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NMP2017

From FB Iraqi warka victims - opinion piece with news

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This was posted on the Iraqi warka victims fb page. The link is to the english translation. An opinion piece but has some news about current situation - https://translate.google.com.br/tran...%2F&edit-text=

The article is dated today 25 March 2018

Books / Dr. Bassel Khudair ...
 

Warka Bank for Investment and Finance was established in 1999, and when its objectives were formulated in order to contribute effectively in the field of economic development of the country in accordance with the provisions of the law of the Central Bank of Iraq and its instructions and the law of companies and other applicable laws, the bank had 116 branches in Baghdad and provinces as well as other specialized offices Including the brokerage offices for the sale and purchase of financial shares and the Foreign Exchange Office. All offices have specialized in providing banking services. The Bank has had great dealings with all government, mixed and private sectors and government departments. And the capital of 105 billion dinars in 2010. It is true that during the first years of its establishment, the bank was managed in an efficient manner by well-known banking and economic figures with a history associated with many successes in the field of jurisdiction. At the time when some believed that the Warka Bank would be a monopoly of banks Governmental organizations within Iraq or to be at the level of regional and international banks and reliable in bringing about the desired development in the banking sector, the bank has witnessed a slight drop that is a dramatic and unexpected fall and contradicts all views and indicators of development and the increasing rise in performance levels , And overnight Warka Bank became insolvent and unable to meet customer withdrawals and does not receive deposits or provide services and banking facilities to them under the pretext that he suffers from an administrative crisis to issue directives not to deal with government banks regarding the opening letters of guarantee and granting of banking facilities, and in previous years did not The depositors receive only false promises because their money has not been returned to them and all that has been distracted is distributing modest payments to small depositors. The public concerned has not really been aware of what is going on or what is being announced about the date when the depositors will be refunded. Because of the low purchasing power and the high rates of inflation in prices. Some may say that Warka is not the only national bank that failed customers because there are other banks did the same with the public and did not move the central bank silent about them, and we say that Warka was the focus of security To achieve leadership in the national banking business, we did not expect him to reach such setbacks to the detriment of others, so we dealt with this issue in the (information) previously and directed the Central Bank of Iraq to address the issue, through the return of funds depositors liquidation or sale of assets or borrowing or The merger or division of the infidels or in any way restore rights without procrastination and lengthening of waiting. Depositors are citizens and their funds must be protected by the laws of the concerned authorities. In case of failure to fulfill this legal right, dozens of cases will be filed with the bank and the central bank. To the banking system in Iraq, especially that the Committee of Wills and experts local and international have recommended the need to support the bank from

During his financial solvency and return him to life because he was not bankrupt.

Through the contacts and consultations between the Iraqi Central Bank and the Warka Bank and documented in the book of the Central Bank of Iraq 5358 on 8/3/2018, a set of solutions were reached which would restore the bank's life and guarantee the rights of depositors. These solutions include:

Increase the capital of the bank by 150 billion dinars by depositing the amount of 45 billion dinars to provide liquidity for the purpose of payment of dues of small depositors and rehabilitation of the bank to exercise all its activities.

To allow the depositors of the bank to use their deposits in whole or in part in the subscription process to increase the capital of the bank. Thus, the depositor becomes a shareholder of the bank voluntarily with the guarantee of the payment of shareholders' rights and the enjoyment of all the legal benefits of the shareholders stipulated in the Companies Law No. 21 of 1997 or any related law .

To allow the Chairman of the Board of the current bank to run for a new period, an exception to the instructions for the purpose of taking advantage of his experience in the management of the bank at the current stage in order to return funds depositors and restore confidence in the bank by the public as the bank after the election of the Board of Directors to exercise its banking activities on a regular basis.

The bank has been approved to liquidate the bank's branch in Beirut to enhance the liquidity of Warka and to ensure that everyone will be liquidated by the liquidator as a party. Neutral.

Set a fixed period not exceeding one month for the convening of the general meeting, provided that the capital increase of the bank to 250 billion dinars of the main axes of this meeting.

While we welcome these steps to address the Warka deposit problems for more than 7 years, we find that the return of Warka banking is a positive advantage of national banking when real seriousness is available to be a better bank than before, and we find it important to be The depositors have a role to play in this return by transferring part of their deposits to shares because they are better than the previous situation. The value of the stock increases with the performance of the bank. The shareholder has the right to be part of the administration. He is a member of the General Assembly. He has the right to nominate the Board of Directors. The shares are six In the Iraqi market for securities and can be sold by the owner at the price offered at any time and this away from the specter of exploitation and blackmail currently practiced by some of the weak souls, and if the comparison between the current situation and the situation after the conversion of shares, the new situation will put the citizen's money to the citizen instead of submission And the priorities of the branches' employees. As for the benefits, they are determined by the Central Bank and according to the classification that it places for the banks and currently the classification of Warka Bank C, that the benefit of saving does not reach 3% at best, which may not be known to everyone who deals with banks and we hope that the insolvent private banks No Khaz procedures similar to what has been in Warka out of the crisis, which reflected a large number of the public to re-life her rather than relying on the advantages of buying and selling of the dollar.
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This is the Private Banking action we have been looking for!!!! Even though I'm not an account holder I do know people that are! I know we have plenty on this site! In fact I was in the process of trying to open an account, right before everything went South! Believe me. I was so happy I didn't lose that money at the time.  I really like the position, people are setting in right now with their stock options! This to me, personally,( no intel, or 3 letter agencies), I believe will see the the RV when the account holders are allowed to buy the stock at 1 dinar to 1 US dollar! This is  very big deal! JMHO ! I wished more  memebers here, would give their opinion! There are some really smart people here! So please fire away! I want to hear others thought processes on this matter! Thank you in advance! :mexican:

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40 minutes ago, jb4388 said:

Warka posting ad's in the newspapers

 

 

ha ya beat me to it JB! Just saw that posted on the Warka FB site. In the comments section someone says that Warka has been paying small account holders money every month since march 2016, but doesn't say how much.

