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NMP2017 posted a topic in Warka and Iraqi BankingThis was posted on the Iraqi warka victims fb page. The link is to the english translation. An opinion piece but has some news about current situation - https://translate.google.com.br/tran...%2F&edit-text= The article is dated today 25 March 2018 Books / Dr. Bassel Khudair ... Warka Bank for Investment and Finance was established in 1999, and when its objectives were formulated in order to contribute effectively in the field of economic development of the country in accordance with the provisions of the law of the Central Bank of Iraq and its instructions and the law of companies and other applicable laws, the bank had 116 branches in Baghdad and provinces as well as other specialized offices Including the brokerage offices for the sale and purchase of financial shares and the Foreign Exchange Office. All offices have specialized in providing banking services. The Bank has had great dealings with all government, mixed and private sectors and government departments. And the capital of 105 billion dinars in 2010. It is true that during the first years of its establishment, the bank was managed in an efficient manner by well-known banking and economic figures with a history associated with many successes in the field of jurisdiction. At the time when some believed that the Warka Bank would be a monopoly of banks Governmental organizations within Iraq or to be at the level of regional and international banks and reliable in bringing about the desired development in the banking sector, the bank has witnessed a slight drop that is a dramatic and unexpected fall and contradicts all views and indicators of development and the increasing rise in performance levels , And overnight Warka Bank became insolvent and unable to meet customer withdrawals and does not receive deposits or provide services and banking facilities to them under the pretext that he suffers from an administrative crisis to issue directives not to deal with government banks regarding the opening letters of guarantee and granting of banking facilities, and in previous years did not The depositors receive only false promises because their money has not been returned to them and all that has been distracted is distributing modest payments to small depositors. The public concerned has not really been aware of what is going on or what is being announced about the date when the depositors will be refunded. Because of the low purchasing power and the high rates of inflation in prices. Some may say that Warka is not the only national bank that failed customers because there are other banks did the same with the public and did not move the central bank silent about them, and we say that Warka was the focus of security To achieve leadership in the national banking business, we did not expect him to reach such setbacks to the detriment of others, so we dealt with this issue in the (information) previously and directed the Central Bank of Iraq to address the issue, through the return of funds depositors liquidation or sale of assets or borrowing or The merger or division of the infidels or in any way restore rights without procrastination and lengthening of waiting. Depositors are citizens and their funds must be protected by the laws of the concerned authorities. In case of failure to fulfill this legal right, dozens of cases will be filed with the bank and the central bank. To the banking system in Iraq, especially that the Committee of Wills and experts local and international have recommended the need to support the bank from During his financial solvency and return him to life because he was not bankrupt. Through the contacts and consultations between the Iraqi Central Bank and the Warka Bank and documented in the book of the Central Bank of Iraq 5358 on 8/3/2018, a set of solutions were reached which would restore the bank's life and guarantee the rights of depositors. These solutions include: Increase the capital of the bank by 150 billion dinars by depositing the amount of 45 billion dinars to provide liquidity for the purpose of payment of dues of small depositors and rehabilitation of the bank to exercise all its activities. To allow the depositors of the bank to use their deposits in whole or in part in the subscription process to increase the capital of the bank. Thus, the depositor becomes a shareholder of the bank voluntarily with the guarantee of the payment of shareholders' rights and the enjoyment of all the legal benefits of the shareholders stipulated in the Companies Law No. 21 of 1997 or any related law . To allow the Chairman of the Board of the current bank to run for a new period, an exception to the instructions for the purpose of taking advantage of his experience in the management of the bank at the current stage in order to return funds depositors and restore confidence in the bank by the public as the bank after the election of the Board of Directors to exercise its banking activities on a regular basis. The bank has been approved to liquidate the bank's branch in Beirut to enhance the liquidity of Warka and to ensure that everyone will be liquidated by the liquidator as a party. Neutral. Set a fixed period not exceeding one month for the convening of the general meeting, provided that the capital increase of the bank to 250 billion dinars of the main axes of this meeting. While we welcome these steps to address the Warka deposit problems for more than 7 years, we find that the return of Warka banking is a positive advantage of national banking when real seriousness is available to be a better bank than before, and we find it important to be The depositors have a role to play in this return by transferring part of their deposits to shares because they are better than the previous situation. The value of the stock increases with the performance of the bank. The shareholder has the right to be part of the administration. He is a member of the General Assembly. He has the right to nominate the Board of Directors. The shares are six In the Iraqi market for securities and can be sold by the owner at the price offered at any time and this away from the specter of exploitation and blackmail currently practiced by some of the weak souls, and if the comparison between the current situation and the situation after the conversion of shares, the new situation will put the citizen's money to the citizen instead of submission And the priorities of the branches' employees. As for the benefits, they are determined by the Central Bank and according to the classification that it places for the banks and currently the classification of Warka Bank C, that the benefit of saving does not reach 3% at best, which may not be known to everyone who deals with banks and we hope that the insolvent private banks No Khaz procedures similar to what has been in Warka out of the crisis, which reflected a large number of the public to re-life her rather than relying on the advantages of buying and selling of the dollar.