North Cyprus News | Temel Bulut – Cloud Construction

North Cyprus News | Temel Bulut - Cloud ConstructionWITHOUT PREJUDICE

 North Cyprus News | Temel Bulut – Cloud Construction

“Following reported allegations that Cloud Construction owned by Temel Bulut, pictured above, has mis-sold houses off plan, it now emerges that it has been forced to sell land that the company was using for security on bank loans. Apparently, it has not met the terms of its bank loans for the past three months.

Today, Cloud announced the urgent sale of most of its land holdings with the stated intent of using the sales proceeds to directly repay bank loans.

The land up for sale includes a 67 donum plot in Catalkoy, where the firm was recently taking deposits for houses yet to be built.

By LGC News”

Whilst the future of the Government remains in the balance, more bad news from the property sector.  A builder allegedly not meeting the terms of a bank loan, would you believe it?  When is someone in authority going to get to grips with this situation and bring some credibility back to a beleaguered building industry here in north Cyprus?

The banks and the building industry must share responsibility since the builders can only renege on loans if they are given them. Does the bank make all the necessary checks and balances when handing out these loans? A bank land rich and cash poor at a time when there is little or no movement in the property sector is on a rocky path in my humble opinion. A debt on a balance sheet is just a debt on a balance sheet if it cannot be turned into cold hard cash. What follows is not rocket science

Power to the people

Citizen Smith

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