Karmi/Robb Auction | Eray Fellaloglu may buy back his land – Day 9

WITHOUT PREJUDICE 10 days to go till the Auction of the Karmi/Robb site that, having been given a short reprieve in November 2011, will now almost certainly go ahead. Popular opinion is that Eray Fellaloglu will in fact appear to buy back the land he formerly owned. I say appear to, because as with Akfinans Bank, he will not really part with much new money. He will in effect make a bid, a cheque will be issued to the Land Registry and then that money, less any costs the Tapu apply, will be paid back to him and he will keep the land as allegedly the reason the Auction is called is to satisfy his claim against Robb.

It can be argued that he did indeed part with $200,000 worth of materials. Well he will have parted with the wholesale value of the goods, not the retail he would have invoiced to Aga, that is of course, if these goods actually were paid for or existed. I am not making any allegations, just relating a possibility.

So what will Mr. Fellagoglu get for his money if he does bid and his bid is the highest? He’ll get four villas at varying stages of build and his former land. What will the purchasers get? Nothing, just the loss of their life’s savings and the memory of what might have been had they purchased from an honest man, in a country where rogues are not tolerated. They will, in all probability join the long line of people in North Cyprus taking the route to the ECHR in Strasbourg.

In fairness to Akfinans Bank, they did actually part with 100,000 lira and we all saw what the application of 250% interest until November 2008 and then the interest rate of 80% per quarter compound applied until June 2010, did to the debt; a whopping 2,077,000 lira. But always keep in mind they only ever parted with 100,000 lira. What they have spent since has been against the wishes of the owners. That they live in Pauline Read’s villa and feel the need to have 5 CCTV cameras on it is a sure sign they know what they did was questionable and feel vulnerable.

If the Government do not intervene and stop the Auction, the world will know that they just do not care about the victims of the corruption and fraud that is happening in their country and are prepared to do nothing to help those whose only mistake was to buy in North Cyprus.

The Auction is scheduled to take place on Sunday 6th May at the Coffee shop opposite Girne District Court at 10.00 am, but it would be advisable to arrive early.

If you care, be there.

Pandora S. Box

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