Warka May Cost US Army Millions

Like a replay of the Great Depression, a bank in Iraq went under in 2010, nearly taking millions of American dollars with it.

According to a report from the Washington Times, Iraq's Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq.

The Pentagon’s internal inspector general has said that since the bank was placed in receivership in November 2010, the US Army has been unable to readily withdraw cash.

The estimated loss of $5.4 million is only now coming to light because the disbursing officer in charge of the funds never reported the loss, the Inspetor General said, “because she believed she would recover these funds in the future.”

About $1.1 million has been repaid so far by the bank, inspectors said, but not getting the proper Defense Department debt payment experts involved immediately puts the rest of the cash -- $5.4 million -- at risk.

(Source: Washington Times)


4 Responses to Warka May Cost US Army Millions

  1. George 18th April 2014 at 15:04 #

    Warka Bank has won a law suit from the Central Bank of Iraq by the Iraqi supreme court that the CBI are liable for all damages to everyone involved for losses incurred by the illegal actions of the CBI.and according to Warka Bank they are still awaiting on the CBI making good on the instructions by supriem court being made good by CBI.

  2. Don 22nd April 2014 at 04:07 #

    George... Any idea where a person could find any up-to-date information of the subject?

  3. william herbster 19th May 2014 at 05:33 #

    AL Warkaa bank holds some money and stock in Iraqi companies in my good name. Any idea who to contact at that fine bank to receive information on them, for me. It appears their e-mail is not working, as I have e-mailed them several times , without an answer. Thank you ,

  4. George 19th May 2014 at 21:01 #

    [Post removed: No advertising please.]