Ali No Longer Opening Bank in Iraq (?)

[smee2]

Okay people, this is a rumour, though my source is someone I trust completely. So, since it is a rumour, let's not start asking for any form of proof, names, dates, links and all that stuff. Read it, believe it or not, and carry on with life, okay? Okay!

In a telephone conversation yesterday with my dinar dealer, while discussing the change in situation of Ali, someone well known to my dealer, it was mentioned that Ali is no longer pursuing his Iraq Bank plan. It would seem the Iraq government has changed the playing field somewhat, in terms of what is required. And even though all the hoops were being jumped through and the red tape rules were being followed, it became obvious that the people there who were handling the government end of things just couldn't get it done. After dropping a considerable amount of cash down this money-pit venture, it was decided that it just would not work. Getting all the paperwork settled was just not happening. We all know how the Iraq people don't seem to be able to follow their own deadlines or schedules and this was another case of that. Eventually a person just cannot take any more delays, and stalls, and the stress that goes with that. Considering the stess Ali has gone through with his wife's accident I am not surprised he decided this just was not worth the trouble. Even if the venture ever got off the ground, I imagine, and this is just my thought here, that keeping things operating would be an endless flow of ridiculous delays and headaches.

All of this makes me wonder if people "investing in Iraq" are going to find the same problems. I wonder how many people, no matter the opportunity for helping the Iraq citizens, or for making money, will see that it is not worth the lack of professionalism in all that needs to be done to get started and to maintain a successful operation in Iraq.

Sad really that such a great opportunity seems to be defeating itself because of the people and their ignorance of business, or other quirks of mindset.

Anyway, that's it, for what it is worth. Just a part of a discussion, and I thought some might be interested.

smee2

[dinarmamma]

Ali mentioned on a conference call a while back that he wouldn't be opening the Iraqi bank. I really didn't think anything about it at the time and kind of forgot about it. Good post!

Edited May 11, 2011 by dinarmamma

[mrref]

Not bashing, I'm sorry but who really cares if he opens a bank Iraq, I'm sure in the heck not going to iraq to cash in..lol

[Double Naught Spy]

I thought I remember reading where it took about $85 million or so to open a bank in Iraq. I'm not surprised Ali will not open one - I doubt he has the funds.

[caz1104]

Thanks for the post,but it still does'nt answer why he really closed shop here. Not that he owes me or anyone an explanation,just strange imo....................................................GO RV 2011 BABY!!!!!

[bluejay]

Thanks for sharing but I really don't see this tie in to us and our investment....Ali has already made his money anyway, and is there really any benefit to us the investor if he has a bank there.....Whatever just get this over with already.......

[umbertino]

I thought I remember reading where it took about $85 million or so to open a bank in Iraq. I'm not surprised Ali will not open one - I doubt he has the funds.

I'm pretty sure he has or can gather that type of money..... imho ....The issues are ones of different nature, likely.........

[mcfly831]

I was under the impression that private banks would have a very difficult time in collecting funds that have defaulted as the financial judicial system wasnt up to par, is this correct? If so then that would be understandable.

[Vinman33]

I was under the impression that private banks would have a very difficult time in collecting funds that have defaulted as the financial judicial system wasnt up to par, is this correct? If so then that would be understandable.

Possibly true. And as previously posted, Ali made this announcement a number of weeks ago.

It comes down to a simple business decision: either the projected return is worth the hassle, or it's not. And the amount of "hassle" before one quits is different for everyone.

Wrt the other business "investing in Iraq," I'll go out on a limb and say (at least the BIGGIES) they're probably working directly with government coffers, with the a little "enforcement" coming from their home governments. They stand a MUCH better chance of successfully conducting business because they won't have to go through all the bullpucky a little guy would have to do..

[uncs]

Why does everybody care about Ali? He does not give two shats about any of us. He is your typical foriegner from the middle east! They (middle eastner foreigners) only care about there own quality of life, making money, will do what ever it takes to make it, and then haul arse back to the middle east with his load of cash!!!!!! So why is everyone so dam concerned about Ali? It would not suprise me if the next post was Ali moved back to the middle east! Thats typical for foriegners. They don't give a rats arse about any of us Americans. They come here for quality of life and make money and thats it! Get over Ali! And if you dont believe me then why is he going to open back up for the cash in? TO MAKE $150.00 per million!

