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10 Days Until Warka Bank is Closed?


coolbeans
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According to this article if Warka does not come up with 200 billion Dinars before the end of this month (10 days from now) they will have all of their assets liquidated by the CBI which has them in guardianship.

Central Bank Warka Bank choice between liquidation and payment of 200 billion dinars

Thursday, December 20, 2012

Central Bank Warka Bank choice between liquidation and payment of 200 billion dinars

The face of the Iraqi Central Bank, on Wednesday, warning liquidation of Warka Bank for Investment and Finance did not pay $200 billion Iraqi dinars before the end of this month.

The bank said in a statement that the Warka Bank for Investment and Finance and faced several problems and committed his administration numerous errors which summoned the Iraqi Central Bank to impose trusteeship and start serious act to liquidate him, Indicating that the major shareholders in the bank have offered several proposals for rehabilitation.

The bank said that he studied the options of liquidation and rehabilitation under very careful of depositors 'interests and rights, pointing out that he noted that the liquidation of the bank shareholders' equity exposure to risk.

The bank that keep the Warka Bank on this case is contrary to trends central bank in building a Iraqi bank Rezin and enhance confidence in him, pointing out that he decided to issue warnings to the Warka Bank until the 31 of December, the current, to be repaid as agreed to deposit two hundred billion dinars in the light of what has been meeting with him, otherwise, the central bank takes action to eliminate him.

The central bank announced, (26 June 2012), that the trusteeship committee formed to audit the accounts of the Warka Bank will distribute financial returns that you get from bank debt among small depositors, stressing that there are ten thousands of small depositors in the bank.

http://ar.radionawa.com/Detail.aspx?id=50753&LinkID=198

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Well, I had pretty much wrote that money off, but was hoping it would have been around for the RV. But, we all knew this was a chancy investment. I could have sure used that money. But it is what it is. If it closes...well, beyond my control, so I have to leave it alone. I can't change it, I can only let it go. Bummer for sure though. Only time will tell.

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mammaw....great attitude...but it still sucks. If this comes true and we lose all the money in our Warka accounts, makes me wonder how it will effect how we individually move forward on this investment.

Its one thing to say we know we could lose money...its another to feel the sting

Edited by SnowGlobe7
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So glad I trusted my gut and NEVER OPENED a bank account with WARKA....

There was sooooooooooo much hype around them last year (Spring/Summer 2011). It was ridiculous. All of the newbies were falling for it. SMH.

I seriously doubt in the next 10 days that anything will happen and all those who provided all their sensitive information to Warka are gonna be upset.

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Reports I've read indicate that "Equity" positions (shareholders) will be possibly lost/liquidated. Depositors are not owners/shareholders. My hope is that the deposits will be assumed or transferred to another Iraqi bank.

From what I can tell it looks like it is the missing money from accounts that they need to cover within 10 days or be liquidated/closed.

The 200 billion dinar is needed to cover the deposits.

This explains all of the reports over the past year of DV members and others who could not get their money back out of Warka.(no money to return)

Looks like there is massive missing money and that is why the CBI took the bank into receivership in the first place.

Edited by coolbeans
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I learned my lesson the hard way when I lost some money in an international banking scam, once they have your money and they have inside crooks running it, without FDIC insurance you are screwed. Good luck seeing anything back to you. After they did an audit I never saw a dime back. Sorry to be so negative but that was my experience.

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The CBI will back Warka customers, that is why they did what they did. Im sorry for those of you who dont have Warka accounts who were wishing people like me who do , wont take the big hit you were hoping for. No guts guts..no glory....no homework, you fail again.

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The CBI will back Warka customers, that is why they did what they did. Im sorry for those of you who dont have Warka accounts who were wishing people like me who do , wont take the big hit you were hoping for. No guts guts..no glory....no homework, you fail again.

I totally agree.

I have funds in a Warka account and don’t share the gloom and doom that so many here seem to have for the following reasons:

1. I own no shares of stock in Warka. Warka shareholders will take the first hit if Warka fails. My account is a depositor account which has certain protections under the Iraq banking law. The CBI has said many times that it wants and needs to build a strong banking sector in Iraq.

