Akan Kursat believes the Land Registry knew about Kulaksiz 5 Villas


Although very short coverage was given to the Kulaksiz 5 Appeal Hearing of Wednesday of last week in the Cyprus Today they did however centre on yet another of Mr Kursat’s irrelevant and not quite true claims.

It was established by Boysan Boyra that the Bank did fill in the title deed forms when registering their mortgage on the K5’s property, describing it as ‘bare land’ contrary to legal conditions. Indeed he further alleged that the Bank had a legal obligation to disclose this information to the Land Registry (Tapu) and they did not do this. Boysan went as far as to say that had the Tapu been aware of the true provenance of the security, i.e. that there were houses on it and people living in some of these houses, the land registry would have refused to register the charge in favour of the bank.

Akan Kursat representing Akfinans said, “If the title deed office believed that there was inaccurate information about the state of the land they could have cancelled the registry.” Do you recognise the old, we are not to blame culture here, it is not our fault we lied to you? He went on to say “they were aware of all the facts. My clients did not act in any way fraudulently. Previous courts have decided everything based on the facts and evidence submitted before and have found that my clients acted correctly, in 2006 there were houses that weren’t even finished. This is evidenced in numerous e-mails.”

What is that I smell, someone’s pants on fire? Mr Kursat, first you say bare land, then you admit to houses being there but not finished. Which is it?

Pauline Read’s villa was the penultimate sale to British ex pats. She purchased it on 14th September 2005 and it was at least three quarters finished at the time of purchase. The completion date given on the Contract of Sale was 31st December 2005 and the last purchaser, Bob French, bought in December 2005, indeed his villa next door to Pauline Read’s was slightly more advanced in its build in September 2005.

The fact is that some people were living in their villas on the K5 site at the end of 2005. Others were so close to completion as to be habitable. Pauline Read moved into her villa in May 2006 and Bob French her neighbour was already living in his.

Again I say to you Mr. Kursat, stop throwing in all these ‘red herrings’ it is getting to smell very fishy around here. The case should rest upon one thing and one thing only. Did Akfinans Bank Limited act lawfully or were they contravening Mortgage Law 11/78 section 21? It does not matter if the houses were fully built or partially built, they belonged to the British purchasers who had Contracted to buy them and paid for them. The bank ignored their rights under Mortgage Law 11/78 section 21 and in my opinion did so with impunity.

O B Joyful

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