K5 v Akfinans Bank | Implications of Judge Talat’s Ruling

K5 v Akfinans Bank | Implications of Judge Talat's RulingHere is a full account of Judge Talat’s Kulaksiz 5 v Akfinans Bank 4/12/2014 judgement released by MNCB

Press Release

Judge finds Akfinans Banks’s action on K5 Fraudulent.

This Judgement was given in Girne District Court by Judge Talat on Thursday 4th December 2014. For complete accuracy its please refer to the original Turkish.

Judge Talat gave Judgement for the K5 home buyers when he found the Akfinans Bank’s Mortgage and an application to the District Land Registry for a Sales Order were both fraudulent.

In his Judgement, Judge Talat also stated that that the law was in need of revision for it had certain anomalies making it necessary for him to clarify certain points.

However he was satisfied that the original Mortgage documents and sales order documents, which referred only to “bare Land” when the Bank knew that there were houses built and people living in them, were fraudulent.

The K5 buyers have endured 6 years of harassment by Akfinans Bank, and were delighted with this judgement. It has been a long road to Justice.

The K5 Group have expressed their appreciation to the lawyer team of Boysan Boyra and Hasan Alkan and the support of MNCB and a host of others who have campaigned alongside them throughout this ordeal.

The knock on effect of this judgement will reverberate around the TRNC for some time.

There will now be wide media publicity about these illegal practices of some Banks. Up until today media coverage had been suppressed.

Many home buyer victims, Cypriot and Expatriate will now be emboldened and seek redress through the Courts.

Some Banks will have to review their procedures as this ruling effectively outlaws the practice of Stealth Mortgages. This process involves Mortgages being granted without full agreement of all contracted parties.

Judges Talat’s remarks should prompt the the Government to speed up the enactment of Specific Performance and Mortgage Law amendments.

The Police and Attorney General’s Office may well have grounds for criminal proceedings against some errant Banks.

The Central Bank could censure offending Banks, and it has the power to withdraw Banking Licenses.

When all these actions are completed the process of re-building the TRNC’s reputation with home buyers can begin. We will then begin to attract new investors from Northern Europe and start to restore local prosperity again.”

Pauline Read

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59 comments to K5 v Akfinans Bank | Implications of Judge Talat’s Ruling

  • Polly Marples

    The bank must be feeling about as popular as a turd in a swimming pool tonight.

    I have just heard that Sener Levent the owner/editor of Afrika Gazetesi
    was on TRNC TV tonight and he told the viewers of the success of K5 against Akfinans in court yesterday. Why who knows, it might even be in
    Afrika Gazetesi tomorrow.

    A little bird called Pauline made sure that she sent a message to her good friends Sener Levent and Sener Elcil as soon as she heard the decision.

    Pauline may not be in TRNC at present, but she still has a lot of friends there.


  • Miltiades

    You are forgetting one fundamental issue here.
    “Judge finds Akfinans Banks’s action on K5 Fraudulent.”

    Fraudulent actions in the occupied parts of Cyprus

  • fluter

    Blah, blah, blah …….

  • Miltiades

    You are all senile old Fools.

    You “invest” in a part of Cyprus considered by all international organizations and nations, including the UK, as being occupied by Turkey, then you expect justice !!!
    As they say there is no Fool like an old Fool.

  • Polly Marples

    Oh why don’t urinate off you silly little parrot.

    Better to buy in the south and be ripped off by a recognised state. Yea right.

    When you are without sin, start throwing your stones and obnoxious little excuse for a human being.

  • AM

    Insignificant odious little man,……

  • Miltiades

    Only Fools would chose to live in a … Fools Paradise !!

    Wait untill Erdo introduces Sharia law !!

    You honestly believe that you will get justice ?
    By the way, dont forget to have your monthly shoers !!

