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  1. #1
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    Warka Bank. years and depositors' money is lost between the central bank and the bank

    Warka Bank .. years and depositors' money is lost between the central bank and the bank management

    07/07/2014 16:07


    Tomorrow Press / Baghdad: Muhannad Mustafa
    If we want to escape from the fear of the reality in which we live our money and financial amounts that may be all we have what we have, but the direction to the nearest bank in the capital, or the city that inhabit where to put bank deposits are in the custody bank so be assured the money from theft and fraud, but The issue in the Warka Bank radically different, as the order another tale. deposits placed in the bank can not go back to the citizens and in any form, especially that most of those who reposed are simple case far removed from the politics and crises of those who have spent years of their lives in misery and businesses that hold them above their energies usual, claims a real pause by the current government. "tomorrow Press" I spoke with a number of citizens who deposited large sums of money in the bank and listened to their suffering and their views about the subject. Nstgit for our rights, says Sabah Anwar, a media that he "You can not stay in this situation, which is not likely Vomwali deposited in the bank four years ago Tkvana and my family for a period of time, I want to retrieve, in any way, not my fault that was the management of the bank correct or wrong, the fact that the issue concerning my receivables since then." He adds Anwar for "tomorrow's Press," "We are trying and we use and Nstgit to take our rights from the bank to no avail, there is no solution, not the management of the bank, not from the central bank, not from the government, and after the custody of the bank's decision We are encouraged, but things remain as they are, When the change of the Central Bank of God thanking it will come a new administration and solve the problem, but surprised that the central bank will make a decision to liquidate the bank, and that the subject of the filter means go and the loss of sums and our money. " strange decisions from the bank and shows Khadr Alaa, a government employee, said: "It can not be tolerated over this period I and all suffer from the same crisis we review from time to time and inform that the amounts will return soon, but the great disaster that big shareholders in the bank agreed with the Governor of the Central Bank and the Agency on deposit amounts not too bad during the period of six to nine months, but the sad thing is that the central bank refused and insisted on a strange decision, which pay the amount of two hundred billion Iraqi dinars, and during the period up to the end of last year. " He continues, Ala for "tomorrow's Press," that "the bank is not willing to pay this huge amount, especially as he a stagnating abnormal, making it the liquidation decision enters into force, and this decision is lost rights of all depositors in the bank. " is the fruit of effort lean years while see Firas Mohammed, an employee in a civil company, said, "This money is the fruit of tired of our fathers and our people for many years can not go and get lost because of the policies and the mistakes of the Warka Bank and the decisions of the central bank, which is a disaster for us and our families and our children so it should be. " He demanded to take "rational decision by the higher authorities in the country to take the necessary and return the money." case would destroy hundreds of families for its part called roar Azzawi , teacher, "the central bank and the Iraqi government to redress the bank and stand by his side to the fact that the world economic and trade its crises and on an annual basis, especially as more banks worldwide known states stumble and Taatlki all their work so requires the state to be a real shepherd to maintain the people's money, but in my country it is completely different. " She said al-Azzawi in her speech for "tomorrow Press", "according to a scientific and permanent follow-up to the work of this bank is there are thousands of citizens south and north of Iraq who have the amounts deposited in the bank." considers al-Azzawi said, "These thousands of people will be lost their rights because of administration a failed bank and the decisions of the central bank, which will be demolished and the disintegration of thousands of Iraqi families. " weak oversight and performance major reason for the crisis , and in this regard the economic expert on behalf of Jamil Antoine explains, "It can not be that the state remains unable to make decisions that will be the solution, and the solution lies in lending bank amounts and sufficient funds to pay all deposits in, but this process has not been not the loan is given, which caused the entire collapse of a big reputation and institution bank known in the country. " He adds Antoine for "tomorrow's Press," that "the helpless bank to repay its commitments and money due to the fact that all property in his possession is subject to, the central bank, the guardianship of the bank for a period of 18 months, but it ended without any results only increase in the crisis, so it is assumed the central bank that bears the responsibility that can not be finished for this reduction is not enough resolution. " . confirms Antoine that "the bulk of the crisis lies with the state did not do its regulatory and finance from the outset to avoid getting hold such a crisis caused a great loss to all depositors in the bank, the central bank will not stay in the position of the spectator which demonstrates the weakness of addressing the economic and professional status and scientific in Crisis. " central bank .. Warka Bank needs to simple administrative organization for his part, said the deputy governor of the former Central Bank of the appearance of Mohammed Saleh, said that "step bank raised guardianship for Warka Bank, after a period of almost a good two financial sense, because it would give a good indicator of the guarantees of bank and financial dealing in Iraq, "expressing his surprise at the" delayed guardianship raise despite offering a number of international financial organizations and the reports of interpretation from the return of the Warka Bank to work. "Saleh added in a statement seen by "tomorrow Press," that "the Warka Bank need to Simple administrative organization to return to the financial arena, also requires that there be a real help from the government represented by the Ministry of Finance through the development of long-term deposit in the bank even help him to the Financial Action Task Despite the high financial asset size for the debt. " Saleh continued that " The duty of government is to keep the financial situation of the country, because the Warka Bank not only holds the owners him money, but there are large sums of money to citizens who are part of the financial system of the country and help the Ministry of Finance of the Bank of Warka due now, adding that "with guardianship for Warka Bank lifted, was left Only one bank, which (via Iraq), and can not be called a recommended it a label, because the theme is nearing its decisiveness by the Central Bank and borrowers. " lift the guardianship will strengthen the role of the bank for his part welcomed a member of the Board of Directors in Warka Bank Essam al-Asadi decision of the Central Bank, describing it as "decision equitable because it would strengthen the role of the bank in the financial system." He added Asadi said in a statement seen by "tomorrow Press", "The Warka Bank currently has the ability to overcome the crisis, because financial assets within the Bank amounting to almost 500 billion dinars, which is greater than liabilities that do not exceed Al380 billion dinars. " The Central Bank of Iraq has decided in March of 2012, the imposition of trusteeship on the Warka Bank because of obstructed in the financial performance of more than two years, while the Bank to submit reports to prove his return to the resumption of banking activity for guardianship lift. It is noteworthy that the Warka Bank for Investment was established in 1999 and is the highest technical levels, the first Iraqi private banks that rely electronic accounting and the number of branches 130 branches in addition to operating branches outside Iraq.

