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AsiaCell to Bankrupt Warka Bank?


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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3- The bankruptcy has been provides in the Trade Act repealed no. 149 for the year 1970 and it has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

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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!

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