Warka Court Victory over CBI

[JoeB]

Dear Sirs,

 

With regards to the legal court case Warka Bank for Investment and Finance has filed against the Central Bank of Iraq Warka Bank for Investment and Finance is delighted to inform its cliental, shareholders and management that the Iraqi Supreme High Court has awarded its decision in full favor of Warka Bank for Investment and Finance confirming its judicial decision that the liquidity crisis and events leading to Warka's declining financial position is entirely due to the fault, malice, mismanagement and misdirection of both the Ministry of Finance and Central Bank of Iraq their ill actions taken against the bank placing the full blame and cause on both the Central Bank of Iraq and Ministry of Finance their lack to take the proper action measurements and steps to resolve the crisis properly in supporting the rehabilitation of the largest financial enterprise in the country.

 

Where we are delighted to add that the court decision confirms that Warka Bank for Investment and Finance has implemented, practiced and maintained all legal banking guidelines, protocols and regulations set by the bylaws of the Central Bank of Iraq confirming its true innocence.

 

We have posted a copy of the court's decision to bring comfort joy and happiness to all those whom have supported our bank, board of directors and management….

 

Best regards,

 

Legal Department

 

Warka Bank for Investment and Finance

 

 

http://www.warka-bank.com/?0d64a1934dcafd4bf6a2baf1b2

[mazie]

Great News, Now its time to move on. (like RE )

[dsilva21]

Elimination eliminates the tutelage of the Central Bank of the Warka Bank

Tuesday , March 12, 2013

It’s arbitrary decision as he said .. Has canceled Judicial Council Iraqi Supreme tutelage CBI on Warka Bank, which lasted a whole year right through damaged bank and depositors in him and in the Iraqi economy.
learned (writings) that the discriminatory at the head of the resumption of Baghdad – Rusafa Council Supreme Judicial had decided to cancel the tutelage of the central bank Warka Bank after hearing chaired by President Jaafar Hassan Ali and membership deputies gesture Hamel Ajili and Najim Abdullah Mohsen.
said the discriminatory in its resolution, obtained by (writings) that “in 29 – 2-2012 board decided CBI put guardianship of Warka Bank Investment and Finance .. and that’s where this decision arbitrarily led to damage the interests of the bank and the depositors and customers and shareholders in the capital and the banking sector and the national economy .. and after checking the body in the central bank’s decision has decided to accept the appeal decision guardianship after it found that the ruling is incorrect and contrary to law because the bank Central when he decided to put guardianship did not take into account the provisions of the law or the basis on which calls for taking as he did not take the necessary measures to provide liquidity to the bank, although it is one of his duties. ”
said the discriminatory in its resolution that “the Ministry of Finance may have contributed to its proceedings of the withdrawal of government deposits from private banks in aggravate the financial situation of the Warka Bank because it was the mainstay of its liquidity cash .. also said the central bank did not take the necessary measures to improve the situation of the bank, despite this from his responsibilities as not give him credit required to get out of its financial crisis and urged the commissions set up by the Bank to address the financial situation Bank of Warka. ”
and concluded Authority to say in conclusion, “and thus became central bank’s decision to impose trusteeship bank free of isnads legal was decided to cancel the trusteeship.”
was the Iraqi Central Bank decided to put his tutelage on the Warka Bank one of the largest Iraqi banks with 130 branches across Iraq because of marking some of the problems in financial dealings.The bank said that imposing guardianship on the Warka Bank for Investment and Iraqi funding came to save him from some of the problems suffered by. The main tasks of the central bank in the conduct of monetary policy in the country and raise the level of values ​​the Iraqi dinar and tackle inflation.
said the deputy governor of the Bank of Iraq the appearance of Mohammed Saleh said that “the central bank to impose his tutelage on the Warka Bank to help him overcome his problems,” noting that “the bank exposure to the problem and we look closely now assets, and work is continuing it did not close. ” He explained that “the Warka Bank of large banks and very good and has many branches, and guardianship means the temporary administration of the bank,” and expressed the hope that “back Warka Bank to normal after the end of investigations.”
and continued that “trusteeship under the law is 18 months, renewable for 18 other, “revealing that” the bank stumbled in dealing daily due to a section of his dealings outside his control, including the withdrawal of the Iraqi government to deposit him three years ago. ”
In response to a surprise shown by Iraqi Finance Minister Rafie al-Issawi’s decision trusteeship Warka Bank without being informed personally , Deputy Governor of the Central Bank that “there is confusion in the central bank law occurred in articles 59 and 66,” noting that “gave an explanation of the Minister of Finance and the latter expressed his conviction.” He said.
expressed Finance Minister Rafie al-Issawi in a press statement surprise decision CBI put Warka Bank under guardianship without coordination and the approval of the Ministry of Finance.
says CBI that Article 59 of its law allowing him a trusteeship on banks which is about the appointment of management Temporary any bank get the financial problems, while Article 66 of the law that after being appointed guardian central bank can seek through the Central Bank decision to request from the Minister of Finance to save the bank in case it was found that there is a possibility to save him.

