North Cyprus Property | Ignorance is Not Bliss

North Cyprus Property | Ignorance is Not Bliss
This is what the Cyprus Today had to say about what happened at the Girne District Court on Thursday 21st February 2013.  Tucked away on page 3 were a few column inches.“K5 case on hold for reading time (small headline)
The Girne District Court adjourned the Kulaksiz 5 case saying it needed to read the judgement of the appeals court made last week concerning an interim order..
The main case could overturn a previous court judgement which gave way to the sale of the properties at public auction in 2010, after the previous landowner failed to repay the bank loans secured by a mortgage.
The main case hearing will start next Friday at 10am.”
Well, is it the main case or is it not the main case? Who knows, clearly some of the litigants do not.What is happening, as I understand it, is that K5 are asking for the Repossession Order that was awarded to the Bank on the 20th November 2008 be overturned, clearly if that were to be granted the Auction on the 6th June 2010 would be void.The question then has to be that  if the Repossession Order is overturned will it be in its entirety because, as a lay person, I cannot see how it can be otherwise. Then the status quo will be returned and, also as a lay person, I believe everything that happened after the magical date of 20th November 2008 concerning all these properties will also be void.Oh dear in discovering the existence of Mortgage 11/78 section 21, has the can of worms well and truly been opened? Sad that it wasn’t discovered earlier by all the other Advocates involved in this ‘Comedy of Errors’; except this is not the slightest bit funny.

Look at what was being said in 2010, clearly the existence of Mortgage Law 11/78 section 21 had not been exposed back then.

Kulaksiz 5 – is there no legal duty of trust in the TRNC?
Tuesday, August 24, 2010

How do you begin to unravel the lies and deceit that went into the plot to defraud the Kulaksiz 5? Clearly, two of the three villains hatched their plans and then brought in the third villain, the bank. Having signed Contracts with the purchasers and accepted their money, Yuksel Yilmaz and Abdurrahman Guney of Kulaksiz Construction Ltd then went on to phase two of their plan.

Here we have 3 men totally devoid of conscience and honour embarking on a course they surely planned from the outset with a known and obvious outcome. The pensioners of Kulaksiz 5 would be asked to pay the price for their greed. Innocent, vulnerable, elderly people, mostly living on fixed pension incomes and with no excess cash. Pensioners who had sunk every penny they had into their dream homes; a safe haven they thought, to live out the rest of their days in peace and tranquillity. What a crock that turned out to be, all because of the greed and cunning of three men, all devoid of compassion and honour.

Now our three villains shout ‘it wasn’t me, it was him’, you see what happens when thieves fall out? Abdurrahman Guney protests, I only did it because felt sorry for Yuksel Yilmaz, his wife was ill, he needed the money. Yuksel Yilmaz shouts, oh no I didn’t have the money, Guney had it. The Bank without whose complicity it could not have happened says, ‘we did nothing wrong’, not according to the laws of the TRNC – what about natural law, what about natural justice, what about ethical lending and due diligence and what about the good old fashioned concept of doing the ‘right thing’?

Just because the TRNC created a jungle with their archaic, unfair laws, why did YOU Deleted Bank Ltd have to turn into savages? This applies equally to every other bank in the TRNC who went down this route. Even now, not one of the villains is prepared to accept responsibility. Not one of them will see that which we all clearly see – each in their own way shares responsibility but, most of all deleted Bank Limited because without you none of it could have happened and the only one to come out of it, in profit, is you. Please don’t look to us for sympathy when the TRNC and the World condemns you for turning 104,000TL into 2,077,000TL in less than five years with your obscene 80% per quarter compound interest rate. The Judiciary must bear a little responsibility too for rubber stamping it in their Court Order of the 20th November 2008.

More personally, your intimidatory and illegal actions towards me and mine have sickened me. As a Christian I know I have to forgive you for my own sake. Maybe in time I will be able to; at this moment I cannot and for this I ask God to forgive me.

Editor’ Note: A fiduciary duty is a legal or ethical relationship of confidence or trust regarding the management of money or property between two or more parties. “

Some things have changed since 2010, for example the knowledge of Mortgage Law 11/78 section 21 has made us aware of the obligation by the lending source to let the Tapu (Land Registry) know of the existence of property on any land they take as security against a loan. Clearly a lot of Banks may now be regretting submitting a mortgage document to the Tapu describing their security as Tarla (land) when they knew this was untrue. In the instances where they claim they did not know of the land or the obligation then the law is quite clear ‘ignorance of the law is no excuse’. In claiming they did not know of the obligation or the property, they are in fact admitting to being very sloppy in their lending policies and very cavalier with the Bank’s money entrusted to them by investors and depositors.

Power to the people

Citizen Smith

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