TRNC Mortgage Law 11/78 was missed by the 5 Wisemen Committee!


I got to thinking that had the Mortgage Law 11/78 section 21 been brought into play from the time the mortgages were first discovered in 2008, then the trauma, the stress the astronomical financial burden suffered by the victims Kulaksiz 5, would never have happened.

To say that the Kulaksiz 5 victims have been to hell and back is no exaggeration. So indeed have every mortgage victim and we know there are at a conservative estimate 1400 plus victims.

So many opportunities have been lost where the Government, the Legal System and all those who work within the legal system could have intervened and did not.

First we were told the 5 Wisemen Committee would deal with Kulaksiz 5 and then move on to the other problems. Well the 5 WC were not flushed with success, but surely one amongst five wise men must have known of Mortgage Law 11/78. Then we had a proposed three men committee comprising of two Ambassadors and Lord Maginnis, again this disappeared without trace.

Of course I lay the blame firmly at the door of the Bank who allegedly failed to comply with this law. But why, oh why has it taken so long for this law to be brought into the equation.

North Cyprus Property Auctions | The Minister Can’t Help

Friday, June 22, 2012
O B Joyful

Oh what a day, late June in 2012! Pauline has had the sort of day you would not plan, and would not want to. She has been shouted at, accused and asked if she is happy, all before 10.30 a.m. She has also been able to laugh and to realise not all in North Cyprus is doom and gloom.

The purpose of today’s mission was to fire the opening salvo in the ‘save Karmi/Robb properties from any more auctions’ battle. Will they succeed, only time will tell? One thing is sure, if they go down, they will go down fighting.

Legal opinion is that all legal channels have been exhausted. Well, legal channels in North Cyprus that is. However, they were more or less told, if they do not like the system in North Cyprus, go to the European Courts, a cop out? Well what do you think?

Pauline underwent a good ‘telling off’ or to be more accurate ‘ good shouting and almost screaming at’. Clearly there will be no help from the Ministry of Finance. Who did the shouting/screaming? I will give you a clue, he is the most senior man in this Ministry. Pauline was told the only action she could expect would be directed at those letting their properties and not paying stoppages. Now who could that be? Isn’t this the tack being taken by a legal team acting for ***DELETED*** Bank, and yet in the next breath the same Minister is claiming he has had no contact with said bank and the fact that in 2009 he was Director of said Bank, is irrelevant. It has been said before, You Could Not Make It Up.

This is only the beginning of the Perils of Pauline for today 22nd June 2012. There is more to follow.

That a Minister would use such an occasion to try to frighten a pensioner is incredible. His threats of action against a K5 owner allegedly renting out property without paying stoppages is reminiscent of the attitude of the Bank and so one has to wonder, have they been discussing it? We know the Kaders are often to be found in the Ministry of the Interior.

NEWSFLASH to the Bank, their legal team and the Minister. The case should be judged on whether the Bank complied with the Mortgage Law 11/78 section 21 and if subsequently a member of Kulaksiz 5 is found to have been letting property and not paying stoppages, then it will be between him and the tax office and totally unrelated to the Kulaksiz 5 -v- Akfinans Bank Limited court case. Smoke and mirrors, red herrings, they are all at it. Such a childish mindset.

O B Joyful.

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