Central Bank restores life to Ahli Bank again

Central Bank restores life to Ahli Bank again

Monday, March 26 / March 2018

Basil Abbas Khudair

Warka Bank for Investment and Finance was established in 1999, and when the foundation has been formulated objectives with a view to contributing to actors in the field of economic development of the country in accordance with the provisions of the Iraqi Central Bank Law and the instructions of the Companies Act and other applicable laws, and was the bank's 116 branches in Baghdad and the provinces as well as other specialized offices , including brokerage for buying and selling financial stocks and office banking foreign exchange offices, and all offices have specialized in providing banking services and the bank's big deal with all government and mixed and private sectors and government departments, and the Bank's assets amounted to 694 Billion dinars, and capital of 105 billion dinars in 2010, the right to say that the bank and during the first years of its establishment was managed in a manner efficient by the well-known history associated with many successes in the field of specialty banking and economic figures, and at a time when some believe that the Warka Bank will Mnaksa the Bank government inside Iraq or to be the level of regional and international private banks and reliable in bringing about the desired development in the banking sector, the bank has seen fallen to less than what is said about him that the fall of the dramatic and unexpected and contrary to all views and indicators of development and rising performance levels , Between overnight Warka Bank became insolvent and unable to meet drawdowns customers do not receive their deposits or provide banking services and facilities for them under the pretext that he is suffering from an administrative crisis for the issuance of directives regarding the lack of dealing with government banks regarding the opening of letters of guarantee and the granting of banking facilities, and during the previous years did not Catching depositors only promises are incorrect because their money was not returned to them and all that was some distraction which is the distribution of modest payments to small depositors, and absent from the public on the fact that what is happening in the media or statement concerning the date on which will be the return of funds to depositors who have decreased or Carefree because of the low purchasing capacity and high rates of inflation in prices, some would say that Warka is not Ahli only bank that failed customers as there are other eligibility banks did the same thing with the public and did not the central bank stirred about them, and they say that Warka was the focus of the wishes in achieve leadership in the national banking and did not expect him to reach setbacks with this degree of harm to others so we dealt with this subject in the (information) previously We have directed calls the Iraqi Central Bank to address the issue, through the re-depositors' funds liquidate or sell its assets, borrowing or the Merger or division adversaries or in any way restore rights without procrastination and prolong the waiting, Depositors are citizens and duty to protect their money under the laws by the authorities concerned, and in the case of non-fulfillment of this legal right, the dozens of lawsuits will be held on the management of the bank and the Central Bank as the latter is the guarantor the banking system in Iraq, especially as the Committee wills local and international experts have recommended the need to support the bank through the financial solvency and return to life because he did not go bankrupt.

Through contacts and consultations that took place between the Iraqi Central Bank and the Warka documented book of the Iraqi Central Bank 5358 8/3/2018 Access to a range of solutions that will restore life to the bank and ensure that the rights of depositors and include these solutions:

. The bank 's capital increase by 150 billion dinars to deposit the amount of 45 billion dinars to provide cash for the purpose of payment of dues of small depositors and the rehabilitation of the bank for the exercise of all its activities.

. Allow depositors bank using deposits or part of them in the IPO to increase the bank 's capital and thus becomes a depositor holder of the bank 's shares on a voluntary basis with the guarantee payment of shareholders ' equity and enjoy all the legal benefits of shareholders stipulated by the Companies Law No. 21 of 1997 or any law that is relevant .

. To allow the chairman of the current management of the bank to run for a new term exception of instructions for the purpose of benefiting from its experience in the management of the bank current stage in order to restore depositors ' money and restore confidence in the bank by the public , as will the bank after the holding of the election of the Board of Directors to exercise banking activities normally.

. Bank owned property occupancy and put them at the disposal of the Board of Directors for the rehabilitation of the bank and the opening of the closed branches and to provide cash for the exercise of the Bank 's business and as good intention in this regard has been approved for the liquidation of the bank 's branch in Beirut to strengthen the liquidity of Warka and are reassured everyone that you are filtering by the legal liquidator as a destination neutral.

. Identify specific period not more than a month to hold a general assembly meeting to be the bank 's capital increase to 250 billion dinars from the basic themes of this meeting.

At a time when we bless it these steps to address depositors Warka problems that stretched for more than 7 years, we find that the Warka return to the banking business of the positive work of the national banking benefits when there are real seriousness to be the bank better off than ever before, and we find that it is important to be depositors roles in this return by converting part of their deposits into shares because they are better than the previous situation, the value of the stock rises , up the performance of the bank and the shareholder 's right to be part of the management being a member of the General Assembly and has the right of nomination to the board of Directors and to contribute to the discussion of matters Bank, as The six stocks Vinegar in the Iraq Stock Exchange and can be the owner sold at the price displayed at any time , and this keeps him away from the specter of exploitation and extortion , which is currently practiced by some weak souls, and if the comparison between the current situation and the situation after the transformation of the shares, the new situation will put the citizen 's money , however , the citizen rather than undergo to Mzajat and Precedence branch staff as for the benefits they are determined by the central according to the classification established by banks and is currently classified Warka Bank C ie the interest savings to call to 3% at best, and things may not be known to everyone who deals with banks and we hope that private banks insolvent seeking No Khaz procedures similar to what has been in Warka out of the crisis , which reflected a large number of the public to re - life her rather than relying on the advantages of buying and selling of the dollar.