  • Miltiades

    No nation other than Turkey[51] has officially recognised Northern Cyprus as a sovereign state. The United Nations recognises it as territory of the Republic of Cyprus under Turkish occupation.[52] Pakistan and Bangladesh had initially declared their recognition of Northern Cyprus as a sovereign state shortly after its declaration of independence,[53] but they withdrew their recognition as a result of US pressure after the UN deemed the North Cypriot declaration illegal.[54] The United Nations considers the declaration of independence by Northern Cyprus as legally invalid, as enunciated in several of its resolutions.[52][55]

  • Miltiades

    Should you buy property in northern Cyprus?

    Mark Tilden explains why there is a nothern and a southern Cyprus, and outlines the risks associated with purchasing property in the north.

    Up until 1974 the island of Cyprus was united in one country with the “north” and the “south” living peaceably together. However, all that changed in 1974.

    The Greek military government in power in Greece in the early 1970s became dissatisfied with the policy of Archbishop Makarios, the President of Cyprus. Partly for this reason, and partly as a distraction from domestic opposition, in 1974 the junta organised a coup on July 13. Nikos Sampson was declared president and declared union with Greece.

    The Turkish government protested and unsuccessfully sought British intervention. Seven days later, Turkey invaded Cyprus, claiming a right under the Zurich and London agreements to intervene in order to restore constitutional order. Heavily outnumbered, the Greek forces were unable to resist the Turkish onslaught. The Ayia Napa area was only saved from occupation because it lay behind the British Sovereign Base area, which the Turks were anxious not to invade.

    The result was that 37% of the land fell within the Turkish occupation zone; 170,000 Greek Cypriots were evicted from their homes in the north, with 50,000 Turkish Cypriots following the opposite path.

    In 1983 Turkish Cypriots unilaterally proclaimed independence which was, and still is, only recognized by Turkey and this is the important point to remember for reasons that I hope to outline here.

    When you purchase property, be it a flat or house (called for brevity here a dwelling) what you are actually purchasing is the land that the dwelling sits upon; if there happens to be a dwelling on the land then that is a bonus, but what is actually transferred to you by way of title deed is land.

    Because northern Cyprus was invaded illegally by Turkey in 1974, the land in the north is still owned by those refugees who managed to escape, or their descendants. If someone purports to sell you a dwelling in the north, then that is exactly what is being sold to you – just the dwelling, and you will not get the title deeds to the land as that person purportedly selling the dwelling to you does not own the land upon which it sits. It is owned by the person who fled in 1974.

    If there should therefore be any sort of settlement between the north and the south in the future, you could be faced with the possibility of owning a lovely dwelling but not actually the land upon which it sits. Any title deeds given to you allegedly transferring the dwelling to you would be worthless, unless you own the land upon which it sits, which of course you cannot.

    Many people are attracted to buy in the north as the prices there for property are considerably cheaper than in the south. Of course, ask yourself the question why, and is it worth the risk of having your investment taken away from you in the future?

    Of course, if you are aware of the risk and prepared to take it then the north of Cyprus is very beautiful with lovely scenery and fantastic coastline. However, the only way to get access to the north is via Turkey, either through Istanbul or Ankara. Although some border crossing points have been opened, mainly in Nicosia, you cannot reply upon this as a main means of access to the north as mostly when you cross over you have to return the same day.

  • fluter

    It exists! Live with it!

  • Cyprus Sue

    There is some truth in this article but there are also many untruths.

    I quote,

    Up until 1974 the island of Cyprus was united in one country with the “north” and the “south” living peaceably together. However, all that changed in 1974.

    The usual lie that Cyprus was paradise and all was well between the 2 communities until one day, evidently for no reason whatsoever Turkey just decided to invade.

    I quote,

    the only way to get access to the north is via Turkey, either through Istanbul or Ankara. Although some border crossing points have been opened, mainly in Nicosia, you cannot reply upon this as a main means of access to the north as mostly when you cross over you have to return the same day.

    Absolute nonsense. I have been North many times and for differring periods, never ffor less than 2 weeks. Always entered from the South.

  • Cyprus Sue

    In truth no one should consider buying in Cyprus full-stop. Neither side of the island are lilly white when it comes to the legality of land purchase. Chances are you won’t get deeds North or South. They have much more in common than they would admit.

  • Miltiades

    6 years before the Turkish invasion there existed peace in the entire island.