http://kitabat.com/a…رف-الوركاء.html

[dsilva21]

sorry, the link is http://kitabat.com ..رف-الوركاء.html 

[sandfly]

MOVE OOOON

[ronscarpa]

  Delta News from KTFA Forum Early Wednesday AM .. 03/13/2013

 

 

DELTA » March 13th, 2013, 4:42 am  •  GOOD NEWS FOR WARKA INVESTOR

Warka Court Victory over CBI

Dear Sirs,

With regards to the legal court case Warka Bank for Investment and Finance has filed against the Central Bank of Iraq Warka Bank for Investment and Finance is delighted to inform its cliental, shareholders and management that the Iraqi Supreme High Court has awarded its decision in full favor of Warka Bank for Investment and Finance confirming its judicial decision that the liquidity crisis and events leading to Warka's declining financial position is entirely due to the fault, malice, mismanagement and misdirection of both the Ministry of Finance and Central Bank of Iraq their ill actions taken against the bank placing the full blame and cause on both the Central Bank of Iraq and Ministry of Finance their lack to take the proper action measurements and steps to resolve the crisis properly in supporting the rehabilitation of the largest financial enterprise in the country.

Where we are delighted to add that the court decision confirms that Warka Bank for Investment and Finance has implemented, practiced and maintained all legal banking guidelines, protocols and regulations set by the bylaws of the Central Bank of Iraq confirming its true innocence.

We have posted a copy of the court's decision to bring comfort joy and happiness to all those whom have supported our bank, board of directors and management….

Best regards     DELTA

DELTA

» March 13th, 2013, 5:02 am  •  

THE IRAQI SUPREME COUNCIL HAS ABOLISHED THE CBI CUSTODY OVER WARKA BANK

WARKA BANK AND THEIR INVESTORS ARE FREE NOW :      DELTA

DELTA wrote on March 13th, 2013, 12:57 am:

 I WILL JOIN FRANKIE ON THE CC WED..... I WILL GIVE YOU THE UPDATE..... NEW GOOD INFO 

DELTA

[easyrider]

  Delta News from KTFA Forum Early Wednesday AM .. 03/13/2013

 

 

DELTA » March 13th, 2013, 4:42 am  •  GOOD NEWS FOR WARKA INVESTOR

Warka Court Victory over CBI

Dear Sirs,

With regards to the legal court case Warka Bank for Investment and Finance has filed against the Central Bank of Iraq Warka Bank for Investment and Finance is delighted to inform its cliental, shareholders and management that the Iraqi Supreme High Court has awarded its decision in full favor of Warka Bank for Investment and Finance confirming its judicial decision that the liquidity crisis and events leading to Warka's declining financial position is entirely due to the fault, malice, mismanagement and misdirection of both the Ministry of Finance and Central Bank of Iraq their ill actions taken against the bank placing the full blame and cause on both the Central Bank of Iraq and Ministry of Finance their lack to take the proper action measurements and steps to resolve the crisis properly in supporting the rehabilitation of the largest financial enterprise in the country.

