By John Lee.
The Central Bank of Iraq (CBI) has announced that its board has decided to "lift custody [guardianship]" over Warka Bank on August 25, 2013, following a final decision made by the Financial Services Court on 26th May, 2013.
Warka Bank announced on its website that:
"This decision comes in accordance with the decision issued by the court appeal in favor of Warka Bank for Investment and Finance."
A copy of the announcement can be viewed here.
(Sources: Warka Bank, Rabee Securities)
RT @iraqbiznews: CBI "Lifts Custody" over Warka Bank: By John Lee.
The Central Bank of Iraq (CBI) has announce... http://t.co/iC3AX8c2G6
CBI “Lifts Custody” over Warka #Bank http://t.co/bn1EGNdYWY #Iraq
What I would like to know is, what does this mean? Waraka bank should explain to its depositors what actions have been taken to comfort those who had put their lives saving into the bank. This could only happen in Iraq, where a bank has been suspended from operation for three years, and the depositors do not have any idea what is going on. The bank has kept its branched, at least in the KRG, but there is no one to answer the queries that people like me may have. It is time the bank broke its silence and told us, the depositors, something.