    The intercommunal violence had by then faded away.Do also remember that for hundred of years the two communities lived side by side in harmony.

    The “borders” are in no way permanent and can be closed at a moments notice from either side.

    Do also take into account that the Zurich agreements gave Greece, Britain and Turkey the right to intervene in order to protect Cyprus’s independence, not to allow Turkey to occupy and alter the demographics of the island.

    Can you think of a valid reason as to why the international community has not recognized the illegal state of the “trnc” ?

    The balance of power in the region will change and Turkey, just as previous occupiers did, will depart.

  • Miltiades

    CS, here is a question for you.
    Would you consider purchasing a property in the UK with out first exhanging contracts and obtaing deeds ? Of course not. Why then to naive Brits part with their money without obtaining dees ?

    Over the years I have bought 3 properties in Cyprus, never a problem because I would not part with my money until the property and deeds are safely in my hands.

  • AM

    So lets think about 1974 and those pesky Greeks ?

    What would have happened if Turkey did not intervene ,… would we have a Greek Island now ?

    Milti, you can bleat all you want but it was Greece that created all this and the UK didn’t then and certainly now couldn’t care less about Cyprus.

    Yes you are correct the demographics of Cyrus has changed but if Greece aided by you lot I might add had behaved yourselves perhaps it would be a different story today.
    So as said….deal with it.

  • Miltiades

    Do some resarch stupid and you may just see that the Greeks have been on the island for more than 3500 years.

    I have said before many times that I do not consider my self as a Greek but a Greek Cypriot and further more I do not consider my Turkish Cypriot compatriots as Turks but Cypriots, like my self.

    The island’s demographics, as per British pop census had the G/Cs as 80%, the T/Cs as 18% and others as 2%.
    Before opening your rear and coming out with crap do some research stupid !

  • Polly Marples

    3500 years and still a bloody mess, haven’t achieved much in all that time.

  • AM

    Milti, your last post confused me a little,… what the hell does your rant have to do with Greek mainlanders aided by EOKA causing 50yrs of bother on Cyprus got to do with what you are banging on about.

    I think a drop or two of £2.99 red plonk is begining to speak for you here again 🙂 ….. drunken old fool

  • Miltiades

    As usual, and true to form, due to stupidity, this semi illiterate plonker posts another crappy post !!

    Hey STUPID, long before the Ottomans or the British for that matter, set foot on Cyprus, the Cypriot people, speaking Greek and being Christians, existed on the island.
    Cheap remarks by ignorant so called ” Brits”
    bloody gypsies in my opinion, bear no relevance on the Cyprus question.

    You are a bunch of low down yobs, the quicker you lot are kicked out of Cyprus the better.
    Polly, the old bird thinks she will get her stolen purchase back. Not on her Nellie !!

    As for the other lot, Kulakstupidos, they have as much chance of winning their case as pigs have of flying. Serves them all right, senile old fools.

  • AM

    Milti, what the devil is wrong with you ?

    You constantly tell me I am too stupid to debate yet when we start to debate you loose the plot and just start throwing abuse about.

    We were talking about 1974 and what happened … now stay on topic you soppy old goat 🙂

  • Cyprus Sue

    Milti to Sue wrote:

    Would you consider purchasing a property in the UK with out first exhanging contracts and obtaing deeds ? Of course not. Why then do naive Brits part with their money without obtaining deeds ?

    Milti I suspect that there are many contributing factors as to why this happens in Cyprus (North and South) The main reason is that many see their advocates in the same light as British Solicitors. A registered body that is accountable for their practice, owes a duty of care and is overlooked by a professional body who will take action if the advocate fails to represent their clients according to law, ethics and codes of conduct. This unfortunately is far from the truth. How many advocates in Cyprus do you know that have received disciplinary action or lost their registration to practice despite being guilty of gross professional misconduct? Rusfeti, cronyism and nepotism are not ingrained in British culture so we fail to take these very strong traits into consideration when buying in Cyprus. Remarks from Estate Agents and the Legal Profession on both sides of the island suggesting that Cypriot law is based on British Law also gives buyers a false sense of security. The list of lawyers on the Foreign and Commonwealth site also lulls buyers into a false sense of security. They are recommended solely because they speak English and yet some of those listed have been heavily involved in some of the islands well publicised scams. Obviously those buying in the ROC think that because of being in the EU the advocates and developers will adhere to European Standards and will be working within a modern legal framework with an effective judiciary system should they run into trouble. Assumptions rather than reality.

