Question for Adam on Warka Bank

[bahtman]

Adam,

I first learned of Warka Bank from your site about 7 years ago.

At that time, it was a way to deposit money in Iraq and possibly buy stocks on the Iraqi Stock Exchange.

Since then they were put under guardianship and then released over the last year.

But as you see from this article, business is not back to normal.

Adam, can you share any information you have about Warka?

Warka Bank" .. Citizens lament the huge sums of money entered did not graduate

Every now and then float to the surface of the scandal caliber, that the ranks of the acquisition of depositors' money and professionalism various stall on the repatriation of such funds methods, which shook the banking system in Iraq's reputation and made him doubt site a lot of times.

He Citizens for resentment from falling victim to the "scam" Warka Bank, arguing that the bank said accounted for their money deposited procrastinating return them, while the bank manager Mtuare of sight, while the parliamentary finance committee member warned Magda Tamimi of the danger of manipulation banks entitlements of citizens, saying its adoption of a complaint the reluctance of the Warka Bank in re dues depositors.

The residents said in an interview with Alsumaria's News, "We are a group of citizens, we deposited our money in the Warka Bank seven years ago, but until now the bank did not return the money, despite the lifting of several complaints against the bank and the approval of the government at the request of citizens returned the money", stressing that "the bank procrastinating in restoring their money, and make them like "Naqot love water, where giving them limited amounts every six months and the hard-won."

They give their hands and their feet running
 

Most of those citizens come from other provinces and spend the few funds that they receive from the bank on hotel fares, pointing out that "the size of a huge their deposits, some of whom filed nine thousand dollars and others deposited billion dinars, an amount not seen again since he entered the bank."

According to the affected citizens, the Warka Bank site at the intersection of object and Sinak versus Khilani mosque in central Baghdad, stressing that "the bank manager called (Abu Marwa) do not face them and Mtwar of sight."

Affected asserts, that "the bank does not pay the money and argue various pretexts most notably the lack of liquidity," stressing that they "have made several complaints and got the tutelage of the bank, but they did not get anything."
 

Corruption and breach of trust
 

The parliamentary finance committee member Majda al-Tamimi, announced its adoption of a complaint about the reluctance of citizens Warka Bank, saying it will work to restore financial dues.

Tamimi said in an interview with Alsumaria News's, "The manipulation of banks and private civil entitlements of citizens, is extremely dangerous, the fact that those practices and behaviors cast negative impact on the citizen's confidence in the Iraqi banks in general, and especially the private banks."

She said Tamimi, "Our follow - ups on the private banks work and we have information to suggest cases of major corruption by taking those banks for deposits of citizens and worked on the introduction of their own investments and betrayed the trust", stressing " the need for the Central Bank of Iraq strict and harsh measures against those bankss ." .

Tamimi pointed out that it "will work to adopt a citizen complaint against the reluctance of the Warka Bank will work to put on the agenda of the parliamentary finance committee's agenda, in order to host the Governor of the Central Bank in this regard."

The central bank announced on Thursday (29 December 2016), his intention to refer the owners of banks and the situation under guardianship to the judiciary, stressing that he is directly responsible to restore customers' deposits on behalf of the banks.

The central bank had previously drew up a bank of Dar es Salaam and the Tigris and Euphrates under the Commandments after failing to pay the citizens have deposited funds, banking entrusted with.

http://www.alsumaria.tv/news/1.....4%D9%85/ar

[jg1]

. Good luck. Bump

Edited January 13, 2017 by jg1

[coorslite21]

No expert here on this but I'll offer an opinion and some links for you to look over.

Due to the corruption Iraq has experienced in government and finance The Government and CBI have several messes to clean up.  If you read between the lines, and do some further research you could conclude that this all runs up the ladder to Maliki.  

With the new direction Abadi has taken Iraq in, the corruption is slowly being removed.  

Iraq would like to become apart of the bigger financial world and to do so they will need investment in Iraq from the outside.  In my view investors will be more hesitant if Warka and some others are not cleared up.and settled with investors.  There were to many military, contractors. and individual investors that would be burned if Iraq just let warka vaporize.

Warka has maintained a website and continued to show interest paid for account holders.  I would expect that Iraq along with some international bank might buy into this problem and correct it for the account holders.  These are just my opinions......hope they help.......the links below illustrate the problems....some from as far back as 2007.....even a few from DV........don't be too discouraged by them.....The key to this puzzle is Abadi, then the CBI being led by the IMF, World Bank and BIS.

I believe time will solve this problem

 

http://dinarvets.com/forums/index.php?/topic/32878-warka-and-al-bunnia-family/&_fromLogin=1

 

http://talismangate.blogspot.ch/2007/12/shady-deals-catch-up-with-al-bunnia.html

 

http://musingsoniraq.blogspot.ch/2010/08/multi-million-dollar-bank-fraud-in-iraq.html

 

http://dinarvets.com/forums/index.php?/topic/108258-multi-million-dollar-bank-fraud-in-iraq/

 

http://www.iraq-businessnews.com/2011/08/10/warka-assets-seized-in-%E2%80%98subcarpet%E2%80%99-fight/

[tigergorzow]

CL,  Excellent information & assessment and I also believe as you stated that the GOI, CBI are fully aware now since external agencies involved to investigate the corrupt and audit the money & books to help minimize the many years of corruption from the Bankers, Politicians, etc.     PM Abadi & The CBI are making forward progress with "BIG BROTHER" watching their every move going forward.