka proxy.

    I am looking forward to seeing the first prank of the new year pulled on those still naive enough to think we will get anything from Warka when this is all said and done. When the automatic interest is posted to our faux accounts tonight I am anxious to see how many dopes thinks that Warka is still going.

    All above IMHGO and only stated with good intent and malice towards none. Happy New Year!
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

  5. #5
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    The brokerage is suspended because the bank cannot or wont (for the dreamers) provide evidence that they have any money in the bank.
    ---------------------------------------------------------------
    "Sumerian News", that "the real value of the coin is the value of goods received by the individual and on the strength of the national economy"

  6. #6
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    its dire for warka bur i promise to fight to the day of my death to get my money back... i invested over 65k into this... at one point it was worth over 500k from warka free shares and recently from iraqi seed production... but wtf man lets go warka... i believe that this is not their fault however it dont change the fact they are still is a stand still period.. i just dont believe the bunnia family is going to let their family back crumble because of partstion politics..
    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<<

  7. #7
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    Just moving to esx!!

  8. #8
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    My humble opinion..I think that the Bunnia family was attacked by Malaki (as was Shabbi & a few others). Malaki was pissed that Warka did not get involved with Standard Chartered, who were more than pleased to help him steal and launder billions..but Warka wouldn't take the bait and has had to fight for their position, as Mr. Al Bunnia stated in his very diplomatic letter to depositors. Malaki & his thugs have set Iraq's recovery back ten years..but now it seems Abadi is doing great work in bringing stability to pass and I think Warka will pull through this in the interm.

    A few here might say I am delusional and only grasping for straws so as not to have to cope with a big loss..but anyone who has been in any type of life or death encounter (and this is still War In Iraq) knows it ain't over till it's over...and baby, it ain't over yet!
    [Still kicking]

  9. #9
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    I still think it's up to the government of Iraq, the finance ministry, and the CBI to make sure the ruling from the courts are carried out. Not the greatest news, yes.
    Warka is owed damages and it may take a long time for them to get it, especially with the GOI in the state it's in.

    The banking operations are suspended, they likely have very low liquidity and capital, and are waiting for the government to come through.
    I'm hoping that the new government under Abadi will not allow this to drag out further, since they cannot allow Iraqis and foreign depositors to grow the idea that Iraq is unreliable for investment
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  10. #10
    Supporter and Investor! investindinar's Avatar
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    I think you're right....

    Quote Originally Posted by dinar_dude View Post
    ... Warka is owed damages and it may take a long time for them to get it, especially with the GOI in the state it's in... banking operations are suspended, they likely have very low liquidity and capital, and are waiting for the government to come through. I'm hoping that the new government under Abadi will not allow this to drag out further, since they cannot allow Iraqis and foreign depositors to grow the idea that Iraq is unreliable for investment
    I agree that Al Warka's legal situation is the fundamental reason why they're not listed and trading on the ISX or any other exchange. They're simply not allowed to until they receive due compensation for damages from the CBI and the MoF (if they were involved). They need to demonstrate to any exchange they desire to be listed on that they have sufficient capital to resume operations. At the present time they can't do that for obvious reasons.

    Today 12/31, when they posted the semi-annual interest due on my savings account (3% for six months or 6% per annum), I noticed that they dropped the interest rate from 7% compounded semi-annually to 6% compounded semi-annually. This may a contrarian indicator, but it shows me that the bank continues to credit interest when due, and at a lower, albeit more acceptable interest rate to the governing authority. I know from information posted in the past that the interest rate they were offering on their deposits was outside the bounds of what the governing authority considered acceptable and may have been too aggressive.

    In addition, every time I asked them in the recent past (as recently as last summer) to sell any of the stock shares that they hold in trust on my behalf, they did not hesitate to sell whatever shares I asked them to without any unnecessary delays or misgivings. Following the sales, I received an Excel spreadsheet with all the details and the cash balance on my savings account reflected the activity accurately. So, I honestly don't see why some individuals keep bringing up the issue that everyone has lost their cash deposits with the bank, or that their stock shares are somehow compromised, stolen or no longer under the control of Al Warka Investment Bank.

    I do find some encouragement in the progress being made by the new PM Haider Al Abadi, the recent decision by the Iraqi courts to reverse the conviction of Sinan Al Shabibi, and piecemeal removal of the extremely toxic detritus left over by Nuri Al Maliki's regime, bit by bit. However, that's going to take some time and I'm hoping that by this time next year (12/31/2015), we'll see Al Warka restored to full operations, their stock re-listed on the ISX and Erbil Exchange, their shareholders compensated, and ISIS as a footnote in Iraqi history. I think it's doable.

    Happy New Year everyone!!!
    What? Me worry?

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