Warka bringing a lawsuit against the Central Bank of Iraq

[trooper]

They have been sued by Asia cell and bankruptcy allegations since 2010.. They have been trying to keep their head above s... for a long time. At least if the CBI takes control it will be insured and will be able to get a portion back ..

[Stryker365]

They have been sued by Asia cell and bankruptcy allegations since 2010.. They have been trying to keep their head above s... for a long time. At least if the CBI takes control it will be insured and will be able to get a portion back ..

I remember reading and seeing letters from Warka explaining the BK could you direct me to the Asia cell lawsuit troop?

Thanks!

[trooper]

I remember reading and seeing letters from Warka explaining the BK could you direct me to the Asia cell lawsuit troop?

Thanks!

Here you go stryker hope this helps..

Asiacell Telecom wins court case against the Warka Bank

Earned Asiacell Communications, which filed the lawsuit against the Warka Bank for Investment and Finance, and the judge to return the entire assets, according to a company statement on Saturday.

The statement said that the company obtained the provision to compel the Warka Bank for Investment and funding a full re-balances Asiacell in his custody, whether in Iraqi dinars or U.S. dollar with all the legal benefits. The statement and the act of good faith which tried hard and continuous contact with officials in the Warka Bank to resolve the problem amicably and to recover money owed by the bank in question, but its efforts failed because of the intransigence and evasion of bank officials in the confrontation and find a solution to the problem.

http://radionawa.com/Ar/NewsDetailN....780&LinkID=155

[Stryker365]

Here you go stryker hope this helps..

Asiacell Telecom wins court case against the Warka Bank

Earned Asiacell Communications, which filed the lawsuit against the Warka Bank for Investment and Finance, and the judge to return the entire assets, according to a company statement on Saturday.

The statement said that the company obtained the provision to compel the Warka Bank for Investment and funding a full re-balances Asiacell in his custody, whether in Iraqi dinars or U.S. dollar with all the legal benefits. The statement and the act of good faith which tried hard and continuous contact with officials in the Warka Bank to resolve the problem amicably and to recover money owed by the bank in question, but its efforts failed because of the intransigence and evasion of bank officials in the confrontation and find a solution to the problem.

http://radionawa.com....780&LinkID=155

Perfect, thanks as always troop!!!

[DetroitDinar]

"It is what it is"...we will all find out one way or the other....

Boy it really is something that everyone has Warka dead...I'll be the first to come on here and say I lost my money but you people have it lost before it is really gone....IMO

You are correct Stryker they are not dead and I hope anyone who is invested loses no money. I'm pretty sure CBI will get things straight.

[Stryker365]

You are correct Stryker they are not dead and I hope anyone who is invested loses no money. I'm pretty sure CBI will get things straight.

Thanks, that's all I was trying to point out but I guess others think different, oh well...at least we are in a country that we can all speak our minds...thanks for the input..

BTW welcome to DV DetroitDinar!!!

Edited March 9, 2012 by Stryker365

[DinarBot]

FYI. From Another Site. Several Stories Similar. No Bed of Roses. Not Bashing Warka. We are involved. Have Shares. Etc. Still cannot believe some Humans put more than 1-5K into this Desert Slot Machine. On another note. He/She complains about the IQD. It's Alive and Well. Can cash out whenever you want . Some Banks Exchange Houses will buy it / sell it.

From one of many Warka account holders:

"I have called and emailed Warka Bank a dozen times in the last week in the wake of their being placed under guardianship and have never had a phone call answered nor an email returned. Truthfully I'm extremely concerned and have always had that sixth sense about Warka. However, perhaps against my better judgement I invested over $30,000 into their bank and the ISX. The really screwed up part is that you never get your money out of a company trading on the ISX unless they are actually trading. You might have bought a million shares of a company at $1.30 IQD in 2007 and now the company is no longer traded on the ISX - you have essentially lost all your investment. Imagine that on the New York Stock Exchange - NOBODY WOULD BE TRADING! There's alot going on with Iraq, Warka and the ISX and none of it's going to be really good for those of us who plunked down some serious cash. Cash I really shouldn't have parted with, but got caught up in the DINAR get rich propaganda. Hard to believe they are still trading this crap on ebay and other websites."

[DetroitDinar]

Thanks, that's all I was trying to point out but I guess others think different, oh well...at least we are in a country that we can all speak our minds...thanks for the input..