There are good reasons to keep Warka alive rather than to force it into liquidation in a way that does not protect its depositors. The authority that CBI used to take over Warka is the Iraq banking law, the same law that provides the aforementioned certain protections for depositors.

2. My Warka account is just one of three strategies for Iraq. I also have physical dinar and a banking portfolio on the ISX.

Of the three, it is my opinion that physical dinar is the riskiest. The reason is that Iraq has no incentive to protect the interest of foreign speculators, i.e., holders of physical dinar like me and most others here. No one here, or on any other forum, has been able to authoritatively state how Iraq will deal with dinar holders outside of Iraq when the time comes, if it comes at all. It is all speculation.

For the longest time many said that US Treasury had a lot of dinar and that the physical dinar held by individuals in the US would ultimately be redeemed by Treasury through cash in banks. Then, in a federal lawsuit a few months, this was exposed as not being true.

For electronic dinar in Warka, I have the Iraq banking law for guidance. For ISX, I have a general understanding of how stocks work and what the CBI and other authorities in Iraq have said about the need for a strong banking sector. Thus, I am better able to quantify the risk. None of this is true with physical dinar.

So why do I have physical dinar? The price was low and there is a chance that it might work out. In other words, it is worth the risk.

3. Why are folks so hung up on the end of the year date for Warka to come up with the payment? Has Iraq every kept to a published time table? I can think of no event that has ever occurred on time. If Warka does not make the payment by the end of the years, the CBI will find a reason in “the coming days” to push the date out – in my view.

With due respect to all points of view…

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Delusional!!!! 200 Billion Dinars is equal to 200 million U.S. Dollars!!! I hope people will not send any more money over there. The writing was on the wall back in 2008, and then warka lost their bank status and became an investment firm. The CBI later stepped in and put them under guardianship until their accounts were fully audited. And now, total liquidation unless they can come up with 200 Billion Dinars in ten days!!!

This ball game is over!!!

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There is good news and bad news, I’m going to start off with the bad news…..If Warka Bank was still a bank, it wouldn’t have matter because they don’t have FDIC and because they later change into warka bank for investment and finance, this would constitute an investment loss.

The good news is that they are in the process of liquidation and under IFRS(International Financial Reporting Standards) it’s possible that everyone invested can get some of their money back. Usually a company’s creditors are paid first then their stock holders/investors divide up what is leftover.

It may take time but everyone who sent money over there needs to stand vigilant.

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Delusional!!!! 200 Billion Dinars is equal to 200 million U.S. Dollars!!! I hope people will not send any more money over there. The writing was on the wall back in 2008, and then warka lost their bank status and became an investment firm. The CBI later stepped in and put them under guardianship until their accounts were fully audited. And now, total liquidation unless they can come up with 200 Billion Dinars in ten days!!!

This ball game is over!!!

Simply put you cannot make absolute statements like you did. The game is over when its over and not before.

If indeed Warka cannot find its way out either through a timely Rv, big loan or another investor, then maybe The CBI might come in and run it or nationalize it. There is absolutely no point in the CBI closing down a strategic banking asset like Warka. 200 million is chicken feed to the govt of Iraq.

It was the CBI who crashed it in the first place by removing big pay rolls and banking from warka thus creating a scare and run on deposits with the public. I remember the occasion. So I would has it a guess that the Govt has designs on Warka and maybe wants it cheap by knob-ling it deliberately.

So everyone chill. Iraq is notorious for game playing and power plays. But it needs banking infrastructure and a bank that deals with international clients and thats Warka.

Be kind to the poor and try to give away from yourself. A lot of people kill themselves at this time of year in despair. :(

Dont write off your investment in Warka deposits. Have a pleasant Christmas and enjoy your family. :)

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Simply put you cannot make absolute statements like you did. The game is over when its over and not before.

If indeed Warka cannot find its way out either through a timely Rv, big loan or another investor, then maybe The CBI might come in and run it or nationalize it. There is absolutely no point in the CBI closing down a strategic banking asset like Warka. 200 million is chicken feed to the govt of Iraq.