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what I liked was that they have to have the General Assembly meeting within 30 days if they've raised the 250b iqd. The sooner they have that the sooner things will start rockin n rollin!

I thought the article was very positive as far as Warka Bank goes.

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I just hope it's sooner than later... I'd be happy to recoup my investment and sit on it for a little while longer......

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I changed my mine on exercising the share buying offer option from Warka after a little research an thinking....My thoughts are the CBI is involved in helping them out again for some reason that I'm sure were not privy to right now. I figured I haven't had access to my holdings for years so why not go ahead an invest some of it, nothing to loose. I'm hoping when they buy theses shares that the Brokerage Dept. will combine them with the other Warka shares I started buying in 2007 when they transfer them to the ISX in my good name.

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9 hours ago, DoD said:

I changed my mine on exercising the share buying offer option from Warka after a little research an thinking....My thoughts are the CBI is involved in helping them out again for some reason that I'm sure were not privy to right now. I figured I haven't had access to my holdings for years so why not go ahead an invest some of it, nothing to loose. I'm hoping when they buy theses shares that the Brokerage Dept. will combine them with the other Warka shares I started buying in 2007 when they transfer them to the ISX in my good name.

I remember reading the CBI lost the court cases and was ordered to compensate and rehabilitate Warka. I've never read what the CBI has done to "compensate" Warka though.

 

That was my thinking too for using 1/3 of my account for shares. And now with the news in the above article that the General Assembly meeting has to take place within 30 days if they've raised their capital to 250b iqd every dinar helps get there faster.

 

I would think that any new shares bought would be added to the total shares you own. According to Warka these shares will be bought in our good name and we'll get an ISX number.

 

I'm hoping things happen sooner rather than later!

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30 minutes ago, rdm5130 said:

anyone have any luck buying shares in this program?

That never was a program, haven't figured out why Warka even wasted their time advertising it. I did exactly what they wanted an the bank still sold all my ISX holdings. A good friend of mine who helped me get into the ISX when we worked in Bagdad had many, many millions of shares in the ISX an they sold all his.

There must have been some law that they had to offer this program is all I can come up with...

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I chose not to exercise my options and hoped for the best outcome when it was all said and done. With their track record so far, just can't bring myself to buy stock in this bank. So my understanding is that they will eventually get back to better days with the steps they have taken and we will be able to make withdraws again, soon I hope! That was the weird thing about this whole mess, is throughout the time line I have continued to receive the interest payments on my account in a timely fashion, and it is still a lot better then what I would have received here in the good ol US of A. That in itself was somewhat encouraging that I might still be able to transfer the money back into my control one day! What are they hoping to accomplish at the General Meeting anyway? Is this where they will decide when to open it up to withdraws and deposits again?

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On ‎3‎/‎25‎/‎2018 at 5:15 PM, NMP2017 said:

what I liked was that they have to have the General Assembly meeting within 30 days if they've raised the 250b iqd. The sooner they have that the sooner things will start rockin n rollin!

I thought the article was very positive as far as Warka Bank goes.

Any updates on Warka?

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On 1/18/2019 at 5:01 AM, NMP2017 said:

crickets....other than password renewals

 

Did anyone get that free toaster they were offering for opening an account?

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Does anyone know how I can open my Warka account? I haven’t been able to enter for several years now. Or, Should I consider that money lost. Thanks, Joe

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I personally would stay away from warka, I was within them during the early days, and transferred all my shares to anither bank and brokerage account, lucky it’s a big bank bank and one part owned by an international bank...I am also registered with the Iraqi depositary centre as a registered trader and have a trading licence. It’s an ever changing market and banks can set and make up rules when it suits, this is why I am starting an investment club and will be buying and selling through my broker.

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Don’t get me wrong I still have a small amount of money in warka, and have recently reset my online password but I fear a bank run by foreigners as soon s as they reopen for business.

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On ‎2‎/‎9‎/‎2019 at 11:34 AM, Joeclem1 said:

Does anyone know how I can open my Warka account? I haven’t been able to enter for several years now. Or, Should I consider that money lost. Thanks, Joe

Joe, I sent Mr. I an email a couple of days ago to reset my password that will expire in a couple of days an received my temporary password today. Their still in business....

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On 2/10/2019 at 10:24 PM, screwball said:

Don’t get me wrong I still have a small amount of money in warka, and have recently reset my online password but I fear a bank run by foreigners as soon s as they reopen for business.

I'd imagine the amount you could withdraw will be limited when they open for business again. I know the limit was 10k for SWIFT transfers way back when.

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