    So in answer to your question and knowing what I know about both sides of the island, would I buy? NEVER, NEVER, NEVER.

  • AM

    The TRNC has now been around for over 40yrs and no matter what your view is many people have made it their home put roots down and bought property without any problems.
    After all this time now passed can any one see anything different happening in the North… I can’t.
    There are that many TC people that have bought land and houses that for me if its good enough for them then I am sure lots of people must think its good enough for them also.

  • Miltiades

    Hundreds of legal practices in the UK are intervened each year by SRA, the Solicitors Regulatory Authority.

    There is no logical reason as to why anyone would part with money without first obtaining proper deeds. Nobody does it in the UK why do it in Cyprus or Spain where many Brits are fleeced by developers. Common sense, something that cheapskates do not possess, tells you that when buying a property you obtain deeds, same when buying a car, you receive the commonly called Log Book of the car.

    I have stated before that I have never experienced any problems in buying property in Cyprus, No deeds No money, simple really.

  • Polly Marples

    You are Cypriot, ergo, you never had to wait for Permission to Purchase in your own country. The bulk of the cases date back so long, which is pre ROC membership of the EU and the reason there is such a problem. The deeds remained in the name of the vendor and s/hetook full advantage of that by taking a mortgage on property he had sold, aided and abetted by the lawyers and the banks.

    Now why does that sound so familiar.

    Toxic loans in ROC
    Stealth mortgages in TRNC

  • Miltiades

    I do not condone sharp practices anywhere, the byer has the right to have his / her investment protected by the law. In the case of the illegal state in the occupied parts of Cyprus, those naïve and rather stupid investors deserve all they get.

    There have been numerous warnings issued by the UK Foreign office, yet the naïve and thoughtless acts by ex pats are haunting them right now, you for instance. Instead of enjoying their retirement hassle free find them selves fighting a corrupt ” administration” .

  • Polly Marples

    Sharp practice, deliberate theft and fraud Mutley.

    What you think about the north is irrelevant. The south are robbing people and doing nothing to correct it.

    Do not buy on the island of Cyprus.

  • Miltiades

    WRONG !
    Do not part with your money unless you are given legal deeds immediately.


    Only senile fools such as you would entertain the purchase of stolen properties.
    Your villa was confiscated, it serves you right !

  • Cyprus Sue

    I hate it when the victims of property scandels are blamed for the outcome. Laws are made to protect people and in any civilised society they are robust enough to safeguard users and prevent abuse.People act in good faith and many of those buying in Cyprus are reliant that the professional representing them is honest and has integrity.Is this too much to ask from someone supposedly upholding the law of the land? What exactley does accountability and responsibility mean to these so called professionals who supposedly have a code of conduct? Most of the world has robust conveyancing laws yet in Cyprus, North and South, the laws to protect buyers are woefully inadequate. I would even go as far as to say that they give cart- blanche to any unscrupulous developer, estate agent or advocate to act fraudulently with very little redress for the victim. The Governments of Cyprus have been aware of these loopholes for a considerable peiod of time so one might ask why no action has been taken? Failure from the Government and the legal professional to take control of this situation has lost both sides of the island some much needed revenue and jobs. Indeed the actions of many advocates and developers has all but destroyed the construction industry.Not to mention the reputation Cyprus has gained which is now akin to a mafia type run island. So why has the Government not introduced new laws to safeguard buyers and tackle this problem? The benefits to the island are enormous.Is it because their loyalty is with their “own” or is there some form of financial benefit to themselves and this takes precedent to the benefit of all the islands residents?
    The K5 case should never have happened and even when it did, to attend court more than 100 times to prove innocence is a sad indictment on the judicial system. The blame lies not with the victim but with poor governance.There is an interesting article today which although is aimed at the governance of the South would also apply to the North.It pretty much sums up how Cyprus runs its affairs.


