North Cyprus Property | Main K5 v AB Court Case – 11/2/2013


North Cyprus Property | Main K5 v AB Court Case – 11/2/2013

Another day at the court. We arrived at 9.45 a.m and were as usual very pleased to see supporters there. Thank you to you all.

There was the usual long wait but eventually we were before Judge Talat Usar. Some of the supporters also managed to join us in court. Three members of the Bank owning family were there with two members of their legal team from the law firm of Talat Kursat.

It was the turn of the Bank’s legal team to submit their evidence to the court. It appeared that they were giving many details of the money they have spent on the site since acquiring it through the Auction on the 6th June 2010. It is evident by just entering the site that they have indeed spent a great deal of money on the infrastructure and on number 5 Demokrasi Sokak the villa they now use as a weekend retreat. Mortgage Law 11/78 section 21 might now have them thinking that spending so much money was a little premature and perhaps a little unwise, of course this is just me thinking out loud and making now judgements, that is for the court to do.

The existence of the Survey report commissioned by them in March 2005 throws doubt on the legitimacy of this document and their claim to this site. Since the mortgage document claimed the security (K5 site) was Tarla (land) and made no mention of the villas on the land, although the survey of March 2005 allegedly made them aware of these structures. The survey pre-dates the mortgage by 5 months, you can see it is somewhat of a problem for the Bank. Mortgage Law 11/78 section 21 allegedly makes the completion of the site their contractual obligation, although since the mortgage document may well have been fraudulent, one wonders how this can be interpreted. I have no doubt the Judge will be able to sort out the wheat from the chaff.

A new date for the next appearance has been set for Thursday 21st February 2013 at 14.00 hours (2.00 pm) and for Friday 22nd February 2013 at 10.30 a.m.

I also learned this morning that the decision of the High Court Hearing of the 19th September 2012 will be given in the High Court on Thursday 14th February 2013 at 9.30 a.m. Your support will be very appreciated.

Appeal Court Decision on Thursday 14th February at Lefkosa High Court at 9.30 – St Valentines Day.

This is the case the decision is for:

Kulaksiz 5 v Akfinans Bank | K5 Interim Injunction Granted Pending Bank Objection
Wednesday, September 19, 2012 by Dominic Freeman

“There was some success for the Kulaksiz 5 at the Lefkosa Appeal Court. They were apparently granted an Interim Injunction against the sale of their properties by Akfinans Bank, at least until 28th September. By that date Akfinans Bank have to lodge their own appeal against this decision and there will be another date set in which the application for an injunction against the sale of the K5 properties will be hopefully decided in the victims’ favour.

If this final appeal goes in K5′s favour then Akfinans Bank would be unable to sell the properties unless K5′s case against them is finished. The appeal was apparently the first time that TRNC Mortgage Law 11/78 was brought into the argument and so K5 victims are hopeful that Akfinans Bank’s title deeds, including the villas contracted before mortgages were placed on the land, will be found faulty under this law.”

If the court rules in the K5’s favour, the Injunction will be there to protect the owners until the final outcome of the cases is known. If not????

Never give in never give up


Print Friendly, PDF & Email

Comments are closed.