Yet Another Akfinans Bank 80% Interest Loan Reveals “Funny Business”


During a meeting attended with a property scam victim, the Advocate who was advising the victim gave Pauline Read some very interesting information.

It seems one of his clients is also a victim. She neglected to register her contract on a Kulaksiz Construction Limited property in Arapkoy and has since found there are two memorandums on her property, one for Akfinans Bank Limited showing a debt of 105,328 lira with an interest rate of 80% and one in the name of Pauline Read showing a debt of £120,000 with an interest rate of 4%. The date on Akfinan’s charge shows as 20/05/2009 and the one on Pauline Read’s shows a date of 17/11/2009.

In theory then, because the charge by Akfinans pre-dates the one by Pauline Read, and allowing for the fact that an interest rate of 80% will have increased the debt dramatically, Pauline Read can expect nothing in a forced sale. EXCEPT Pauline Read has documentary proof that her Injunction on this was put in place on the 08/04/2009 which of course pre-dates the memorandum of Akfinans Bank Limited. It may well be that Akfinans will come back with an Injunction pre-dating Pauline Read’s, but is that possible, if there were already an Akfinans Bank Injunction in place, surely she would have been refused one. The whole idea of the Injunction is to make sure there is money in the kitty when you win a case. Most confusing, but then where this Bank is concerned, what isn’t?

Pauline Read maintains that on this particular plot she was told that the Guney family (Kulaksiz Construction Limited) occupied the villa in question and she has had that confirmed by someone who lives on this site. She tells me she is therefore completely baffled to find that the property is someone else’s.

The really important question is not who has the first charge on this poor woman’s villa, the really important question is, why were Akfinans Bank Limited getting into bed with Kulaksiz Construction again after the Kulaksiz 5 debacle? Why were they advancing yet more money to a known risk? It may well be that indeed this is a Memorandum covering yet another debt and not on the villa in question. However, the question still remains valid. Why did they ever advance any money to such a bad risk? Rhetorical question since we all arrived at the same and probably correct answer a long, long time ago.

Power to the people

Citizen Smith

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