Ekopolitika on Ada TV leaves Pauline Read feeling “well and truly sandbagged”

Akfinans Bank discussed on Ali Safa's North Cyprus Ada TVLast night Pauline Read, Pembe Ibrahim and Husnu Kishi appeared on the very popular programme Ekopolitika on Ada TV. This is a programme that looks at the events taking place in North Cyprus from a more academic stance. The programme goes out live in both North Cyprus and London.

The first thing Pauline related to me was the fact that as a result of the Hasan Hasturer programme that took place in the Ada TV studios on the 22nd March 2012, Akan Kursat has been distributing Writs for Libel like confetti to all those involved in the making of the programme. This whilst true to form as far as Akfinans Bank Limited is concerned still smacks of desperation on the part of the Bank. Pauline assured me that Akfinans Bank or a representative were invited live on air several times to take part in the programme but did not respond. I am sure Hasan Hasturer, and all the viewers of Ada TV would have been delighted to hear their version of events.

It does the Bank no favours to issue Writs in this manner as it just gives the impression of a Bank with something to hide. Whoever is advising them that this is the right course of action is clearly not looking after the Bank’s best interests and, in my opinion, the Bank in using bank money in this way are not looking after the best interests of their depositors. History will look back at this time in North Cyprus in amazement.

Last night’s programme looked at the affect of the recent UK High Court Decision to legitimise the seizure of funds between North Cyprus and Thailand in 2005. The funds said to be in the region of £1.6 million being only a fraction of the money taken from predominately British purchasers of property from Aga Development Limited. The Onay Belgesi (Approval of Company Incorporation)  dated 2009 shows Gary Robb and Akan Kursat being the joint shareholders in Aga Development Limited.

The discussion took in most of the facts but names were not mentioned. That the Judge pointed firmly to the complicity of the Talat Kursat legal firm’s in the perpetration of this criminal fraud when transferring money from Client to Personal accounts was not mentioned. It was agreed that this was a major coup for the brave members of Aga Buyers Action Group (ABAG) and Pauline tells me she did get the chance to mention that during the investigation it was deemed necessary to give ‘witness protection’ to at least one of the complainants.

Pauline went on to tell the viewers that the investigation took over five years and the attempts to trace more of the alleged £38 million still continues. The hearing at the High Court was on the 7th, 8th and 9th of March 2012. Pauline did take the opportunity to point out that the report contains many very serious allegations against the law firm Talat Kursat and other employees of Aga still resident in North Cyprus and that an impartial investigation should now be instituted by the authorities in North Cyprus into all those mentioned in the report. The presenter asked whether the money recovered will go to the victims. Pauline said that according to the report, it appeared likely.

Husnu mentioned the Kulaksiz case, and indeed the 250% interest rate levied initially by Akfinans Bank on the allegedly fraudulent mortgages, later changed to 80% per quarter compound. There are those that assume it means a reduction in interest but if you do the maths and with the quarterly compound affect, you will see it is an increase. It gave Husnu an opportunity to bring into this debate a true interpretation of the TRNC Mortgage Law (No 11/78) :

“According to section 21, of the TRNC Mortgage Law (No.11/78) a creditor when putting a mortgage on a property is obliged to search the property and declare the rights of the people on it. This rule of law means that the rights of other people on the property should be respected. It further means that a mortgage covers only what is mentioned on the mortgage certificate and may not cover the houses or rights of the other people not mentioned on the certificate. Only when his house is mentioned and consent is obtained can the rights of a homebuyer be effected. Therefore according to the Mortgage Law the rights of homebuyers remain valid and their contracts have priority over the mortgage.

Unfortunately in TRNC this clear rule of law is ignored by some local banks. They claim that when they mortgage a property they can declare that it is bare land, but despite what they mention on the certificate, everything already built on the land or going to be built later will automatically become theirs. They try to give an illegal and unacceptable interpretation to the law and grab the houses of other people through mortgaging the fields the houses are built on. This attempt amounts to larceny in many countries in the world.”

 Larceny : The theft of personal property – a CRIMINAL offence.

Husnu also became passionate about the fact that the present Government is able to pass laws privatising all the nationalised entities in a day, but cannot take action on this very urgent and important issue that is killing the Property Sector, Tourism and confidence in the country.

Pembe gave a very impassioned account of the systematic fraud perpetrated by Nurettin Tututuska on her mother and other victims at Baris Appartments. Because of the restaints in time and naming names she was not able to relate fully the facts. The main fact being that the law gives no Justice to victims, like her mum and the unfair way the law allows the creditors of people like Tutuska to put Memorandums on the properties of the victims who have paid in full for their homes. Or the fact that Tutuska managed to fraudulently sell 6 properties to 8 people. Double selling has got to be a criminal fraud. Pembe also did not have the opportunity to tell the viewers of the caring way in which the Judge awarded her mother a Memorandum that puts her way behind in the list of other creditors, on her own home. The Judge made two classic statements to Pembe:

1. Buying property in North Cyprus is like putting your money on the stock market (bursa) a gamble.

2. It will take 5 years to get vacant possession of the apartment, so consider the money spent as 5 years rent.

As Pembe pointed out, her mother could have invested the capital in a lira account and the monthly interest would have gone a long way towards the rent and at the end of 5 years still had her capital intact. No way would her mother have rented an apartment where the rent was £10,000 plus per year. Comments like this from the Judiciary will in no way encourage foreign buyers on domestic property purchasers.

The final bombshell was aimed at Pauline, the presenter, out of the blue threw the old ‘no receipts’ chestnut at her and when she picked her jaw up from the floor, she asked him where he got that information from. He said the previous programme (Hasan Hasturer). Pembe and Husnu waded in with Pembe quite firmly telling him that she did not agree, and unfortunately before Pauline could pull the receipts which she had with her and nail the misinformation, their part of the programme ended. She said she felt well and truly sandbagged.

Clearly Akfinans Bank Limited have again managed to silence the media. Pauline assures me that they were not mentioned during this programme so at least ADA TV and its guests last night should not be receiving Writs as a result of this programme.

Power to the people

Citizen Smith


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