BTW welcome to DV DetroitDinar!!!

Thank you Stryker

[TonyDownTheShore]

It's a shame what happened here, but this is not official yet, CBI stepping in is a good sign that maybe they'll make it right, but look on the bright side once they rv their currency you'll feel better about this whole thing, I hope for the sake of all investor this will happen in the near future and that it's a big pay day. When we're sitting in Vegas having a big party this will all be a distant memory, good luck to all.

[thegente]

thegente, go over to the Warka section, read coolbeans post and then come back and butt in on a topic that you think you know what you're talking about. BTW where in my statement to him did you think any of this came from me...here is your quote to me; "wishful thinking, or getting angry over it won't make your money re-appear in any event".

Wishful thinking, angry...are you serious, you got that from my post..do you really need me to explain my post... come on you're no better then he is when you make a statement like this!

It is our money to loss not his and not yours. My point I was making was he has jumped in on every article to try and make the members feel like crap that did invest, the key word is try. Thanks for the articles but I have already seen all of them, see it is a concern of MINE and others but once again thanks for another none Warka investor jumping into to stream.

shabbadude, you guys / gals keep making my point for me, it is none of your business what others do with their money but I am so glad you're so smart that you didn't deposit your money in Warka. I'm going to say this one more time because you two have not heard me type it yet....this investment is a speculation and investors take chances. There are investment funds that go into frontier and developing markets with a minimum of $100 million, not up to a $100 million a minimum of $100 million to speculate so our small amounts that we MAY have lost is nothing compared to what others have lost.

The last thing anyone wants to do is lose money but do you know what is worse then losing money...it's having people try and throw it up in others faces!

I nor anyone else, "is in your business"...this is a Dinar related topic, and everyone is entitled to their own opinion no matter how much it gets your panties in a wad. If you don't like accepting or reading the truth on an investment, good or bad, then you shouldn't be in the game. I have 4 family members who invested in Warka, so yea, I do feel your pain...I advised them not to, and told them this was a HIGH-RISK investment, and to be prepared to lose it all, but they went ahead anyway, and now their money MAY be in peril, and they are all running around like chickens with their heads cut-off. I stated before, I hope they get their money back, and I hope you do too Stryker, I don't like to see anyone lose their hard earned money. I never said you would never get your money back, only that the bank is insolvent, which pretty much means they are out of money. Again, if CBI has taken control Warka this is a very GOOD thing, and may well lead a full recovery for Warka, no one knows as of yet. My point is, the articles are telling the truth, Warka is in deep doo-doo, and so is anyone's money they currently hold. If you are going to invest your money into certain ventures, try and do it as disspassionately as possible, you will make much better decisions with a clear head. Thx

[Bongalow]

This is what I know. I personally (ME) made the decision to put money in Warka to DIVERSIFY!! And I am still happy with what I have. I can still login, My Money Stills shows, and If there is an in Country RV, I get to play ball, and I am earning 7% on my money! I cant find that investment vehicle for that $ anywhere here. So all in all, I am a happy camper. With Shabbs getting into the mix, just tickles my fancy!! No Worries.............BUCUZ----> I DID NOT INVEST MORE THAN I COULD AFFORD TO LOSE - *IE SPENDING IT ON BEER, WOMEN, AND POKER!!!!

This will come to pass!!

Roll RV!!!

[Stryker365]

I nor anyone else, "is in your business"...this is a Dinar related topic, and everyone is entitled to their own opinion no matter how much it gets your panties in a wad. If you don't like accepting or reading the truth on an investment, good or bad, then you shouldn't be in the game. I have 4 family members who invested in Warka, so yea, I do feel your pain...I advised them not to, and told them this was a HIGH-RISK investment, and to be prepared to lose it all, but they went ahead anyway, and now their money MAY be in peril, and they are all running around like chickens with their heads cut-off. I stated before, I hope they get their money back, and I hope you do too Stryker, I don't like to see anyone lose their hard earned money. I never said you would never get your money back, only that the bank is insolvent, which pretty much means they are out of money. Again, if CBI has taken control Warka this is a very GOOD thing, and may well lead a full recovery for Warka, no one knows as of yet. My point is, the articles are telling the truth, Warka is in deep doo-doo, and so is anyone's money they currently hold. If you are going to invest your money into certain ventures, try and do it as disspassionately as possible, you will make much better decisions with a clear head. Thx

Wow another licture, Thanks! BTW that's sarcasm!

