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North Cyprus Property | If the Kulaksiz 5 Scam Were a Panto

North Cyprus Property | If the Kulaksiz 5 Scam Were a PantoWITHOUT PREJUDICE

Christmas Eve 2012 and 2013 is just around the corner. For the Kulaksiz 5 it will be the 7th Christmas some have spent in Karsiyaka since owning their K5 homes. It would have been the 7th Christmas Pauline Read spent there if a) Abdurrahman Guney and Yuksel Yilmaz had not fraudulently applied for a mortgage from ***Deleted*** Bank and b) the ***Deleted*** Bank had not given them this mortgage.

It is also panto time so please boo and hiss in the appropriate places.

1. 29th March 2005, the ***Deleted*** Bank commissioned a survey report on some of the land at K5 site and this survey clearly showed buildings on this land and gave an estimated value. Ding dong, no warning bells rang at the HQ of ***DELETED*** BANK, even though they had by this time had already given a mortgage of £1600 to our errant borrowers (boo hiss).

2. By the 29th March 2005 there were already several of the Kulaksiz 5 committed to buying on K5 by the signing of a Contract of Sale and the passing over of money. Ding Dong, still the bells are not ringing?

3. On the 14th September 2005 Pauline Read signed a Contract of Sale to purchase on this site and the Landowner Yuksel Yilmaz and builder Abdurrahman Guney BOTH fraudulently signed said Contract, confirming there was no mortgage on the site, and further undertook to keep in mortgage (unencumbered) in the same Contract. LIAR LIAR PANTS ON FIRE (boo hiss). Now for this to be a CRIMINAL fraud it must contain an element of dishonesty. Ding dong, it is Ms Read’s opinion that everyone in that room at the signing KNEW a deliberate criminal fraud was taking place everyone that is EXCEPT Ms Read and her partner.

4. In October 2005 the Stamp Duty was paid to the Inland Revenue which in my opinion now makes the government party to the transaction. The Government who never ever properly policed those who committed so many criminal frauds. Also in October 2005 the Advocate who promised to do a land search on the proposed purchase (in writing) before handing over a major part of Ms Read’s purchase price without such a search, handed it over (negligence?) and indeed documentary proof exists that this search was not even applied for by then (boo hiss).

5. November 2005. Despite the existence of the survey report and despite the fact the borrowers were by now 8 months in arrears with payments on their March 2005 loan, the ***Deleted*** Bank further advanced another loan to the errant borrowers of approximately 100,000 lira and secured this against both Kocans that cover the site that is Kulaksiz 5. By this time all 10 bungalows now owned by British ex pats were involved in this criminal deceit (boo hiss). Oh did I mention the interest rate that appeared on mortgage document detailing the land as just Tarla (land). Sorry that was 250% per annum, later changed by a court order to 80% per quarter compound. No nothing wrong with your maths, it was increased on the court order.

6. In December 2005 one of these bungalows was sold on to a victim, this time with both mortgages in place, so that the last buyer was sold a property fraudulently and this most certainly was also an act of criminal fraud (boo hiss).

7. In February and March 2008 when the Kulaksiz 5 were exercising their new legal right to register their Contracts of Sale at the Tapu (Land Registry), they found out (for the first time) just how duplicitous Kulaksiz Construction Limited, Abdurrahman Guney and Yuksel Yilmaz had been. Unbelievably, they were asked to sign to the effect that they knew about the mortgage and were happy with that knowledge. Oh yes they were BUT oh no they didn’t. When confronted with this, Ms Read did sign but not before she wrote WITHOUT PREJUDICE above it. To ask English speaking people to sign a statement on the document, in TURKISH and expect them to blindly sign this statement was in my opinion not only foolish but also shows the lack of feeling that has highlighted the treatment of all property victims by the TRNC Government. Of course subsequent events proved that the registering of their Contracts afforded the Kulaksiz 5 no protection whatsoever and events are now surfacing where the Tapu have deregistered some Contracts in other totally unrelated cases.

You Could Not Make It Up.

I will continue this review tomorrow and bring you details of the happenings till to date.

Power to the people

Citizen Smith

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