Where we are delighted to add that the court decision confirms that Warka Bank for Investment and Finance has implemented, practiced and maintained all legal banking guidelines, protocols and regulations set by the bylaws of the Central Bank of Iraq confirming its true innocence.

We have posted a copy of the court's decision to bring comfort joy and happiness to all those whom have supported our bank, board of directors and management….

Best regards     DELTA

DELTA

» March 13th, 2013, 5:02 am  •  

THE IRAQI SUPREME COUNCIL HAS ABOLISHED THE CBI CUSTODY OVER WARKA BANK

WARKA BANK AND THEIR INVESTORS ARE FREE NOW :      DELTA

DELTA wrote on March 13th, 2013, 12:57 am:

 I WILL JOIN FRANKIE ON THE CC WED..... I WILL GIVE YOU THE UPDATE..... NEW GOOD INFO 

DELTA

Great news this shows us they have been doing alot more behind the scenes then they would like the public to know about.

[Adam Montana]

Good, now maybe they can start answering emails instead of dealing with courts

[Linda]

lets hope so Adam...we are ready to move.....

[unirod]

I hope that Warka can get released soon to trade once again on the ISX.

[one4dinar]

I'm glad that our money  and shares are safe. It will take a while but Warka will be back on top again.

[Goldiegirl]

To see comfort, joy and happiness all in one sentence coming from Iraq.....This has made my day...now I'd like to experinece some of that.....so please Maliki lets bring us some joy!!!!!  

 

For many of us, we never wavered from the thought that our money was safe. What do you say now all you folks who told us it was down the toilet....???

Edited March 13, 2013 by Goldiegirl

[rightsonword]

:twothumbs:

[ComPLX]

To see comfort, joy and happiness all in one sentence coming from Iraq.....This has made my day...now I'd like to experinece some of that.....so please Maliki lets bring us some joy!!!!!  

 

For many of us, we never wavered from the thought that our money was safe. What do you say now all you folks who told us it was down the toilet....???

you've seen it posted before, but hear it goes again. Beauty and brains = Goldiegirl

[Frank61]

Thats right Goldiegirl......no guts no glory !!  Great post....

To see comfort, joy and happiness all in one sentence coming from Iraq.....This has made my day...now I'd like to experinece some of that.....so please Maliki lets bring us some joy!!!!!  

 

For many of us, we never wavered from the thought that our money was safe. What do you say now all you folks who told us it was down the toilet....???

[phlip]

Not sure what this means in terms of our being able to (finally) affect a wire transfer of USD back to a US account or purchase stock from the ISX through the Warka ISX Department, but it’s the first positive peep we’ve heard out of Warka in over a year with regard to their insolvency issues. At least Warka has never stopped renewing E-banking subscriptions, or selling CD’s and has always faithfully paid interest on all accounts on time. In addition, it’s been my experience that as of at least December 2012, there has been a marked improvement in Warka’s communication skills at all levels.

 

I would definitely have to agree with Goldiegirl’s assessment on this:

“For many of us, we never wavered from the thought that our money was safe. What do you say now all you folks who told us it was down the toilet....???”

 

Notice that Warka’s Legal Department didn’t deny that Warka Bank does indeed still have liquidity problems; only that those liquidity problems are the fault of the MOF and the CBI ~ as confirmed by the Iraqi Supreme High Court.

Most of this solvency problem came about when the MOF and the CBI decided to suddenly withdraw large amounts of cash in the form of public officials’ pension and payroll funds from the private sector (including Warka) and put it into state run banks instead. At the time this was done, the private banks were actually doing the CBI a favor by efficiently running and growing these various funds with much greater effect than could be expected from the state run banks, yet no consideration was given to what these sudden cash withdrawals would do to the private sector liquidity. Although Warka wasn’t the only bank affected, it was the largest and lost the most cash.  