[thegente]

Wow another licture, Thanks! BTW that's sarcasm!

Haha...just responding to your lecture bud...have a good day, and great weekeend man.

[yota691]

This is what I know. I personally (ME) made the decision to put money in Warka to DIVERSIFY!! And I am still happy with what I have. I can still login, My Money Stills shows, and If there is an in Country RV, I get to play ball, and I am earning 7% on my money! I cant find that investment vehicle for that $ anywhere here. So all in all, I am a happy camper. With Shabbs getting into the mix, just tickles my fancy!! No Worries.............BUCUZ----> I DID NOT INVEST MORE THAN I COULD AFFORD TO LOSE - *IE SPENDING IT ON BEER, WOMEN, AND POKER!!!!

This will come to pass!!

Roll RV!!!

Never seen anything that has Failed, that Shabibi has anything to do with!! JMO he is the Boss!!

Edited March 9, 2012 by yota691

[Stryker365]

This is what I know. I personally (ME) made the decision to put money in Warka to DIVERSIFY!! And I am still happy with what I have. I can still login, My Money Stills shows, and If there is an in Country RV, I get to play ball, and I am earning 7% on my money! I cant find that investment vehicle for that $ anywhere here. So all in all, I am a happy camper. With Shabbs getting into the mix, just tickles my fancy!! No Worries.............BUCUZ----> I DID NOT INVEST MORE THAN I COULD AFFORD TO LOSE - *IE SPENDING IT ON BEER, WOMEN, AND POKER!!!!

This will come to pass!!

Roll RV!!!

Now there is a person that makes sence JMHO! I too am just fine with my decision Bongalow. Thanks for speaking up and I am happier for Shabibi's involvement as well.

Haha...just responding to your lecture bud...have a good day, and great weekeend man.

Just a reminder on what you said so it doesn't get lost....i don't need you wishing me a thing there slick!!!!

"wishful thinking, or getting angry over it won't make your money re-appear in any event".

Wow, another neg...that hurt.....there's that sarcasm again.. :lol:

Edited March 9, 2012 by Stryker365

[Bongalow]

Now there is a person that makes sence JMHO! I too am just fine with my decision Bongalow. Thanks for speaking up and I am happier for Shabibi's involvement as well.

No worries fellas.... I am in it to win it, and If I don't....Cant say I did not try. You miss 100% of the shots you do NOT take, and this is one I threw up in the air just to see what happens. Make no mistake, I have my hard stacks still, Warka was extra protection and possible profit/loss with an in country RV.

Yota, you are correct sir. Shabbi Is a competitor, and hates to loose, so with him stepping in, is FINE by me!!!

Roll Rv!!

THE Really big deal that cant be preached enough is --------> DO NOT INVEST MORE THAN YOU WOULD MIND FLUSHING DOWN THE JOHN!!!!

[Stryker365]

I think this is a health debate on a slow news day.....

[Bongalow]

I think this is a health debate on a slow news day.....

I agree whole heartedly my friend!!! Rainy, Cold, lousy, NO NEWS day!!, but then again it is thier Holy Day!!!!

I think I will go watch some basketball somewhere!!

[Stryker365]

No worries fellas.... I am in it to win it, and If I don't....Cant say I did not try. You miss 100% of the shots you do NOT take, and this is one I threw up in the air just to see what happens. Make no mistake, I have my hard stacks still, Warka was extra protection and possible profit/loss with an in country RV.

Yota, you are correct sir. Shabbi Is a competitor, and hates to loose, so with him stepping in, is FINE by me!!!

Roll Rv!!

THE Really big deal that cant be preached enough is --------> DO NOT INVEST MORE THAN YOU WOULD MIND FLUSHING DOWN THE JOHN!!!!

Amen sir! What I have in Warka is small compared to what I hold in hard currency as well...

BTW it's not lost yet, we have someone going into Warka on Sunday or Monday to find out first hand. Wait.. it will be second hand once he gets back to me, I don't want someone to make a reference that I'm a guru.. :lol: as was done earlier!

