Akfinans Bank in the news now

The Banker by Reginald Gray

What a difference a day makes, 24 little hours – I’m plagiarising shamelessly and grinning like a Cheshire cat. At last we are getting the publicity we need.

For those who watched ADA TV on Wednesday night, you will know Bob French did a first class job for us in his capacity as spokesman. The Turkish Cypriot press are now behind us 100%. Before you read this I hope a very important announcement will have been issued by the Government and we will have put another TV programme to bed (showing off now with journalistic speak).

Now to a very serious subject, you will recall I publicly asked why Akfinans Bank Limited had a Court judgement in this matter in June 2006. I now know. In lay-man’s terms, the judgement said that if Yuksel Yilmaz and Abdurrahman Guney acting for and on behalf of Kulaksiz Construction Ltd did not satisfy the mortgage they had on our homes, then AKFINANS BANK LIMITED could apply the quarterly rate of 80% interest compound on this debt. Since the loan was taken out on the 11th November 2005 and we are talking about June 2006, it was still at a manageable amount. Akfinans Bank Limited had absolutely no incentive to involve us then, here they were with this wonderful earner and a legally sanctioned usury rate.

I put it to Akfinans Bank Limited. You acted without due diligence in granting the mortgage initially. You further compounded the act by failing to make sufficient effort to collect the debt once you obtained the usury rate of interest. You failed to notify any of the residents of the mortgage. You acted in a way unbecoming to any Financial Institution trusted by the public with their money. Please do not expect the injured parties to pay the price of your incompetence.

A big thank you to Gunes and Fatos for putting me in touch with the GAK TV programme. Good things seem to happen to me when I lunch at Cod Baba. You should all try it and the bonus is, the food is good too. Programme will be aired on Saturday night.

Akfinan Bank's 80% per qtr mortgage



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