North Cyprus Property | Finance Minister Ersin Tatar and Kulaksiz 5


North Cyprus Property | Finance Minister Ersin Tatar and Kulaksiz 5

Below is what Cyprus Today was writing about the Kulaksiz 5 in May 2010. That is BA (before auction) as opposed to AA (after auction).

In May 2010 despite interventions by Mr Rauf Denktas and Mr Ersin Tatar, the Bank remained unmoved. The Bank went ahead with the auction on the 6th June 2010 and the unthinkable happened.

Yes Mr Tatar, Finance Minister and former Director of the Bank, who at that time had not been found out so was privy to every move the K5 were making. Yet he had been a Director of the Bank and the document showing all Directors shows he was still a Director in February 2009, why then didn’t he make the Kulaksiz 5 aware of the connection?

It was not until it was found out, without a shadow of a doubt, that he admitted it. Surely a thinking man would have come clean and told the K5 and given them the option of deciding just how much they were prepared to share with a former Director of the Bank that wanted their homes? Worse still, how could he have not known the exorbitant interest rates being applied to loans by the Bank he was a Director of and his accountancy firm allegedly auditors for? Mr Tatar argues that it was not relevant, if that was so, why was such damning information withheld from the Kulaksiz 5?

I believe Mr Tatar was and still is trying to help the Kulaksiz 5, but that as a politician made the wrong decision by not informing the K5 at the very first meeting he had with them that he could be perceived as having a conflict of interest. That probably would have saved the backlash that followed the discovery of his former connection with the Bank.

That is now history and the K5 are pinning all their hopes on the discovery of Mortgage Law 11/78 section 21. Many other victims of Stealth Mortgages are watching with interest because success by the Kulaksiz 5 could create the precedent that saves so many from losing their homes.

Power to the people

Citizen Smith


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