Cyprus Property Problems | Defending Stealth Mortgages

Cyprus Property Problems | Defending Stealth MortgagesWITHOUT PREJUDICE

It has been a while but I have been trying to catch up on the ‘stealth’ mortgage situation and must admit to being very confused.

The three major cases I have been looking at seem to me to be mired in confusion.

1. Kulaksiz 5
2. Harmony Group
3. Olive Grove

To me they are three almost identical cases, indeed the Advocate acting for Kulaskiz 5 and the Harmony group is the
same Advocate. However, and this is where I get very confused, the Advocate acting for K5 and Harmony is acting for the builder AGAINST Olive Grove litigants. All three builders allegedly used property already sold as security to borrow money from 3 different banks. In the case of Kulaksiz 5 it was Akfinans Bank Limited. In the case of Harmony Group it was the Near East Bank, and in the case of Olive Grove it was the Koop Bank (Government owned).

It is somewhat ironic that having seen all the publicity the Advocates and Make North Cyprus Better gleaned from
the success in court by Kulaksiz 5 on the 4th December 2014 and the strong way they condemned Akfinans Bank Limited, even earning themselves a Libel Writ, they think it okay to represent the builder who did to the owners of Olive Grove, exactly what the builders did to Kulaksiz 5 and the Harmony Group. Allegedly the Advocate or a close relative is an owner on Olive Grove too.

Do you see where I am going with this?

When Pauline Read protests that the judgement given on the 4th December 2014 in favour of Kulaksiz 5 includes her property and her Advocate insists her case is ‘different’, you have to wonder, don’t you? Has some sort of deal been done…of course I am not accusing anyone, just thinking out loud?

If the Kulaksiz 5 win the Appeal and the Advocate continues to treat her differently, I would advise her to seek clarification from the Judge who made the order on the 4th December 2014.

Peter Wright

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4 comments to Cyprus Property Problems | Defending Stealth Mortgages

  • Alfie

    Yes Peter I see where your going with this. It does all look rather dodgie to me. It will all come out in the wash at the end I am sure. More and more things are coming out in the open now.

  • Polly Marples

    Well Alfie….funny you should mention ‘wash’, let us hope they are not helping the bank to launder
    Pauline’s villa.

    It does look dodgie to me too, especially as there seems to have been a subtle change in who is now representing the Kulaksiz 5; certainly it is a long time since Boysan Boyra was in court for them.

  • fluter

    Talking of “wash” Polly, don’t forget your weekly bath, or you-know-who will be reminding you!

  • Polly Marples

    S O S

    Silly Old Sod….he is obsessed by bathing…probably because he never does.