 

I do know that in order for Warka to be able to successfully wire USD back to the US and into the proprietary territory of the Federal Reserve Bank, Warka will first need a corresponding US bank to accept the funds via an international SWIFT transfer.

Then, that same corresponding US bank can send the funds onward to their final destination via the FED’s Federal (ABA) routing system.

 

In order for the FED to even allow one of its banks to be Warka’s US corresponding bank, the FED’s board of directors will have to be convinced and/or otherwise persuaded that Warka is truly up and running again and has really solved it’s liquidity problems.

 

Previously, Citibank NA in New York was given the nod as Warka’s corresponding US bank, and I don’t see why that same arrangement couldn’t happen again, once Warka’s liquidity problems are solved.

 

In the end, even when the current CBI appointed Conservator has (finally) sold enough of Warka’s non-performing and/or unsecured loans (at a discount); or otherwise brokered a merger with another financial institution, it will still be up to the CBI to give Warka the permission it needs to operate again at full capacity inside Iraq.

Also, since the world currently operates as it does; that is, without regard to the peasants (including most US citizens or Citizens of the United States of America ~ if you prefer a more Constitutional as opposed to corporate designation) the final decision will be a Central Bank to a Central Bank (FED to CBI) one.

The FED, being the dominating Central Bank within the IMF will have to give permission to the CBI, who will then have to pass that same entitlement (reluctantly or not) on to Warka.

 

Who knows, but with this Iraqi Supreme Court decision it may be that the CBI now owes Warka all the bail out money it needs to get going again. We can only hope that if that is the case then the CBI does the honorable Islamic banking thing (100% honesty in all financial matters) and pays up quickly.

However, the fact is that even though Iraq is a member country of the IMF; its own CBI itself still isn’t yet in full compliance with the IMF rules, so I wouldn’t hold my breath waiting for the CBI to pay Warka for the damages it caused.

 

It has always been my opinion, and especially now that the Iraqi Supreme Court has confirmed it, that this whole Warka Bank insolvency crisis was due to a hostile takeover attempt by the CBI so that they could take advantage of the Bunnia Family’s hard work and investments which created Warka Bank for Investment & Finance ~ the largest financial enterprise in the country.

It’s notable that the Bunnias who are 52% owners of Warka are Sunni and Maliki’s MOF is Shiite dominated.

 

I believe it’s also best to keep in mind that the CBI absolutely still needs the 120 branch, 350 ATM machine infrastructures that the Bunnia’s have created with Warka in order to introduce electronic banking into an otherwise cash dominated society.

The CBI needs these infrastructures in place so that any currency redenomination attempt to introduce new lower denomination (international) banknotes can be aided and abetted by debit and credit cards that can be used at ATM’s all over Iraq and eventually all over the world.

Likewise, any CBI attempt to revalue its currency to international standards will depend on already in place ATM machines so that at the very least tourists can come to Iraq and exchange their own currencies for the new Iraqi banknotes and or conveniently withdraw funds from their home country accounts in order to take advantage of all the thrills and chills that Iraqi tourism has to offer. 

Welcome to Iraq, Habibi, but don’t forget to duck if you hear a large explosion!!

[mcjocky1]

Just to clarify a small point, who or what was used to translate this statement from Warka , cliental should read  clientele, especially in a release from a legal department. In other press release reports the term used, in the main is depositors. Final point the Warka page that JoeB's link leads to is from 2010, it quit clearly says ( should anyone care to check ) on the bottom of the page showing the Board of Directors, also within the second paragraph that the next elections will be held in 2012 ?. Saad S. Al Bunnia rings a very loud bell for having ( if I remember right ) 6 Million $ ( not Dinar ) confiscated from his home in 2005? because he could protect it with his life at home rather than keep it in the Banks safe in Baghdad. He attended the University of Sussex 1978/81and returns regularly to London. Bunnia's own the majority of Warka, are listed on ISX with several busineses, invoved Coka Cola Iraq, Mastercard, and lots more pies they have fingers in and allegedly "dislike" Maliki.