K5 v Akfinans Bank | A Pyrrhic Victory

K5 v Akfinans Bank - A Pyrrhic VictoryWITHOUT PREJUDICE

So here we are, over four months (4 months) since the day that Judge Talat Usar made this extremely important decision and yet still we are waiting for a date for the Appeal to be heard.

I know that had the amendments our legal team asked to be added to the case after it had started, been submitted initially within the whole of our case, the decision may well have been the final decision and we may not have been facing more years of court appearances and hearings. Why these were not submitted initially, I have no idea, but surely if they had, there would have been no need to ask for their inclusion in the main case as amendments, and no opportunity for any of the amendments to be rejected. We would also have been saved more expense, as we had to pay the other side’s costs. Strange system in the TRNC, if costs go against K5, we pay them. If costs are awarded to the K5, the advocate pockets them. If we had a ‘no win, no fee’ arrangement, I would understand it, but to me it just looks like the advocate being paid twice.

I am somewhat puzzled that so many are claiming this as an outright victory as we still have the Appeal to be heard and then possibly more years of court appearances and hearings with all the expense that involves.

I also have to smile somewhat wryly when I see so many people using our small victory as a news and photo opportunity, no accounting is there?

Great News for Kulaksiz 5
The main case involves the confiscation of the buyers homes, without their knowledge, by a Bank that granted a mortgage to a landowner who had already sold the land and had given permission to build & sell villas. At the time of the mortgage was granted both landowner and the Bank knew that the villas were sold, paid for and lived in.
For the past five years the owners of property purchased in good faith; known as the Kulaksiz 5, have endured many hours of court appearances in order to obtain a judgement declaring that mortgages on their properties were illegal. Many of them have now returned to the UK but their fight continues despite many “ups and downs” where conflicting judgements have been issued by both local courts and the high courts.

In a groundbreaking decision made on 4th December,Judge Talat gave Judgement for the K5 home buyers when he found the Akfinans Bank’s Mortgage and an application to the District Land Registry for a Sales Order were both fraudulent.

In his Judgement, Judge Talat also stated that that the law was in need of revision for it had certain anomalies making it necessary for him to clarify certain points.

However he was satisfied that the original Mortgage documents and sales order documents, which referred only to “bare Land” when the Bank knew that there were houses built and people living in them, were fraudulent.

The K5 buyers have endured 6 years of harassment by Akfinans Bank, and were delighted with this judgement. It has been a long road to Justice.

The K5 Group have expressed their appreciation to the lawyer team of Boysan Boyra and Hasan Alkan and the support of MNCB and a host of others who have campaigned alongside them throughout this ordeal.

The knock on effect of this judgement will reverberate around the TRNC for some time.

There will now be wide media publicity about these illegal practices of some Banks. Up until today media coverage had been suppressed.

Many home buyer victims, Cypriot and Expatriate will now be emboldened and seek redress through the Courts.

Some Banks will have to review their procedures as this ruling effectively outlaws the practice of Stealth Mortgages. This process involves Mortgages being granted without full agreement of all contracted parties.

Judges Talat’s remarks should prompt the the Government to speed up the enactment of Specific Performance and Mortgage Law amendments.

The Police and Attorney General’s Office may well have grounds for criminal proceedings against some errant Banks.

The Central Bank could censure offending Banks, and it has the power to withdraw Banking Licenses.

When all these actions are completed the process of re-building the TRNC’s reputation with home buyers can begin. We will then begin to attract new investors from Northern Europe and start to restore local prosperity again.”

It is very strange that although I am aware and indeed have been very public about the further possibly fraudulent transfer of my property into the name of Mustafa Guner, a former Director of Akfinans Bank Limited and father of the wife of Ertug Kader of the bank owning family, no one but me seems to see the further criminal act that doing this is. Gives a whole new meaning to ‘keeping it in the family’. Nepotism rules.

I have requested a copy of the Kocan reflecting this fraudulent transfer or an up to date copy of a search. It seems the only copy of this has been submitted to the court, or so I am told.

Pauline Read

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2 comments to K5 v Akfinans Bank | A Pyrrhic Victory

  • Polly Marples

    When will everyone realise until the Kulaksiz 5 are living in their villas, unafraid and holding their title deeds in their hands, JUSTICE has not been given to them and this includes Pauline Ann Read, the thorn in the flesh of Akfinans Bank Limited.

    First though…..the long wait for the Appeal date.

    Justice a la Lalaland.

  • Polly Marples

    No one has ever said the judgement was a judgement to pay as devilsadvocate5 seems to think.

    The judgment was to put the property back onto the original Kocans in the name of the landowner which is why Pauline is not getting too excited.

    JUSTICE is a long way down the road (if ever) and many £’thousands away.

    What a disgrace this pantomime is….oh yes it is.