    http://alghadpress.com/ar/news/16296...B9%D9%8A%D9%86-



    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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    Neg comments gets a ________ one more
    time,but this time with a date on the beach
    Hayyy,hayyyy contra!!!

  3. #3
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    Interesting read ... Foreign accounts getting stiffed is one thing - But even with "thousands" of local accounts on hold for years, both parties continue to finger point with nothing moving forward. I'm not entirely sure who is even to blame here - it sounds like Warka needs to show some "organization" but the CBI doesn't even intend to provide assistance at any level.

    Some things that stood out for me...

    "deposits placed in the bank can not go back to the citizens and in any form"

    "When the change of the Central Bank of God thanking it will come a new administration and solve the problem, but surprised that the central bank will make a decision to liquidate the bank, and that the subject of the filter means go and the loss of sums and our money."

    "the central bank refused and insisted on a strange decision, which pay the amount of two hundred billion Iraqi dinars, and during the period up to the end of last year. " He continues, Ala for "tomorrow's Press," that "the bank is not willing to pay this huge amount, especially as he a stagnating abnormal, making it the liquidation decision enters into force, and this decision is lost rights of all depositors in the bank. "

    "Warka Bank needs to simple administrative organization for his part, said the deputy governor of the former Central Bank of the appearance of Mohammed Saleh...."Saleh added in a statement seen by "tomorrow Press," that the Warka Bank need to Simple administrative organization to return to the financial arena,"

    This looks like the stumbling block:

    "The Warka Bank currently has the ability to overcome the crisis, because financial assets within the Bank amounting to almost 500 billion dinars, which is greater than liabilities that do not exceed Al380 billion dinars. " The Central Bank of Iraq has decided in March of 2012, the imposition of trusteeship on the Warka Bank because of obstructed in the financial performance of more than two years, while the Bank to submit reports to prove his return to the resumption of banking activity for guardianship lift.

    So... is it the CBI using this as an excuse not to pay out the settlement - or, has Warka (read Bunnia) taken the 500 Billion Dinars and run off into the desert with it ?


    Bottom line - Bunnia needs to prove to the CBI that he has 500 B IQD at his disposal in order to receive 200 B IQD from the imposed settlement. Do you trust coming clean to the CBI ? Without the fear of losing that (500 B) too ? So here in lies the dilemma I presume - one does not trust the other. And neither trust the government as a mediator - so who gets that job ? Once that's decided we may seem some progress.
    Last edited by ChinaGirl; 01-20-2015 at 12:28 PM.

  4. #4
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    Yepper

    Quote Originally Posted by ChinaGirl View Post
    Interesting read ... Foreign accounts getting stiffed is one thing - But even with "thousands" of local accounts on hold for years, both parties continue to finger point with nothing moving forward. I'm not entirely sure who is even to blame here - it sounds like Warka needs to show some "organization" but the CBI doesn't even intend to provide assistance at any level.

    Some things that stood out for me...

    "deposits placed in the bank can not go back to the citizens and in any form"

    "When the change of the Central Bank of God thanking it will come a new administration and solve the problem, but surprised that the central bank will make a decision to liquidate the bank, and that the subject of the filter means go and the loss of sums and our money."