It was the CBI who crashed it in the first place by removing big pay rolls and banking from warka thus creating a scare and run on deposits with the public. I remember the occasion. So I would has it a guess that the Govt has designs on Warka and maybe wants it cheap by knob-ling it deliberately.

So everyone chill. Iraq is notorious for game playing and power plays. But it needs banking infrastructure and a bank that deals with international clients and thats Warka.

Be kind to the poor and try to give away from yourself. A lot of people kill themselves at this time of year in despair. :(/>

Dont write off your investment in Warka deposits. Have a pleasant Christmas and enjoy your family. :)/>

Great post. I invested three ways. And i'm waiting for the KMPG report to be released on Warka. Also Warka has a brokage company separate from the bank called Warka Company.

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I totally agree.

I have funds in a Warka account and don’t share the gloom and doom that so many here seem to have for the following reasons:

1. I own no shares of stock in Warka. Warka shareholders will take the first hit if Warka fails. My account is a depositor account which has certain protections under the Iraq banking law. The CBI has said many times that it wants and needs to build a strong banking sector in Iraq.

There are good reasons to keep Warka alive rather than to force it into liquidation in a way that does not protect its depositors. The authority that CBI used to take over Warka is the Iraq banking law, the same law that provides the aforementioned certain protections for depositors.

2. My Warka account is just one of three strategies for Iraq. I also have physical dinar and a banking portfolio on the ISX.

Of the three, it is my opinion that physical dinar is the riskiest. The reason is that Iraq has no incentive to protect the interest of foreign speculators, i.e., holders of physical dinar like me and most others here. No one here, or on any other forum, has been able to authoritatively state how Iraq will deal with dinar holders outside of Iraq when the time comes, if it comes at all. It is all speculation.

For the longest time many said that US Treasury had a lot of dinar and that the physical dinar held by individuals in the US would ultimately be redeemed by Treasury through cash in banks. Then, in a federal lawsuit a few months, this was exposed as not being true.

For electronic dinar in Warka, I have the Iraq banking law for guidance. For ISX, I have a general understanding of how stocks work and what the CBI and other authorities in Iraq have said about the need for a strong banking sector. Thus, I am better able to quantify the risk. None of this is true with physical dinar.

So why do I have physical dinar? The price was low and there is a chance that it might work out. In other words, it is worth the risk.

3. Why are folks so hung up on the end of the year date for Warka to come up with the payment? Has Iraq every kept to a published time table? I can think of no event that has ever occurred on time. If Warka does not make the payment by the end of the years, the CBI will find a reason in “the coming days” to push the date out – in my view.

With due respect to all points of view…

Well said, I totally agree with your strategy !! I have done the same.

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Again, Delusional!!! :huh:/> Warka Bank lost their Banking Status years ago along with The Bank of Basra, Rashid and Rafidain Bank due to corruption. Each of these banks was being traded on the ISX until the Bank presidents were found laundering money out of the country.

Warka Bank turned into the Warka Bank for Investment and Finance (investment banking and hedge funding!!!!)

Later, Warka Bank for investment and finance was hoping to sell a large stake of their company to european based Standard Charter Plc. This was positive news until, and I quote:

"According to the report from Reuters, Mudher Kasim, deputy governor of the central Bank of Iraq, said:

“We gave Warka a chance to have Standard Chartered to be a partner but that did not happen, so there was nothing we could do as a financial authority … but to intervene as a guardian.

“When the bank loses its capital, fails in its financial operation and faces an unsolved problem, the central bank according to its law, intervenes as a guardian and appoints a new temporary administration to run this bank.“

He said the central bank would appoint a new administration to run Warka Bank, which would be given a month to appoint an auditor to determine how to restructure it and whether it needs to sell assets to raise capital.

Abdul-Aziz Hassoun, executive director of the Iraqi Private Banks League, said in August Warka needed less than 100 billion Iraqi dinars ($90 million) to enhance its liquidity.

(Source: Reuters)

http://www.reuters.com/article/2012/03/04/iraq-bank-idUSL5E8E40DZ20120304

To give everyone some ideal as to who Charter Bank is....they are the banks that are usually located in the Walmarts.

