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Aga Buyers Action Group’s US Lawsuit

Protest

“You may have seen Cyprus 44 or Cyprus Today or even the blog and our need to find a solution to this mess. We have run out of routes to follow as regards a solution. The TRNC Government have totally ignored our requests for answers to questions (handed in on Aug 4th 2009 and some on August 2008 and August 2007) and the final straw was President Talat ignoring our request for an audience when he was in London. He didn’t even have the good grace to reply and we know he received the email as it went to him via the London Office

We have left a speech channel open to the Government but the silence is deafening, therefore we are possibly, although not definitely yet, following a route aided by Tsimpedes Law firm in Washington DC. This route involves starting a lawsuit that seeks compensation from Turkey based upon the factthat they have received commercial gain from properties and other issues. The TRNC would most accurately be classified in the USA as an organised crime outfit, as it’s not recognised as a state, and it is engaging in commercial activity within the US itself, for example in its advertisement of properties for sale in the north and therefore committed a criminal act in the the non deliverance of these properties although payments have been received. Our interest in this lawsuit is that TRNC would come, at least in part, under the Racketeer Influenced and Corrupt Organisations Act (RICO). Which is part of the Foreign Sovereign Immunities Act (FSIA), a United States law enacted in 1976. The Act enables Foreign States, their political subdivisions, agencies, or instrumentality’s to be sued in federal or state courts in the United States. We have asked  endlessly for ideas of another route to follow – but none are forthcoming.

After 6 years now what choices are left open to us? It is becoming very clear from the evidence we have that even though you may gain a judgement from the legals in the TRNC it will not be enforced in a way to benefit its claimant. There will allegedly be no monies left in AGA when the creditor Brits reach the head of the queue. This could be the same with another TRNC developers. This action is simply just another arrow to our bow. It’s not a cut and dried win, but it’s another channel to follow and cause maximum embarrassment to those involved. As with the other rogue North Cyprus companies, AGA Development has more than one director and shareholder and we believe they all should be accountable. The FSIA should allow all HSBC bank accounts to be scrutinised when they are subpoenaed in the USA; this may then give us an idea of what happened to the money in these frozen accounts. Again, this is  all speculation but what is there to lose?

We have received the retainer details from the Tsimpedes law firm and we are currently having it scrutinised by a barrister here in the UK before we decide that it is as watertight as it can be made and we decide release the money. The upshot is that the cost per family will be $300, this is simply the law firms admin costs as each case will be filed in the US and the majority of the $300 is this charge. If the case is successful then 25% of the gross return from a successful case will be the cost of the action. The gross return will of consist of the original investment + Interest + Compensation (to cover the 25%). It’s a sort of no win-no fee case.

If there are not enough people to carry this lawsuit forward the $300 will be fully refundable and we will then search other routes open to us. This clause of a full refund is built into the retainer. When we are happy with the request for a retainer we will send a copy of the details to everyone who expresses an interestin following this course of action and then it will be up to other people in the same boat as us to decide whether to join us. If you decide to join us, please please let us know by clicking on THIS LINK and leaving a message. If we get the required amount of people (150 or so) then we will pass your details to the law firm and they will make contact with you directly regarding the $300 retainer fee. ABAG will then have no further part in your your involvement and all communications from then on will be with the attorneys at Tsimpedes Law Firm.

In conclusion, if you have a glimmer of interest in what we have revealed here then simply email us on the link above, with your name and a YES/NO, that is all we need to know at the moment. Once again we will not be sending out any copies of the law firms retainer form until we at ABAG and our barrister are 100% happy with the deal we are being offrered.”

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