Things can be manipulated and forged.
]]> It could be a long term plan and perfectly legit as to their banking plans. However; there is no plan for any Iraqi Bank to open up in the IZ despite what this particular memo says.Contacts in Mesopotamia have confirmed this and some doubt the accuracy of the Arabic version that was sent to me to translate. This is being looked into further and will let you know if anything comes of it.
Other developments:
Look for the ISX electronic version later in the year like Ramadan time frame if not 2009.
Post August 2 proxy holders wish I had my name on my stock certs crowd. Six months and still nothing new. If you really look at the rules for foreigners buying stock in the ISX you can see that nothing is going to happen with those certs. Study them you'll find your answer.
Mr. Mohammad K. Issa did celebrate Christmas last year.
With all the popularity of the speculation hopes of making it big you would think that you at least have an Arabic translator on the payroll. I see you do not as it is possibly unattainable or maybe too high tech. Which ever the case rest assured the beautiful MK has accurately and professionally translated the CBI Memo dated 6 Feb 2008.
I don’t have it in for Al-Warka Bank nor do I spend much time dwelling on it. It is what it is. When they are doing good well I’ll say so and when they are doing something that is not above board I’ll be sure and mention it.
I believe that an informed investor is a successful investor that is why I had MK translate the CBI Memo. There were a lot of doubts and speculation about what the memo actually said some of you had the main theme but not the particulars. Well, I’m giving you those particulars. Those details you all want to know.
Until next time, when I get a moment maybe I’ll write more. Please feel free to send your comments and or email to americancontractor@gmail.com I read every comment and every email.
Feel free to down load the pdf.
]]>Debt negotiations between Saudi Arabia and Iraq have ceased at the end of Sept 2007 and there has been little progress between other Gulf countries.
]]>Will have a meeting soon with the Staff and the CEO/President of Baby Biltmore. I've heard through the grapevine there was a problem with my truck key? Well, anyways looking forward to the rest and relaxation in my executive suite for the Holidays. Much Love!
Please keep in mind fellow readers; I have nothing against Warka Bank. I know, it's hard too believe. I just want them to follow the law like everyone else. It's not that hard. Plus, I hate to see my fellow Americans being taking advantage. Too much money spent and lives lost. We are Americans and, I can't forget my friend investors northern, we follow the rule of law.
Feel Free to submit your comments.
Merry Christmas and have a Happy New Year.
"Whoever does so will be exposed to God's wrath and will have committed the crime of collaboration with the enemy,"]]>
The Iraqi Cabinet approved the measure unanimously on Tuesday, and the government had said parliament would begin debate on the law Wednesday.
]]>According to Ahmed Muhammad, a deputy governor of Iraq's central bank, roughly half the 4.5 trillion new dinars have been removed from domestic circulation, either stashed away at home or smuggled out for sale abroad. Iraqi officials say it's illegal to export the dinar, but it's quoted on exchanges as far afield as Pakistan.]]>
At times after posting thought provoking and enlightening articles I do get occasional comments from people who are connected some how in this Iraq dinar, ISX arena. All comments are welcomed as I do not censor anyone's comments except for the removal of obscenities.
It is the reason I went to an approval based program. Your comments will not be posted immediately only after been approved.
A commenter by the name of Bob had a great comment and I thought I would post it here for all you Warka fans. Below is Bob's comments followed by my comments with help from I must admit from the legal team at the Baby Biltmore.
]]> Bob's comments:Seems to be hairsplitting that foreign company's ISX shares held in company name (by proxy) -not in individual name- is any different than the proxy company Warka uses With foreigners being allowed to hold shares in their name Aug 2, one would expect this issue to be resolved prior to that date or not?
American Contractor's response:
Bob - Where other companies are actively trading in the market Al-Warka is a bank first and as such reports to the Central Bank of Iraq (CBI) for regulatory control first. Al-Warka's brokerage company is a department of the bank therefore its losses in the market is the banks losses.
Those losses put Al-Warka banks balance sheet below the authorized base value set by the CBI. The proxy company is a corporation which is owned by Al-Warka bank, therefore when the value of the stock purchased by the proxy company dropped by half, that line item of Al-Warka banks budget had a negative impact on the banks liquidity.
Why do you think the CEO of Al-Warka Bank Saad Al-Bunnia, withheld the documents requested by the CBI for their yearly banks audit. That failure to comply caused the CBI to levy a fine against Al-Warka Bank of one million dinar a day for each day not in compliance. That adversarial situation existed for the better part of 16 months.
Please notice was it not a fact that Al-Warka bank did not post its much needed splits until late this year. Of course Al-Warka bank, failed to advise their clients that either of these issues existed. What most people seem to have difficulty grasping is that the Iraqi's are not the only people who have access to members of the CBI.
Please keep in mind I'm not here to bash Al-Warka Bank, I have better things to do with my time, however, I do owe my own countrymen and woman the benefit of the access I have to the relevant ministries, agencies and departments.
Most people might not be pleased with what I have to say but remember an informed investor is a successful investor.
Government spokesman Ali al-Dabbagh said the parliament would open debate on the law, which the U.S. is pressing Iraq to pass to boost reconciliation between the country's Sunnis and Shiites.
"We hope that very soon, definitely within coming months, one or two months from now,"]]>
It is amazing to me that members are contributing funds to help this particular member out which is remarkable and says a lot about the members of the forum. My hat goes off to you all that have contributed funds to help out this particular member.
I can’t help but think if you all could organize for a cause like this and raise over $1000.00 for someone most if not all of you have never met or personally know, just think what you all could have done concerning this investment.
Just think what could have happened if someone organized a very large group and collected funds to invest in Iraq the correct and legal way then having to associate with a bank that does not have your best interests in mind. Or worse buy Iraqi dinars and hope for that RV that is never going to happen.
It is simply amazing!!
]]>Sudan has a problem with capital flight with the people creating other avenues to remove the foreign currency away from the visibility of the banking sector. The Central Bank of Sudan is cracking down. I am sure Dr. Shabibi of the CBI is taking note.
]]>The hydrocarbon law might have had a break through and possibly be sent to Parliament for approval with in the next two weeks.
With the upcoming direct foreign investment we all are hoping and that Iraq so desperately needs along with the passing of the hydrocarbon law would jump start the economy and the reconstruction phase for Iraq.
Let’s all hope they get the memo written and the selling of the SOE’s completed before the September 15th report to the U.S. Congress by the General and allow Iraqi’s to stop leaving Iraq.