Cyprus Law | Unhappy Anniversary


Cyprus Law – Unhappy Anniversary

The next hearing for the K5 main case coincides with the 4th Anniversary of the black day when the the K5 homes were sold at Auction, to the bank who claims to have paid 2,077,000 lira for them. Also coincidentally the bank who gave the mortgage on them to Yuksel Yilmaz and Abdurrahman Guney in the sum of approximately 83,000 lira but which bore a usurious interest rate of 250%, later changed by the court to the even more usurious rate of 80% per quarter compound.

As has been stated before, it could have been 1000% since there was clearly never ever any intention of repaying it. I digress, since the bank was the lender and the purchaser, the 2,077,000 lira left the bank by the front door and returned to said bank by the back door. In reality the property and land, and property covered by the then two Kocans, cost the bank the grand total of 83,000 lira plus whatever disbursement they incurred in administration fees.

We were led to believe that banks cannot hold property and by law must dispose of it within a year. Indeed they originally claimed that owed this as a duty to their account holders. Why then have they kept at least one for their own occupation? Oh of course on paper they have sold mine to Mustafa Guner, or so they claim. That of course does not quite explain why, if Mr Guner owns, it does Mr Ertug Kader and his family weekend in it. Mr Guner must indeed be a very generous man, but then he can afford to be with my property. So now it is four years later and still the bank have the property known as K5 in their name. A situation the K5 owners strongly dispute. The law says only one year but, sorry I forgot, this bank and the law appear to be one. Why else would the take two of the villas without a court order?

Another picture of the bank bum going through the window of the villa belonging to Eva McCluskey. Court Order…who needs one?

akfinans going through window APRIL 2011Much has been written on this subject, here is yet more written at the time of the abomination:

One week after the K5 Auction came the Tutuska Auction, I will write about that tomorrow and reveal some facts you do not know about this Auction.

Never give in never give up

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