CBI lifts and cancels the custodian committee on Warka Bank

[phlip]

Warka’s website home page has two 28 August 2013 news stories:

 

The latest story is an apology from Warka for its e-banking system to be down.

 

The 2^nd latest ~ but also dated 28 August 2013 ~ is the best news from Warka in over three years.

 

CBI Cancel the Custodian Committee on Warka Bank for Investment and Finance

 

Dear Warka Clients

Please find attached the Central Bank of Iraq board of directors’ decision to lift and cancel the custodian committee on Warka Bank for Investment and Finance.

 

This decision comes in accordance with the decision issued by the court appeal in favor of Warka Bank for Investment and Finance.

 

Best Regards,

 

Warka Bank for Investment and Finance

 

 

The attachment that Warka indicates in this note happens to be handwritten in Arabic, so good luck with that.

 

Still, we have to remember that Warka also just answered a 28 July 2013 request for an ISX buy order with an email whose first sentence included the verbiage:

 

“Please note that Warka Bank will resume trading after holding and finalizing its general assembly procedures and capital increase”.

 

 

As we can see from this earlier article regarding a buy order of stocks, Warka is no longer touting the CBI Guardianship as a reason/excuse for there not being any outgoing funds available to cover clients’ requests for stock purchases and/or wire transfers of USD.

Instead, apparently, once they actually hold a general assembly and finalize general assembly procedures, they might even eventually get around to capital increases which of course is still their own problem, not the CBI’s.

 

Warka Bank is only one holding (56% ownership) of about one hundred or so other company holdings that the 100 year old Bunnia Family Business currently owns.

I trust that after publicly defeating the CBI in the Supreme Court and being publicly vindicated for their own business practices, the Warka board of directors is certainly going to figure out a way to move enough funds around to make the bank solvent again. They are not going to just close the doors and quit ~ not now.

 

Actually, it’s a really curious situation now because Warka is no longer under guardianship and yet it is still too insolvent to operate; however, it apparently is being left alone by the highest financial authorities in the land (the CBI and the MOF) which are allowing Warka to get its own house in order enough to operate again.

 

So far as I know, that special circumstance situation is very much unique in Iraq.

No other bank, that I know of, has been allowed that much (public) leeway and still survived without a forced merger.   

After way too much negative publicity, Warka will want to savor the righteousness ~ if for no other reason than to help quell the tide of outgoing funds that is surely building and wanting to bust out as USD’s.

 

Whatever the case, coming up, I’d still look for a minimum of 7 days and anywhere up to 3 weeks to a month for each Warka wire transfer of USD back to a home bank ~ starting from sending the first email request and ending with the funds deposited into the home bank account.

Eventually, the process should smooth out to take less than a week to accomplish.

 

I certainly wish Warka all the luck finding more capital increases and the sooner the better for all concerned.

[sandfly]

OLD BUT THANKS

[Dinar Buddy]

False, do not trust WARKA. Being over pumped by Brietling. Are we being scammed by this guru.

[aitshioud]

dinar buddy, you seem to dislike breitling for whichever reason is your prerogative, you make posts on the isx forum but offer no helpful advice. I've made money from what breitling has helped me with and have a better understanding of money and the freedom it can provide..

 

Anyone can Spot the problem, few can spot the solution. 

 

Whats your solution? How are you helping people? or are you just filling your day getting your sense of self importance by complaining?

[Frank61]

dinar buddy, you seem to dislike breitling for whichever reason is your prerogative, you make posts on the isx forum but offer no helpful advice. I've made money from what breitling has helped me with and have a better understanding of money and the freedom it can provide..

 

Anyone can Spot the problem, few can spot the solution. 

 

Whats your solution? How are you helping people? or are you just filling your day getting your sense of self importance by complaining?

I also like Breitling, listen to him often.

[jcfrag]

So we can request wire transfers of money from the WARKA account back into our home bank now?

[FS4Enthusiast]

Has anyone actually managed to get any of their money out of Warka?  I haven't heard of anyone doing so successfully for years.

[mrref]

False, do not trust WARKA. Being over pumped by Brietling. Are we being scammed by this guru.

You really don't know what you are talking about....