Explanation of Warka FB 2 April article

[NMP2017]

this is an expanation of the article posted on the Warka FB page on 2 April,,, the explanation is given on the Iraq Warka Vicitms FB page - https://www.facebook.com/WarkaBank/p...location=group

It's an interview by a newspaper with one of Warka's managers. He says that Warka is working strongly for its rehabilitation and returning to normal business with good force. He says that a member of the Bunnia family has pumped in 45 billion Dinars for the payment of small deposits. He says that Warka has presented the real estates (means: houses & buildings) belonging to it as a guarantee for such rehabilitation (he says these real estates are worth 300 billion Dinars). He encourages depositors to transfer their deposits into shares in Warka. He's also saying that Warka wants to increase its capital from 150 to 250 billion Dinars.

[NMP2017]

so a Bunnia family member put in about $37.5 million USD plus is using their Real Estate as collateral. Very interesting...

[NMP2017]

11 minutes ago, NMP2017 said:

so a Bunnia family member put in about $37.5 million USD plus is using their Real Estate as collateral. Very interesting...

that should read WARKA BANK is using their real estate as collateral....

[DoD]

You would think that if the Bunnia family is putting all this real estate up for collateral that they must be serous about keeping Warka Bank solvent. Them trying to raise 100 billion Dinars shouldn't be much of a problem if they can get some foreign investment groups on board. I know the Bunnia family can be pretty hard headed when it comes to the their bank, I'm sure the ole timers remember when they turned down a buyout from a foreign bank a few years ago...

[NMP2017]

the real estate belongs to Warka I beilieve, 300 biliion iqd worth. The Bunnia family member put in 45 billion iqd which is about 37.5 million usd at 1200-1. I remember the deal with Standard Charter falling apart as right around that time the CBI put warka under guardianship. Bunnia didn't want to give up majority ownership of Warka was my understanding why it fell apart. I don't remember an audit by Standard Charter or whoever did it being made available to the public, but I believe one was done at that time.

 

We should be hearing something soon about a date for the General Assembly meeting and hopefully their Mastercard licence too.

 

But it does look like the Bunnia family want Warka to be a leading bank again.

Edited April 6, 2018 by NMP2017