The wheels of Justice do turn ever so slowly but they do turn.
You can’t say the American Contractor blogger didn’t try to warn you as you steadily wired your money, opened your Iraqi bank accounts, re-smuggled your Iraqi Dinar currency back to the Republic of Iraq, participated in the illegal proxy program, bought shares that you don’t legally own and the list goes on and on.
I was wondering how long this deception was going to continue? Really, just how long…do people really send money blindly half way around the world. I guess so..last count our Intel section estimates 15 million usd in overseas accounts. Now that is a nice slush fund. I have mentioned this before remember? You just didn’t believe it. That’s okay. Because you probably won’t believe what I am going to tell you now either.
I was going to wait until after the Christmas Holidays, tis the season, to post anything new. You know start the New Year right with a brand new post. Well, since certain dinar forums are up in flames due to some information about Warka Bank and the urging of close friends I reconsidered.
As I have mentioned in the beginning of this post the wheels of justice are slowly turning which is good for the people who are trying to operate within the law and not so good for people who are breaking the law.
When I am mentioning laws I mean Central Bank of Iraq, Iraq Stock Exchange, Iraq Securities Commission, Ministry of Interior, Ministry of Finance and any other Iraq laws that I haven’t mentioned in the Iraqi government alphabet soup gang.
Let’s start with Uncle Khaleel, who is a senior member of the Al-Bunnia family Dynasty. Last summer, while the market was getting ready for the intro of foreigners on 2 August 2007, Uncle Khaleel decided to sell short Pepsi-Cola. Well, Uncle Khaleel lost and subsequently was unable to recover all the shares he leveraged. Some of the Shares lost belonged to unsuspecting members of the illegal proxy Company Shownies. On 10 December 2007, the CEO, Executive Director of the Iraq Stock Exchange, the Honorable Mr. Taha Abdul-Salam (I say honorable because he is a good man) issued a directive to all ISX Stock Brokers to seize all property of several members of the Al-Bunnia family.
Sa’d Sa’doun Al-Bunnia, CEO of Al-Warka Bank name was also on the ISX Memo and all his assets are subject to seizure.
Remember the date of the memo is 10 December of this year and you have to ask yourself why hasn’t Official representatives of Warka Bank announce this particular Iraq Stock Exchange Memo to any of their current and future shareholders? Not a peep!!
I say Official Representatives because we all know the unofficial self appointed, misguided, unknowingly deceived, Warka poster child, are out there keeping the dream alive…ie…well you know who you are.
All of the persons mentioned in the ISX Memo are members of of the Al-Bunnia family and you can read it for yourself in the .pdf that I am enclosing in this post.
Don’t worry my fellow readers I won’t allow you to scramble to locate a professionally vetted Arabic translator. Time is precious and I will save you the time. Here, at American Contractor blog site we have on Staff Beautiful and professionally vetted Arabic Translators like M.K. who has already translated the Arabic version of the ISX Memo to English for your viewing. Thank you M.K. job well done.
Warka Bank has whether you want to believe it or not has been in conflict with laws and regulatory requirements from the CBI, ISX, ISC, MoI, MoF and since then had been fined 1 million Iraqi Dinar a day for more then a year. The fine was levied by the CBI against Warka Bank for failure to provide documentation for the CBI’s annual Audit.
The proxy company Shownies, is a direct violation of Central Bank of Iraq laws regarding banks and Iraq Stock Exchange not only the proxy company but also the limits of the banks bottom line when unfavorable market conditions results leading to the banks drop in value without adequate systems in place to maintain liquidity. The bigger issue from this circumstance is that it places the Central Bank of Iraq and the Iraq Securities Commission at odds with one another as to who has jurisdiction over banking institutions who also have Brokerage Companies.
Not too long ago the Iraq Securities Commission issued instructions to all Iraq Banking institutions to spin off their Brokerage Companies into separate legal companies registered with the appropriate Ministries to conduct business in Iraq. Guess which bank has not done this?
There is no published proof that Shownies is not owned by the CEO Sa’d Sa’doun Al-Bunnia, so it is subject to seizure. All assets frozen.
Now you have to ask yourself how has Warka Bank owned proxy company Shownies, been initiating stock trades after the ISX memo dated 10 December?
If you find out how, please let me know because it’s a mystery to us.
If you used Warka Bank Proxy Company to purchase shares in someone else’s name you do not legally own them and have no grounds for complaint and is subject to seizure. See ISX Memo.
To be fair to Warka Bank they will continue to operate as normal and their banking customers are not the focus of this investigation. Remember it is their banking customers who are not the subject of this investigation Saad is a principal subject of this legal action and by the terms defined in this letter and the others issued by other institutions and ministries Saad and all of his assets are subject to the terms of the legal action. You don’t know what is going to happen in the future and with the other agencies and Iraq government entities.
Warka Bank did not notify anyone about the ISX Memo and get in front of the story, it is possible they needed time to reorganize, shelter assets, move assets to another place before others attempted the same actions to protect their interest.
Dear readers there is more to the story, more documents, more memo’s, just can’t wait to divulge what we here at American Contractor blog site knew all along. You just have to keep checking back and hopefully I’ll post some more documents soon.
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.