The information that I've just provided is calls "DUE DILIGENCES!!!"

I've done my homework. The ball game is over people!!!

There is time to get back into the game.

Again, Delusional!!! :huh:/>/> Warka Bank lost their Banking Status years ago along with The Bank of Basra, Rashid and Rafidain Bank due to corruption. Each of these banks was being traded on the ISX until the Bank presidents were found laundering money out of the country.

Warka Bank turned into the Warka Bank for Investment and Finance (investment banking and hedge funding!!!!)

Later, Warka Bank for investment and finance was hoping to sell a large stake of their company to european based Standard Charter Plc. This was positive news until, and I quote:

"According to the report from Reuters, Mudher Kasim, deputy governor of the central Bank of Iraq, said:

“We gave Warka a chance to have Standard Chartered to be a partner but that did not happen, so there was nothing we could do as a financial authority … but to intervene as a guardian.

“When the bank loses its capital, fails in its financial operation and faces an unsolved problem, the central bank according to its law, intervenes as a guardian and appoints a new temporary administration to run this bank.“

He said the central bank would appoint a new administration to run Warka Bank, which would be given a month to appoint an auditor to determine how to restructure it and whether it needs to sell assets to raise capital.

Abdul-Aziz Hassoun, executive director of the Iraqi Private Banks League, said in August Warka needed less than 100 billion Iraqi dinars ($90 million) to enhance its liquidity.

(Source: Reuters)

http://www.reuters.com/article/2012/03/04/iraq-bank-idUSL5E8E40DZ20120304

The information that I've just provided is calls "DUE DILIGENCES!!!"

I've done my homework. The ball game is over people!!!

There is time to get back into the game.

Edited by TAV
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Iraq begins paying Warka Bank depositors

28/05/2012 11:28

BAGHDAD, May 28 (AKnews) - The Central Bank of Iraq (ICB) stated today that it began to pay the small depositors in Warka Ahli Bank for Investment after the bank suffered a financial crisis and was put under custody.

The ICB decided in March to put Warka Bank under its custody because of the deterioration of its fiscal policy.

Deputy governor of the bank Muzher Mohammed Saleh said: "There is payment for small depositors in Warka Bank and this payment depends on the rate of sale of real estate and some property belonging to the bank.

"Warka Bank is still under the custody of the ICB which is awaiting the report of the financial supervisor to decide whether the bank will return to work or not."

According to economic reports, Warka Bank wanted to free itself from its financial crisis by negotiating with British bank Standard Chartered to sell some of its shares, but the talks reached a dead end.

The ICB states that article 59 of its banking law allows it to put custody on banks that face financial problems. The custody is represented by appointing an interim administration

According to law, the guardian assigned by the ICB can seek through the ICB to request the Minister of Finance to save the bank if possible.

The ICB is responsible for maintaining price stability, implementing monetary policy and regulating the banking sector.

By Raman Brosk

RN/DM/AKnews

http://www.aknews.com/en/aknews/2/309342/

http://www.facebook.com/pages/Iraqs-Warka-Bank-Victims/125804980856940

ABOVE IS A FACEBOOK LINK FOR ACTUAL WARKA BANK VICTIMS!!!

Edited by TAV
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Why don't we just wait and see how this plays out. We will know in 9 days, right?

Yes , you are right we will know in 9 days if and when all is well. And the green eyed wack job (TAV) who is trying to help everyone is proved to be an ASS. I just dont understand why this person is on their mission to rescue everyone from their demise. Probably angry because TAV didnt meet the criterion to be a Warka customer. H mmmmmmmmmmmm ?????? Im reaaly sick of clowns like this....REALLY !!

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Yes , you are right we will know in 9 days if and when all is well. And the green eyed wack job (TAV) who is trying to help everyone is proved to be an ASS. I just dont understand why this person is on their mission to rescue everyone from their demise. Probably angry because TAV didnt meet the criterion to be a Warka customer. H mmmmmmmmmmmm ?????? Im reaaly sick of clowns like this....REALLY !!

:D LOLOL

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