Warka Bank
Just this week a Warka bank branch in Erbil, Iraq was the victim of another Bank robbery, however in this case the Iraqi Police were close by and arrested the three robbers. I like this because for one it shows that maybe Warka Bank is increasing there security and looking out for the depositors/investors or the Iraqi police just happened to be in the area and arrested the robbers in the act.
I am not sure how it went and I am glad with all the Americans funneling money to Warka that they didn’t suffer another lost like they did a month ago with the other robbery of $800,000 usd in an armored vehicle.
When a bank in Iraq loses money like this, there is no FDIC insurance like back in the real world, so I am just curious how is Warka Bank recovering there losses and how are they recording there losses to the Central Bank of Iraq? They lost $800,000 usd in a robbery a month ago and Warka is not getting that money back unless they recover the actual money stolen. What are the chances of that happening?
It has been reported that some of the bank robberies in Iraq have been with the help of bank employees. The Warka bank robbery with the armored cars is suspicious because hardly an Iraqi bank that I know of moved large sums of money in armored cars as they left the bank. It is usually done in a car that can blend in with the traffic and not stand out in a crowd and quickly goes from point A to point B. This particular robbery screams an inside job.
It has never been reported what was the $800,000 usd was it the overseas depositors funds or the proxy fund (I am going to invest in the ISX) either or would be tragic indeed. If I was involved with Warka Bank which I have no tie at all and never plan too, I would be asking some questions.
You still think were close to an rv?
Comments
Dear Sir,
I would like to check the following:
1) In case of bank robbery in Iraq, how could it have affected the depositor. Once the bank has acepted the deposit after the depoist documentation process is completed, the bank will have to be responsible for the money. As far as the depostor is concern, he has no risk!
2) I have heard of Warka bank accepting foreigners' Iraqi Dinar deposit at a high interest rate of 6%, which other banks in Iraq can accept foreigner's deposit?
3)Is there any other banks outside Iraq that can accept Iraqi Dinar saving's account deposit?
Lastly, would like to have your honest opinion of Warka Bank. Is this bank reliable? Will this bank closed down and eat up all the deposiors' money, especially so if you are a foreigner..
Thank you.
Rgds
Terrence
Posted by: Terrene Loke | October 5, 2006 8:31 AM