Warka account and the CBI

[firemans35]

With all the talk about the CBI taking guardianship of Warka I wanted to know if they went out of business what would happened to the stock I already own so I sent an email. This was their reply.

The CBI has been appointed guardian and trustee of the bank to support the bank in finalizing its capital increase and boost its operations as well as collecting its debt from creditors

The daily operations of the bank are running smoothly and regularly where we are accepting deposits and opening accounts standard daily practice

With regards to Warka stock once we finalize our affairs with the Iraqi Company Registration Office and Capital Increase we will trade regularly on the ISX

Thank you for banking with us!

Best regards,

ISX Department

Warka Bank for Investment and Finance

This didn't answer my question but the information was interesting so I am passing it on.

[R Veyron]

I like the words "capital increase".

[Shick]

With all the talk about the CBI taking guardianship of Warka I wanted to know if they went out of business what would happened to the stock I already own so I sent an email. This was their reply.

The CBI has been appointed guardian and trustee of the bank to support the bank in finalizing its capital increase and boost its operations as well as collecting its debt from creditors

The daily operations of the bank are running smoothly and regularly where we are accepting deposits and opening accounts standard daily practice

With regards to Warka stock once we finalize our affairs with the Iraqi Company Registration Office and Capital Increase we will trade regularly on the ISX

Thank you for banking with us!

Best regards,

ISX Department

Warka Bank for Investment and Finance

This didn't answer my question but the information was interesting so I am passing it on.

I guess with all they sent you, their doing some busy things which should be obvious that they are not going out of biz.

[cashman54]

what is the reason people have a Warka account?

[shabbadude]

I never invested in Warka or opened an account.

It's just a thing I have about giving my money to a bank on the other side of the world, run by people of questionable character and has a proven track record of mismanagement.

$91 million missing dollars is quite serious, thus receivership.

Having said that, I believe that the CBI will sort out the accounts, provide the proper oversight and guide Warka out of receivership. I am keeping a close eye on the proceedings, and am considering investing and opening an account in the near future.

If it's any consolation, I believe that all of this will work out well, the CBI can't afford one of it's only two banks that deal with foreign accounts (TBI being the other) to fail.

Hang in there and keep the faith!

[ronscarpa]

Firemans35: The CBI's actions secure our IQD & USD Accounts, and the ISX Accounts held...We are in a good position because The CBI wants top see investors in Iraq & it's developing economy...!

Cashman54: Warka Bank is the only Iraqi bank where we can hold current accounts in IQD, USD, and the ISX.....Our IQD are "Digital Dinar" and will be valued with the Newly Printed series of IQD...A safe position to be in should there be any cash-in timeframe. Plus, Warka now issues International Use MasterCards.....and can be backed by our IQD to get new Credit Lines. Plus, they 3.5% every six months...just over 7% per year.

Blessings Everyone.......RON