By John Lee.
Warka Bank has issued the following statement with regard to its legal case against the Central Bank of Iraq:
"With regards to the legal court case Warka Bank for Investment and Finance has filed against the Central Bank of Iraq Warka Bank for Investment and Finance is delighted to inform its cliental, shareholders and management that the Iraqi Supreme High Court has awarded its decision in full favor of Warka Bank for Investment and Finance confirming its judicial decision that the liquidity crisis and events leading to Warka's declining financial position is entirely due to the fault, malice, mismanagement and misdirection of both the Ministry of Finance and Central Bank of Iraq their ill actions taken against the bank placing the full blame and cause on both the Central Bank of Iraq and Ministry of Finance their lack to take the proper action measurements and steps to resolve the crisis properly in supporting the rehabilitation of the largest financial enterprise in the country.
"Where we are delighted to add that the court decision confirms that Warka Bank for Investment and Finance has implemented, practiced and maintained all legal banking guidelines, protocols and regulations set by the bylaws of the Central Bank of Iraq confirming its true innocence.
"We have posted a copy of the court's decision to bring comfort joy and happiness to all those whom have supported our bank, board of directors and management."
A copy of the court document can be downloaded here.
Can you confirm if it is true, and do you have more ground info on it, your input on it will be highly appreciated as it concern a lot of people involve with Warka bank.
The Iraqi Supreme High Court is not an independent body at all. So I would be very suspicious indeed of this verdict in favour of Warka.
If the verdict blames the old administration of the ministry of finance and the central bank, then the Supreme High Court's decision is a political one.
Simply because it was a known fact that the previous administration of the ministry of finance and CBI were not in good terms with Al-Maliki.
Either way...Political or not the ruling is done and Warka has been set free...It will be interesting to see how this plays out....So people like this some hate the fact it has happen cause they didn't take advantage of the free shares....Some that took the risk are over due for BIG PAY DAY.....
poke...just how does one NOT take advantage of free shares, after all, they are free.
Please refer to CBI's website for more information (Arabic version). CBI denies these news and confirms that Warka is still under its custody.
Can anyone advise what is the next step for those people who have deposit with the bank. Is there any chance that we could get our money back. It is going to be three years soon since the depositor's money has been frozen with bank, could the Bank give us some hints about what the bank will be doing in the near future.
What is going on with the money we had in Savings accounts with Debit Cards from Iraq. I did not know anything about any of this.
i am still awaiting for my request all email to the since jun & jul but no reply at least tell us whats happening to all our money deposited to the bank