[Neversaynever]

Why does everybody care about Ali? He does not give two shats about any of us. He is your typical foriegner from the middle east! They (middle eastner foreigners) only care about there own quality of life, making money, will do what ever it takes to make it, and then haul arse back to the middle east with his load of cash!!!!!! So why is everyone so dam concerned about Ali? It would not suprise me if the next post was Ali moved back to the middle east! Thats typical for foriegners. They don't give a rats arse about any of us Americans. They come here for quality of life and make money and thats it! Get over Ali! And if you dont believe me then why is he going to open back up for the cash in? TO MAKE $150.00 per million!

You may be right, but Ali always seemed to me to be a pretty stand-up sort of guy. Of course he is in it to make money, like any astute businessman. I don't blame him not wanting to put the bank in Iraq given his net worth now and his situation. I am gald he is willing to open up after the RV and if he can make a butt-load of money, more power to him. I'm not necessarly a fan of Middle-Eastern guys, but like all people there are exceptions. I am going to give Ali the benefit of the doubt until he proves otherwise.

[Butifldrm]

The laws in Iraq are such, that as of this time a non-citizen would have to have an Iraqi citizen as a partner to set up a bank in Iraq. It appears, Ali does not want to risk his money in such a venture. The government was suppose to change this law with their new banking laws and as most laws pertinent to growing their economy, it has not been passed. You still have to be an Iraqi citizen to own a bank in Iraq and Ali is not willing to risk his capital unless he is in full control and I agree with him. JMO

[M.D.]

thanks for the post smee2

[zantac]

Thanks for the post,but it still does'nt answer why he really closed shop here. Not that he owes me or anyone an explanation,just strange

I agree Iraq is trying to encourage investments like banks so why make it difficult to open one or a few?

HSBC just walked in & said hey can we have some, no problem sir when can you start.

MHO I believe Ali just chucked that in to the ball park a few months/years ago as a sales pitch & no more.

As to his wife’s accident I had no idea but I do wish her a very speedy recovery.

Any way I am of to China on Monday for 3 weeks, what the internet is like over there I have no idea so I may keep in touch if possible.

You never know I may come back to the UK & I could be RICH I SAY RICH BEYOND MY WILDEST DREAMS.

SLAP SLAP………. WAKE UP ZANTAC.

Sorry lost consciousness for a bit

Regards

Zantac

[keepmwlknfny]

We should all just realize he had good reason to shut down shop for a little.....whats more important to you all here? Money? Or family?? If I was in his position I would have done the same thing......It was something serious otherwise you think he really would have backed out for a litte? He just needs time for the smoke to clear and he will be back....no worries.....There was some other things that went down in regards to Iraq, and the dinar coming out of the country......our govt got involved as well......cut Ali some slack......

[sheik]

Anyone believing he would open a bank in Iraq is naive. The same zero chance as he would reopen cash in locations while at the same time maintaining a low profile because the FBI told him to. I think not.

[keepmwlknfny]

Anyone believing he would open a bank in Iraq is naive. The same zero chance as he would reopen cash in locations while at the same time maintaining a low profile because the FBI told him to. I think not.

The threats on his family were real......someone was almost killed.....who knows about the cash in locations and what he had planned but I think we should show a little respect for what happened to him....all he did was try to provide us with a decent investment.....

[Texas1]

The threats on his family were real......someone was almost killed.....who knows about the cash in locations and what he had planned but I think we should show a little respect for what happened to him....all he did was try to provide us with a decent investment.....

Most folks who have actually spoken with him and dealt with his company on a large scale can vouch for his business practices being above board. He sells a product, and like any seller, he has the right to stop selling at any time. No explanation needed. Whether he stopped due to his family, a potential rv, or licensing issues, understand that he is still probably being monitored by the Feds in some capacity so he is careful in what he says or does. Never heard of the guy screwing anyone out of their order....

And yes, Keepms favorite seafood restaurant is Red Lopster....

[Matt P.]

I'm pretty sure one needs 250 Billion Dinar to be considered. Wasn't it 30 Billion Dinar? Maybe they upped it to 250 and he no longer qualified... I'm sure he has a bunch but I doubt THAT many. I always got a good vibe from them at DT and I liked that they were shameless about the Christian hold music.

Edited May 13, 2011 by Matt P.

