High Tribunal Court – Rasafa Appeal Court Verdicts

[ahsutak]

Dear Warka Clients and Shareholders,

 

Further to our website post dated October 9^th 2013 with regards to the court proceedings between Warka Bank for Investment and Finance and the Central Bank of Iraq Warka Bank Board of Directors are delighted to inform our fine clients and esteemed shareholders that the High Tribunal Court – Rasafa Appeal Court on November 28^th 2013 has yet again awarded its verdict Reference No. 1752/M/2013 in full favour of Warka Bank for Investment and Finance instructing and enforcing the Central Bank of Iraq to fully rehabilitate Warka Bank for Investment and Finance holding the Central Bank of Iraq fully liable and responsible for all the damages occurred on the bank to complete the rehabilation task efficiently to the best interest of the bank, clients, shareholders and management.

 

The rehabilitation verdict has retained full legal stature where Warka Bank for Investment and Finance is currently waiting for the Central Bank of Iraq to act in accordance with the verdict and court order where we will keep all the good parties well updated attached is a copy of the winning verdict.

 

In this respect Warka Bank Board of Directors would also like to add that the High Tribunal Court – Rasafa Appeal Court on November 28^th 2013 issued its final verdict Reference No. 1690/M/2013 rejecting and declining the request of Central Bank of Iraq dated February 4^th2013 to reconsider and reopen the bankruptcy case the request of the Central Bank of Iraq to proceed in this matter throwing the case out of court closing this case preventing the Central Bank of Iraq from taking such course of action ordering the Central Bank of Iraq to lift and dismiss the appointment of the second Central Bank Custodian Committee that has been assigned for this specific task which until now the Central Bank of Iraq has not obeyed the courts verdict and decision.

 

In Summary Warka Bank for Investment and Finance on November 28^th 2013 has won two verdicts both of which have retained full legal stature:

1-                  The full rehabilitation of Warka Bank for Investment and Finance holding the Central Bank of Iraq fully liable and responsible ordering the Central Bank of Iraq to efficiently implement and execute the rehabilitation task.

 

2-                  Declining dismissing refusing and canceling the request of Central Bank of Iraq for the court to reconsider the bankruptcy case closing this matter ordering the Central Bank of Iraq to lift and cancel the Custodianship appointed by the Central Bank of Iraq for this task.

 

Kindly note that both verdicts have been attached for your fine consideration where Warka Bank for Investment and Finance is currently waiting for the CBI to execute the verdicts and follow the court decisions accordingly.

 

Respectfully,

 

Board of Directors

Warka Bank for Investment and Finance

http://warka-bank.com/?0d64a1934dcafd4bf6a2bafeb7

 

[pinko]

       

[MANNY99]

Very good news .. GO WARKA

[ronscarpa]

Thanks "ahsutak" for bringing this post to our attention (+1).....Go WARKA & Go RV...!   

[phlip]

What this means for us is that even though Warka doesn’t appear to be answering emails, selling CD’s, selling stocks or effecting either internal IQD or international USD wire transfers at the moment; all of these services should be back on line and operating as usual as soon as the CBI pays up and publicly says they’re heartily sorry for all their sins against that fine financial institution ~ our very own Warka Bank for Investment and Finance.

 

I’m sure Warka realizes by now that as soon as they put out the word that all services are a go, there will be a wave of depositors pulling out their USD’s and closing their accounts. So, I expect that they will be ready for the rush with some sort of message for us all to be patient and wait our turns; that is if we happened to be inclined towards that end.

 

Personally, I like to keep in mind that despite all that Warka has gone through it is still a legitimate overseas account, capable of earning an aggregate rate of close to 10% annually and is grandfathered in for us before the rest of the world starts to react to all the obnoxious financial rules and regulations that that Communist Kenyan’s administration plans to foist on everybody around the world, starting at the beginning of 2014.

 

When the rest of the world’s countries start to decline any financial services to passport holding Amrikans because of the nosiness of the US Administration’s IRS lapdogs, then I’ll be glad that I will have at least one account somewhere in the world that is not in USD currency.

Sure the IRS can find out all about it; if they haven’t already, but so what?

 

One part of the onerous set of new rules that Bail-out Barry and the FED plan to strangle our financial plans with is one that requires a detailed account, with heavy restrictions in place, of every wire transfer made within the FED system.

Whether it’s because of another King-like Executive Order, or an Act of Congress creating another new statute (not necessarily in line with the Constitution), we probably soon won’t be able to send or receive more than $10,000 at a time; nor more than $50,000 annually, without the IRS getting into our business as to why ~ and that’s probably the most mild scenario.

 

Whatever the case, it appears that sooner than later and after more than 3 years of the worst communications with a financial institution that I’ve ever experienced, we all might finally be free to either stay with the investment or to get out with a little profit from the interest earned.

 

I’m looking forward to the resumption of 10.5% annual CD’s in a currency that has the potential to be immune to the USD’s inevitable decline in value.

In addition, our entire accounts have the potential of an approximate 15% upward bump in value relative to the USD when the CBI and the GOI and the Iraqi MOF finally get around to re-denominating and introducing the new smaller denomination banknotes.

At the same time as that is being done, the official spokesmen for the CBI have always emphasized that the new bills will fall under a new rate of exchange which is 3 zeros closer in value to the USD.

That initial rate on these new bills will probably be close to $0.85 for 1 IQD, which will make these new IQD lower denomination bills much more internationally tradable with the USD, the Euro, the BP, the Swiss Franc, etc. since the face value of the bills will be closer.

With Iraq’s continued economic growth, I believe that it won’t be too long after the re-denomination event before we’ll see the IQD become on par with the USD ~ and there is our 15% bump ~ from 0.85 to 1, up to 1 to 1.

 

Of course, all of that is good for those invested in Iraq, but the IQD being internationally tradable is another matter, since that still involves the rest of the IMF countries accepting whatever rate the CBI puts out on these new bills. The closer in value to the USD and the more pegged it becomes to the USD (at least temporarily in the short term) the more it is likely to be accepted globally in foreign currency exchanges.