news from Warka Bank

[pinko]

http://www.warka-bank.com/?0d64a1934dcafd4bf6a2bafeb4

 

 

 

Dear Warka Clients and Shareholders,

 

On February 29th 2012 the Central Bank of Iraq Board of Directors reached a decision of appointing a CBI custodian committee on Warka Bank for Investment and Finance where in turn Warka Bank for Investment and Finance raised a legal case against the Central Bank of Iraq objecting the appointment of a CBI Custodian Committee and the case was presented to the Tribunal Court for Financial Services reference No.1 / Financial Services / 2012. After many legal sessions and court hearings the Tribunal Court for Financial Services verdict was in full favor of Warka Bank for Investment and Finance lifting the CBI Custodianship on the bank because according to the court the CBI Custodianship did not meet the legal terms, conditions and criteria. This verdict retained full legal stature . 

 

Surprisingly on February 4th 2013 the Central Bank of Iraq submitted a request to the Tribunal Court for Financial Services to receive an approval from the court to raise a bankruptcy case against Warka Bank for Investment and Finance reference No. 5/Financial Services/ 2013  and for this purpose the Central Bank of Iraq decided to appoint another CBI Custodian committee on August 26th 2013 right after an earlier board meeting held a day before on February 25th 2013 where the CBI board of directors decided to lift the initial Custodianship which they appointed. Again after many court hearings and sessions as well as presenting the entire case to Financial, Banking, Monetary and Economic experts the Tribunal Court for Financial Services issued its verdict yet again in favor of Warka Bank for Investment and Finance declining the Central Bank of Iraq bankruptcy request and case. 

 

As the Central Bank of Iraq was unconvinced with this verdict they appealed it Appeal Court Reference No. 1505/M/2013. On October 7th 2013 the Appeal Court issued its verdict in favor of Warka Bank for Investment and Finance certifying the court verdict issued by the Tribunal Court for Financial Services for the reasons indicated by the Tribunal Court for Financial Services as the Central Bank of Iraq decided to lift the CBI Custodianship on August 25th 2013 in accordance and response to the Tribunal Court  for Financial Services verdict (No.1/ Financial Services/ 2012 May 26th 2013) after which the Central Bank of Iraq decided on August 26th 2013 to appoint a new CBI Custodian on Warka Bank for Investment and Finance to raise a bankruptcy case against the bank and due to the fact that the appointment of a CBI Custodian is contrary and discrepant to the verdict reached by the Tribunal Court for Financial Services thus Warka Bank for Investment and Finance objected and raised a legal case against the Central Bank of Iraq for appointing the new Custodianship reference No. 10/ Financial Services/2013

 

On September 22nd 2013 the court issued its decision declining the objection made by Warka Bank for Investment to lift the new CBI Custodian as the issue on hand does not have any legal grounds as by law to initiate a bankruptcy case against a bank a Custodian must be first appointed for this task where under the current circumstance in accordance with the verdict awarded in favor of Warka Bank for Investment the the CBI bankruptcy case declined thus once the verdict retains and reaches full legal stature the CBI Custodianship will be dismissed with the dismissal of the bankruptcy case as one is interconnected with another the dismissal of one is the dismissal of the other. 

In Summary Warka Bank for Investment and Finance has won two verdicts both of which have retained full legal stature:

1.   The objection case against the appointment of the CBI Custodianship Committee reference No. 1/Financial Services/ 2012 where the court awarded its verdict in favor of Warka Bank for Investment and Finance lifting the CBI custodianship where the verdict retained full legal stature. 

2.   The CBI request to raise a bankruptcy case reference No. 5/ Financial Services/ 2013 in which the verdict was awarded in favor of Warka Bank for Investment and Finance declining and dismissing the entire CBI request and case for not meeting the legal terms and conditions as well as court criteria. This verdict reached and retained full legal stature. 

 

Kind Note:

 

There are still four cases against the Central Bank of Iraq for reputable and financial damages raised by the below: 

1.   Depositors 

2.   Shareholders 

3.   Staff 

4.   Managing Director demanding the full rehabilitation of the bank by the Central bank in accordance with the reasons indicated in all the court cases noting that as the four cases share legal similarities and are interconnected the court has decided to unite all of them into one case reference No. 1/ Services/ 2013 which is yet to finalized and hearings are still taking place.

Thank you for your time and cooperation .

 

Sincerely.

 

Board of Directors 

Warka Bank for Investment and Finance

 

[okane]

Thanks for the info.  That helps shed a little light on that situation.

[haymon]

I just want to be able to give and GET BACK my money....

[PrettyKitty]

I'm not using Warka...Go RV

[birelkart]

This is good news and confirmation of what we have known for some time!

[Goodlife]

I just want to be able to give and GET BACK my money....

It may not look like Warka is the best way forward but I believe it still is and will reward much better than holding cash.  Patience and Faith required for this one. 

[sandfly]

THANKS

[TrinityeXchange]

Hmmm....I will definitely keep an eye on warka stock price. This may become a player once they are fully online.

[ronscarpa]

Thanks for posting the Warka Bank News regarding the issues between the CBI & Warka Bank, and the legal resolution of these issues.   (+)

[almostcajun]

Been having trouble paying the annual fee and getting into account. Is this the reason for that. Makes sense. CBI wants control Sounds like something OB would do.

Go RV.

[Mammaw]

I have sent customer service several emails but can't get status of my account. Any ideas?

[aitshioud]

who knows how long this is going to take.  losing money daily by not having it invested in the isx.. sucks bad.