(in Scheme of Arrangement)

On 3 April 2008 Michael Gercke a retired partner of the firm PricewaterhouseCoopers LLP, David Chubb and Russell Downs, both
partners of the firm PricewaterhouseCoopers LLP, were appointed as Joint Scheme Administrators of Rafidain Bank. Rafidain Bank
also remains in Provisional Liquidation and Michael Gercke and David Chubb remain as the current Provisional Liquidators

 19 April 2014

Rafidain Bank
(in Scheme of Arrangement)
c/o PricewaterhouseCoopers LLP
Plumtree Court
Former Branch Address:
7-10 Leadenhall Street
An entity incorporated in Iraq
Registered UK Foreign
Company No. FC004222
© 2008 PricewaterhouseCoopers.
All rights reserved. PricewaterhouseCoopers refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.


On 4 April 2008 the Scheme of Arrangement between Rafidain Bank and its Scheme Creditors became effective and all Scheme Creditors are now bound by the provisions of this Scheme of Arrangement. All known Scheme Creditors were sent a Claim Form dated 7 April 2008 with instructions to complete and return the Claims Form, to the Scheme Administrators by no later than the Claims Date of 6 October 2008.

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16 December 2012


The Scheme Administrators have paid two dividends to creditors with Admitted Scheme claims totalling 56.67684 cents in the dollar/pence in the pound. At the commencement of the Scheme in 2006, it was not envisaged that the Scheme Administrators could be as successful as to return more than 50 cents in the dollar/pence in the pound to creditors. The PLs and Scheme Administrators are therefore delighted with this result.

There are no more funds available in the Provisional Liquidation so the Scheme Administrators are now taking steps to close the Scheme. In accordance with clause 40.1 of the Scheme, the Scheme will terminate when the Scheme Administrators issue formal notice on the Rafidain website confirming that the distribution to creditors has been completed.

The Provisional Liquidators will apply to the English Court to vacate office, following which they will seek their release from liability in relation to the Provisional Liquidation of Rafidain Bank. It is currently anticipated that the closure of the Provisional Liquidation will be completed during the second quarter of 2013.

As part of the closure process, the Rafidain Bank inbox, being rafidain.bank@uk.pwc.com will be closed.