[sonhischest]

so i know ive only posted once or twice on this site, ive actually been invested in this for quite some time and have frequently followed this site although i didnt register with a username or anything until a week ago or so. I would just use sites like this as a crutch to get information and compare it to what i had found for myself (hopefully that doesnt make me a villain just what i do, not big into chatting or blogging online and all of that jazz) I do however find it awfully ignorant and nieve for people to be so caught off guard by the fact that some guy named "ali" that they purchased a high risk investment from isnt doing exactly what they had hoped. Come on people his name is ali, hes selling foreign currency that has no value and is making a **** load of money off of it, of course hes gonna be shady. Of course his stories arent going to pan out. Him leaving to do whatever it is hes gotta do has nothing to do with the rv its either gonna happen or its not. Let the ali story die, hes a shady business man at best with a lot to gain and very little to lose, especially after taking your money and investing it elsewhere. gl to all of you as i do feel the rv wil be soon and we all will at least triple our investment which isn t that bad, but **** im still hoping for millions. go rv

[cashin]

Okay people, this is a rumour, though my source is someone I trust completely. So, since it is a rumour, let's not start asking for any form of proof, names, dates, links and all that stuff. Read it, believe it or not, and carry on with life, okay? Okay!

In a telephone conversation yesterday with my dinar dealer, while discussing the change in situation of Ali, someone well known to my dealer, it was mentioned that Ali is no longer pursuing his Iraq Bank plan. It would seem the Iraq government has changed the playing field somewhat, in terms of what is required. And even though all the hoops were being jumped through and the red tape rules were being followed, it became obvious that the people there who were handling the government end of things just couldn't get it done. After dropping a considerable amount of cash down this money-pit venture, it was decided that it just would not work. Getting all the paperwork settled was just not happening. We all know how the Iraq people don't seem to be able to follow their own deadlines or schedules and this was another case of that. Eventually a person just cannot take any more delays, and stalls, and the stress that goes with that. Considering the stess Ali has gone through with his wife's accident I am not surprised he decided this just was not worth the trouble. Even if the venture ever got off the ground, I imagine, and this is just my thought here, that keeping things operating would be an endless flow of ridiculous delays and headaches.

All of this makes me wonder if people "investing in Iraq" are going to find the same problems. I wonder how many people, no matter the opportunity for helping the Iraq citizens, or for making money, will see that it is not worth the lack of professionalism in all that needs to be done to get started and to maintain a successful operation in Iraq.

Sad really that such a great opportunity seems to be defeating itself because of the people and their ignorance of business, or other quirks of mindset.

Anyway, that's it, for what it is worth. Just a part of a discussion, and I thought some might be interested.

smee2

none of this lot are going to invest in iraq, dont kid yourselves.

its a straight spec on a currency and i think we all know now that we are not going to be rich, we may make 2 x maybe 3 x our money back .

NO MORE.

Investers in Iraq

[umbertino]

The laws in Iraq are such, that as of this time a non-citizen would have to have an Iraqi citizen as a partner to set up a bank in Iraq. It appears, Ali does not want to risk his money in such a venture. The government was suppose to change this law with their new banking laws and as most laws pertinent to growing their economy, it has not been passed. You still have to be an Iraqi citizen to own a bank in Iraq and Ali is not willing to risk his capital unless he is in full control and I agree with him. JMO

Is Ali not an Iraqi Citizen? I thought he was........

[one4dinar]

We should all just realize he had good reason to shut down shop for a little.....whats more important to you all here? Money? Or family?? If I was in his position I would have done the same thing......It was something serious otherwise you think he really would have backed out for a litte? He just needs time for the smoke to clear and he will be back....no worries.....There was some other things that went down in regards to Iraq, and the dinar coming out of the country......our govt got involved as well......cut Ali some slack......

Then Ali should have been straight with his clients. His note left people feeling and to some extent knowing there was more to it. I believe there's a lot more to it. You don't give up that kind of money coming in because of an accident.

It's not a problem for me because I wasn't cashing out with Ali, if it ever rv'd, nor buying any dinar from him. I purchased once from him years ago, his dinar were way overpriced. JMO

[coolbeans]

You guys see that the Dinar Trade forum guy Neno is also gone?

He did a post right after Ali bailed on everyone.

The guy who works for Ali and I guess is his main pumper is gone and is driving trucks somewhere.

So his main pumper guy vanished also!

I say something smells fishy

Is Ali not an Iraqi Citizen? I thought he was........

Ali and all of his family are from Pakistan.

[sheik]

Since when do Pakistan's buy Iraqi banks? Another Ali red flag. B.S.