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News on Warka


coorslite21
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looks like the US Army has some funds in Warka too.  They have recovered some, but unclear as to where things go from there.

http://www.iraq-businessnews.com/2014/04/18/warka-may-cost-us-army-millions/

Warka May Cost US Army Millions

Posted on 18 April 2014. Tags: Warka Bank

Warka May Cost US Army Millions

Like a replay of the Great Depression, a bank in Iraq went under in 2010, nearly taking millions of American dollars with it.

According to a report from the Washington Times, Iraq’s Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq.

The Pentagon’s internal inspector general has said that since the bank was placed in receivership in November 2010, the US Army has been unable to readily withdraw cash.

The estimated loss of $5.4 million is only now coming to light because the disbursing officer in charge of the funds never reported the loss, the Inspetor General said, “because she believed she would recover these funds in the future.”

About $1.1 million has been repaid so far by the bank, inspectors said, but not getting the proper Defense Department debt payment experts involved immediately puts the rest of the cash — $5.4 million — at risk.

(Source: Washington Times)

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  • 2 months later...

I'm sure glad I transferred all my ISX portfolio with Warka over to Aljazera Brokerage. Mr. Hasan was able to obtain my remaining balances, event though Warka refused to respond to my many emails to every department! Warka sucks big time and so glad I'm using Aljazera. Mr. Hasan responds to emails personally and submits orders on time and have only good things to say about him and his firm. I have never been able to say that about Warka!!

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