    "the central bank refused and insisted on a strange decision, which pay the amount of two hundred billion Iraqi dinars, and during the period up to the end of last year. " He continues, Ala for "tomorrow's Press," that "the bank is not willing to pay this huge amount, especially as he a stagnating abnormal, making it the liquidation decision enters into force, and this decision is lost rights of all depositors in the bank. "

    "Warka Bank needs to simple administrative organization for his part, said the deputy governor of the former Central Bank of the appearance of Mohammed Saleh...."Saleh added in a statement seen by "tomorrow Press," that the Warka Bank need to Simple administrative organization to return to the financial arena,"

    This looks like the stumbling block:

    "The Warka Bank currently has the ability to overcome the crisis, because financial assets within the Bank amounting to almost 500 billion dinars, which is greater than liabilities that do not exceed Al380 billion dinars. " The Central Bank of Iraq has decided in March of 2012, the imposition of trusteeship on the Warka Bank because of obstructed in the financial performance of more than two years, while the Bank to submit reports to prove his return to the resumption of banking activity for guardianship lift.

    So... is it the CBI using this as an excuse not to pay out the settlement - or, has Warka (read Bunnia) taken the 500 Billion Dinars and run off into the desert with it ?


    Bottom line - Bunnia needs to prove to the CBI that he has 500 B IQD at his disposal in order to receive 200 B IQD from the imposed settlement. Do you trust coming clean to the CBI ? Without the fear of losing that (500 B) too ? So here in lies the dilemma I presume - one does not trust the other. And neither trust the government as a mediator - so who gets that job ? Once that's decided we may seem some progress.
    Per the other thread I have to believe the primary warka stock holder cut and ran to limit his overall losses, if he did incur losses. I wonder if he was smart enough as I would have done, in that environment to purchase all the property Warka was buying over the years for the new branches ahead of time and then he sold it to warka for twice the price. Ka ching.
    ---------------------------------------------------------------
    "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
    Supporter and Investor! oldskiier's Avatar
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    what about our shares in the ISX..... even in proxy.... our names are in the bank as the asset holders of those shares.... Warka is only 1/3 of my holdings...some how they will have to make good on the other shares or funds from other compaines... as they are in the hands of the ISX ..or the Companies they are issued on ..??? any thoughts..??

  6. #6
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    This is what I figure I need to do

    Quote Originally Posted by oldskiier View Post
    what about our shares in the ISX..... even in proxy.... our names are in the bank as the asset holders of those shares.... Warka is only 1/3 of my holdings...some how they will have to make good on the other shares or funds from other compaines... as they are in the hands of the ISX ..or the Companies they are issued on ..??? any thoughts..??
    This is just me. Not suggesting or bashing anyone. Personally I have grave reservations regarding Warka stock itself and those other companies they in theory have on my behalf. Do I really know, of course not. But I have not seen a single sign to believe otherwise. I think Elvis has left the building.
    For those shares that are in theory in my name are registered on the ISX exchange. However they sre in limbo. No one is performing the administrative maintenance such as free share reception, etc on my behalf (let alone cash dividends). To get to those stocks in my name I believe I have to open up a new bank account with a new broker and go through them to begin the management of those shares that are not 'lost'.
    With the current instability over there now I am not willing to take action. I am in limbo with significant belief on the final day all will be lost in regard to my investment in this high risk game. That is just me and anybody else can think otherwise.
    ---------------------------------------------------------------
    "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"

  7. #7
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    My take...

    Quote Originally Posted by oldskiier View Post
    what about our shares in the ISX..... even in proxy.... our names are in the bank as the asset holders of those shares.... Warka is only 1/3 of my holdings...some how they will have to make good on the other shares or funds from other compaines... as they are in the hands of the ISX ..or the Companies they are issued on ..??? any thoughts..??
    I cut and pasted the entire article quoted above on a separate document, and after very carefully parsing through every sentence of this very awkward and difficult translation, here's my conclusion:

    They're still waiting on the CBI to make up its mind on how much and when to compensate Al Warka Investment Bank, and allow it to reform to full operation with the necessary operating capital - even if that meant getting a loan from the Ministry of Finance (another player in this drama). Even after lamenting the actions that compelled the CBI to place Al Warka under custodianship, the author of this article voiced their surprise at the length it has taken the CBI to take the necessary corrective actions after the custodianship was supposedly lifted, but did not believe that the monies held in account were permanently lost in any way shape or form.

    Basically nothing new. Everyone is still waiting.

    Other than that, I don't see any reason why everyone should be throwing in the towel and walk away saying 'all is lost', etc.

    My 2 dinars worth of opinion from reading the tea leaves on this ongoing drama....
    What? Me worry?

  8. #8
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    I agree. The wheels turn slowly.
    One of the worst things about this ordeal is trying to make heads of tails from this mishmash. In the absence of clear information, let's not get crazy. The court has ordered the CBI or whoever to accommodate Warka, I just think it'll be a long time in coming.
    "I have nothing to offer but blood, toil, tears and sweat." - Sir Winston Churchill

  9. #9
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    This article is from 7th July 2014

  10. #10
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    Peace

    Quote Originally Posted by Will-it-happen? View Post
    This article is from 7th July 2014
    Please stop the bashing!!
    ---------------------------------------------------------------
    "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"

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