North Cyprus Property | TRNC Memorandum Auction Scam

WITHOUT PREJUDICE

It has been pointed out that there may well be good reasons why the government department delays auctions. I hope this is not true because if it is then surely this whole scenario turns into a cynical ploy.

The longer it takes a memorandum to become a forced sale, the clearer the tax situation as far as the builder/landowner /developer becomes and since the Inland Revenue’s claim for tax takes priority over the rights of the memorandum holder, in a forced sale, the Inland revenue is the first creditor and if there is anything left the memorandum holder gets it. In other words, even though you spent a fortune on legal services and the court system, you too could be chasing NOTHING. No wonder so many people are becoming disillusioned.

Another reason why anyone thinking of buying or investing in north Cyprus should think very carefully.

Here is a reminder of what an Auction means to the ordinary men and women who bought in good faith and lost through bad faith.

No bids at the North Cyprus Tutuska property auction

Sunday, June 13, 2010

The crowd had started to gather outside the coffee shop by the time I arrived. It warmed my heart to see many ex pats there and Turkish Cypriots. The crowd was not in the numbers experienced last week but of course the timing of the auction had ensured that. All the residents of K5 were there.

One of the victims of this travesty of justice who made an appeal on GAK TV last night, namely Orhan Jeylan, aged 68, former government worker was giving a speech as I arrived. In his speech, which was translated by his friend a London Turkish Cypriot, Orhan was thanking everyone for their support, especially the British. Orhan is retired and living on his pension. He was 63 before he could afford to enter the property market, he sees no way of affording even to be able to pay rent, having invested everything he had in his home.

I saw owners such as Melek Ceylon, Oguz Ersen, Ender Eresen, Esnet Duzce and Ozlem Duzce sitting with quiet dignity looking sadder than any fellow human being should be made to feel. These families, ranged from the elderly like Orhan to babes in arms. Why is the TRNC government allowing this to happen to these innocent victims whose only mistake is to have purchased from the wrong builder?

The owners purchased from Nurettin Tutuska of Tutuska Insaat Limited for an average purchase price of £45,000. Having received the money the builder left the properties unfinished and then demanded between £14,000 and £15,000 per apartment to finish them.

The first mortgage is in the sum of 192,000 TL Apts 5/6

The second mortgage is in the sum of 140,000 TL Apts 2/6

Interestingly the owners were keen to tell me that Demet Tutuska who they say has a share in the building company is the DP candidate in the upcoming Beledeysi elections and is actively campaigning at present. She is the daughter of the builder Nurettin Tutuska.

As the morning progressed one potential bidder appeared. He gave his name as Murat Soyer, after a little ‘talking to’ by owner Orhan’s London Turkish Cypriot friend and then another little ‘talking to’ by me, he decided that making people homeless is not a good thing to be associated with. He did tell me that his son is currently appearing in the Turkish Cypriot version of pop idol and I did promise him that he had earned his son another 100,000 votes in the next round of the competition!

Interestingly a lady who been had very prominent at the auction of K5 homes appeared. Paranoia set in and I was convinced a certain bank had gotten in on the act. On questioning her I discovered she was from the Land Registry Office, I did end up taking a picture of her and her husband and obtaining their email address to send it to them

At the end of the auction, I am happy to relate, there were no bids, much to the relief of the owners. The second most relieved man, by the look on his face, was the representative from the Land Registry Office.

21 days will elapse for any possible appeals.

The next court date is expected to be in about 3 months due to the courts’ summer recess.

The police presence was heavy but sensitive. The press and T.V. were there in goodly numbers. A lovely Turkish Cypriot lady, Pembe, assured me that if anyone were to bid she was going to take all her clothes off and stand on the table.

The man below, with cigarette and sunglasses is Murat Soyer the sole bidder.

Power to the people

Citizen Smith

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