Warka Collapse

[Pita]

I really did not want to find this but it is what it is.

 

www.tellerreport.com/news/2019-12-08---after-years-of-bank-collapse--iraq-is-launching-a-company-to-guarantee-depositors-’money-.HyeDYSd5pS.html

 

"Several banks collapsed, especially in Iraq in the years that followed the year 2003, such as Al-Warka, Basra, Dar es Salaam, the Economy, and others. Until now, depositors demand their money after bankruptcy of banks through demonstrations that they organize periodically in front of the buildings of financial institutions such as the central bank."

 

"Loss of previous deposits
On the other hand, citizen Mohammed Al-Barzanji - who deposited approximately $ 40,000 in Al-Warka Bank before his bankruptcy - wondered about the fate of his money now after the company was established.

In his speech to Al-Jazeera Net, Al-Barzanji said that he called the Central Bank and the competent authorities since 2012 until now to return his money that he deposited in Al-Warka Bank, but to no avail, indicating that the answer that came after the establishment of the new company is concerned with current deposits and not deposits before its establishment.

He emphasized that our money was stolen by daylight and in front of the central bank and has not done anything so far, especially as the bank has removed from it the guardianship imposed by the central bank."

 

Another:

http://www.rs.iq./iraq_news/view/2541

 

Warka Bank placed under ‘Guardianship’

Iraq’s central bank has reportedly placed private bank, Warka Bank under guardianship to supervise it through insolvency. According to the report from Reuters, Mudher Kasim, deputy governor of the central Bank of Iraq, said: “We gave Warka a chance to have Standard Chartered to be a partner but that did not happen, so there was nothing we could do as a financial authority … but to intervene as a guardian. He said the central bank would appoint a new temporary administration to run Warka Bank, which would be given a month to appoint an auditor to determine how to restructure it and whether it needs to sell assets to raise capital. (Iraq-Business News)

 

 

Another:

www.iraq-businessnews.com/2012/03/05/warka-bank-placed-under-guardianship/

 

 

"According to the report from Reuters, Mudher Kasim, deputy governor of the central Bank of Iraq, said:

"We gave Warka a chance to have Standard Chartered to be a partner but that did not happen, so there was nothing we could do as a financial authority ... but to intervene as a guardian.

"When the bank loses its capital, fails in its financial operation and faces an unsolved problem, the central bank according to its law, intervenes as a guardian and appoints a new temporary administration to run this bank."

He said the central bank would appoint a new administration to run Warka Bank, which would be given a month to appoint an auditor to determine how to restructure it and whether it needs to sell assets to raise capital.

Abdul-Aziz Hassoun, executive director of the Iraqi Private Banks League, said in August Warka needed less than 100 billion Iraqi dinars ($90 million) to enhance its liquidity."