legacyman73 Posted April 20, 2011 Report Share Posted April 20, 2011 To Warka Bank for investment & finance j.s.c The commission presents their regards, Reference your letter number 892/8 on the 15th March 2011. The content of your letter was insufficient because it did not include disclosure for the following: 1- Stated the amount claimed by Asia Cell Co deposited in the account being open in your bank which was issued under which the court’s ruling. 2- Mentioned aspects of the appeal submitted by the bank against the court’s decision. 3- Clarify the statement “bankruptcy is not a legal question” as the laws generally allow the creditor to demand a court’s declaration of bankruptcy of the debtor is unable to pay. 4- Your process with the company after the decision is made. We would be pleased to obtain your answers regarding the above questions. With kind regards, Copy of this to: - Central Bank of Iraq – Office of the governor, for review, with regards - Board of governors of the Iraq Market, for review, with regards To the Iraqi Securities Commission, In reference to your letter numbered 442/10 on the 16th March 2011 and further your letter numbered 892/5 on the 15th March 2011 , we would like to clarify for yourselves the below: 1- That the amount of debt claimed from Asia Cell Co is the amount available on their account which is 29.327.525.927 twenty-nine billion , three hundred and twenty-seven million, five hundreds and twenty-five Thousands and nine hundreds twenty-seven Iraqi Dinars and 4.879 four million and eight hundred and seventy-nine thousand dollars. 2- The amount above was issued in a court ruling from the Sulaymaniah’s initially primitive court and we enclose our copy with our resolution of the primitive has been challenged by discrimination in front of the Kurdistan’s court of Cassation on the 21st February 2011. 3- The bankruptcy has been provides in the Trade Act repealed no. 149 for the year 1970 and it has been cancelled and replaced by the trade law number 30 for the year 1984. In addition to publication of bankruptcy when the debt is greater than the capital of the company by 50% , which is not the case, cause this is not called debt or loan as it is an amount deposit in a current account and we would like to mention that the cash distribution issue is through the committee formed by the Central Bank of Iraq & according to their letter number 9/2/1150 on the 6th September 2011. 4- There are non-stop negotiations negotiation with Asia Cell on the behalf of the withdrawal of the current amount or convert it to deposit the benefits and will be informed by any developments. For reviewing – with regards Link to comment Share on other sites More sharing options...
Bigboy0854 Posted April 20, 2011 Report Share Posted April 20, 2011 According to my intel: Asia cell bought a Treasury bill and wants to break the contract to withdraw early. The bank has the money and it will all be settled within six months Link to comment Share on other sites More sharing options...
hoosier1470 Posted April 20, 2011 Report Share Posted April 20, 2011 Am I misunderstanding this, or if this is pushed....and they demand their money....could this force Iraq to make an imediate adjustment to their currency value so as to be able to cover this without financial hardship? I had a hard time making out what was being said....can someone add some input please. According to my intel: Asia cell bought a Treasury bill and wants to break the contract to withdraw early. The bank has the money and it will all be settled within six months Ok...that clears up my questions requarding this! Link to comment Share on other sites More sharing options...
k98nights Posted April 20, 2011 Report Share Posted April 20, 2011 Are there links to sources for this? Link to comment Share on other sites More sharing options...
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