Akfinans Bank Appeal Fails - Kulaksiz 5 Get Properties Back

Akfinans Bank Appeal Fails - Kulaksiz 5 Get Properties BackNorth Cyprus Property victims on the Kulaksız 5 (K5) site have finally succeeded in their case against Akfinans Bank at the High Court in Lefkoşa on Friday. The Court ruled that the eight buyers have secured rights over properties they had bought more than a ten years ago. It was not enough to win in a lower court as Akfinans Bank were still allowed to appeal that decision.

On Friday, the High Court informed Akfinans Bank that it had lost its appeal and the High Court awarded the land holding 5 of the 13 houses situated on Kulaksız 5 against the debt the developer owed to the bank. The High Court also decided that the lower Girne Court was correct in its original verdict, and upheld its ruling that the remaining eight houses belonging to the British expat families are free of any charge.

The K5 home owners were successfully represented in this case by Hasan Alkan and Boysan Boyra, supported by Making North Cyprus Better (MNCB) movement at each stage.

Speaking after the verdict, MNCB spokesperson Malcolm Mitcheson said,

“K5 families have asked me to express their heartfelt appreciation to those who have supported them on this decade-long journey”.

This historic victory is important not only for the North Cyprus Property victims but also because it should serve as an important ruling that can be used in court for dozens of other property victims who are challenging stealth mortgages issued against their properties, including those applied by Near East and KOOP Banks.

The final hurdle for the K5 owners is to obtain the kocan (title deeds) to their villas. While they may have security of tenure and the right to dispose of their assets, the bank still has Power of Attorney over the Kulaksız site which could in theory allow them to dispose of the properties as if they still owned them. Knowing Akfinans Bank, and the North Cyprus legal system, I doubt if the K5 owners will be resting easy in the near future.

One person who is not happy is Pauline Read, whose property was not included in this judgement. She was determined to have already received compensation in the form of the properties of other victims. She nobly decided not to take possession of these properties, despite having the legal right to do so, although I cannot remember too many of those victims thanking her for this act.

Print Friendly, PDF & Email

2 comments to Akfinans Bank Appeal Fails – Kulaksiz 5 Get Properties Back

  • Polly Marples

    Oh how they choose to ignore the fact that the High Court cancelled the case ergo the award during a case mounted by the owners of the properties named on Pauline’s injunction. Oh how they ignore the fact that the Tapu were refusing to act on that award anyway.

    Let us not pretend this has anything to do with Justice….it has everything to do with PUNISHING Pauline for daring to reveal the enormity of the cronyism, corruption and nepotism that is in every Government department of the Turkish Republic of Nationalised Corruption.

    Who is Malcom Mitchieson to comment on anything?

  • fluter

    Exactly! Damn the evil place! I am so well away from it.

    And then, during the sale of my house, I very nearly lost it due to the ever-present corruption!