Edited March 9, 2012 by Stryker365

[Patriotic_mess]

Doesn't Iraq need foreign investors to get their country going? And wouldn't a collapse of the their biggest channel for those foreign investors give a bad taste for future investments? The fact that the CBI is stepping in is a GOOD thing, I feel much better about this knowing my money is in their hands.

I think this is a health debate on a slow news day.....

You mean the quite before the RV storm.

[Stryker365]

I agree whole heartedly my friend!!! Rainy, Cold, lousy, NO NEWS day!!, but then again it is thier Holy Day!!!!

I think I will go watch some basketball somewhere!!

Good idea, basketball sounds good, golf will be on later too, that's what I'll be watching. Thanks for your thoughts if you would like to come to our BBQ post RV drop me a message on my profile and we can hock up on the details..

Doesn't Iraq need foreign investors to get their country going? And wouldn't a collapse of the their biggest channel for those foreign investors give a bad taste for future investments? The fact that the CBI is stepping in is a GOOD thing, I feel much better about this knowing my money is in their hands.

You mean the quite before the RV storm.

Bingo Patriotic, that is what we just talked about this morning..yota and I on the phone! The last thing that Iraq or the CBI wants right now, by the way the CBI will not let them go under, all these people that are so concerned anout our money need to understand that too.

quite before the RV storm...priceless..... :lol:

[Minotaur]

I know I am not the sharpest knife in the drawer, but I have this feeling that there is a great deal of jumping-to-conclusions going on here.

1. I don't see where Reuters said Warka was insolvent. I only see what appears to be the reporting of a statement of "a senior official of the CBI" to wit: "Iraq's central bank placed private bank Warka Bank under guardianship to supervise it through insolvency, a senior official in the central bank said on Sunday."[undocumented heresay]

2. The reference to 90 million dollars is stale news from August of last year. It refers to a requirement that Warka increase its capital to meet goals established by CBI. It does not say there is a 90 million dollar loss on the books of Warka.

There maybe something to this story . . . I don't know. But it appears that most of the discussion claiming Warka's insolvency is based on a patchwork of a fact from here and a statement from there. They may be connected, they may not. I just wish you would quit calling the death of my golden calf on such loosely associated "facts". It ain't over until the fat lady sings, and I haven't even heard her warming up, yet.

Peace and prosperity to all,

MINOTAUR

[zigmeister]

Well I hope it all works out with those who have invested in Warka. I have to say the fact that Warka is planning to sue CBI surprised me. Why would they do that? The only reason I can think of is it is a stall tactic to prevent CBI finding out where the money went. It wouldn't surprise me Warka has made some shady deals with shady people. The rumor Adam heard may be a tip of the ice burg. I would not be surprised to find out Warka may have been involved with terrorist groups. So I suspect the lawsuit is like a barrier for Warka to do a whole lot of paper shredding and trying to clean up the traces of nasty business. I don't think a lawsuit will hold CBI off for long, because if a central bank decides to take over, they will.

[DinarBot]

I know I am not the sharpest knife in the drawer, but I have this feeling that there is a great deal of jumping-to-conclusions going on here.

1. I don't see where Reuters said Warka was insolvent. I only see what appears to be the reporting of a statement of "a senior official of the CBI" to wit: "Iraq's central bank placed private bank Warka Bank under guardianship to supervise it through insolvency, a senior official in the central bank said on Sunday."[undocumented heresay]

2. The reference to 90 million dollars is stale news from August of last year. It refers to a requirement that Warka increase its capital to meet goals established by CBI. It does not say there is a 90 million dollar loss on the books of Warka.

There maybe something to this story . . . I don't know. But it appears that most of the discussion claiming Warka's insolvency is based on a patchwork of a fact from here and a statement from there. They may be connected, they may not. I just wish you would quit calling the death of my golden calf on such loosely associated "facts". It ain't over until the fat lady sings, and I haven't even heard her warming up, yet.

Peace and prosperity to all,

MINOTAUR

If I am going through Jello. Am I not in Jello. Most Humans Love Jello. Insolvency. Not so Much. Just Jiggle it. Shabibi.

[thegente]

Just a reminder on what you said so it doesn't get lost....i don't need you wishing me a thing there slick!!!!

Yep, like I said, no matter what you do, if you lose your money, wishful thinking or getting angry over it WON'T get you your money back. And as for wishing you anything, I was being friendly.... Boy, you really take things personally..not the way to go about any investment, that's for sure.