    Is it any wonder people face these problems and apportion blame to the victim rather than look within?

  • Cyprus Sue

    By the way the UK Foreign Website also now warns of buying in the ROC too, listing many of the problems experienced by buyers. I love the words, the lawyer has no responsibility to check for martgages on the property you are buying, although a good lawyer would.

    What a fine example of “loopholes”

  • Miltiades

    Just imagine if buyers in the UK, would pay their money and not receive their deeds. It just does not happen, why then do ex pats pay up front without receiving proper titles ?

    Remedy the situation at a stroke. No deeds No money , it makes sense.

    By the way I draw a distinction between the RoC AND THE PSEUDO STATE !

    By equating the two, one is pathetically exercising self exoneration for their blatant stupidly in buying stolen properties in the occupied parts of Cyprus.

  • Polly Marples

    “By equating the two, one is pathetically exercising self exoneration for their blatant stupidly in buying stolen properties in the occupied parts of Cyprus.”

    I think buying north or south is an equal minefield, perhaps using your analogy then Mut.
    better to be robbed by a Greek Cypriot than a Turkish Cypriot. Robbery is robbery nd both ways, you end up shafted.

  • Miltiades

    The difference old girl is that property deeds in the RoC are LEGAL.
    Not so in the pseudo state, they are deeds issued by a non recognized cowboy state, even you would understand this.

  • Polly Marples

    Legal spegal…old boy…no use if they are not available due to the hoookey vendor.

  • Miltiades

    Not at all old bird,
    If the senile old fools such as you part with money without the deeds, then you are clearly very stupid. A bit like going to a supermarket with a list of shopping, handing it over to the cashier and paying for goods you haven’t collected. There are no fools like old fools, and none more foolish than naïve Brits !

  • Cyprus Sue

    Many people have assummed that they are getting deeds on transfer of all monies due. The lawyer states that this is going to happen and claims he will not hand over any money until he has the deeds. Unfortunately lawyers cannot be trusted and what they do and say are 2 different things. Being naive is not a good attribute to have but it is not illegal. Scamming people out of their life savings is not just immoral but is also illegal. Please let us not excuse the behaviour of these corrupt individuals, hasn’t shifting the blame onto the victim allowed this situation to go on for far too long?

    Milti I think the illegal ACTIONS rather than where they were carried out is the important factor here. The crime not the area! In fact ROC setting itself up as the legal entity, governed not just by local laws but also EU laws should hold itself up as a role model not mimic the same fraudulent behaviour.

  • Polly Marples

    So you do understand old Mut, that is exactly what has happened to ex pats of all nationalities in the ROC, robbed by your fellow country men, so your holier than thou attitude is hypocritical, one type of corruption is as bad as another.

  • There he goes – still spouting the old rhetoric – I really think Milti has lost is (Elgin) marbles.

    Thank God, a judge in the TRNC has had the bravery to say how it is – illegal action by Akfinans bank.
    Blackmail, stealth mortgages, corruption etc. have no place anywhere on Cyprus, north or south and should be condemned for what it is.

    Now the brave K5 folk wait to see if Akfinans bank will say “sorry” and repay what is due to the victims – my guess is that will take quite a while.

    In the headline article in Cyprus Today (December 6th 2014) the Akfinans press adviser said ” he believed the ruling had made the case ‘more complicated’ ”
    You bet it has – for those who have been found out to be using illegal practices and trying to rob folk of their honestly paid for property.

    I do hope the shareholders and ordinary customers of Akfinans bank ask some very searching questions now of those in charge who started this very sad saga.

    As for you, Milti – you’re so out of touch with real life that you should be ignored.

  • Miltiades

    If any of you low down bloody cheapskates had just one functioning brain cell you would not have rushed to buy STOLEN properties, just because you could not afford to buy elsewhere

    The fact is that you, those of you who bought STOLEN properties, are approaching dementia status, does not in any way exonerate your naivety and stupidity.

    Illegal practices and corruption exist in every nation on earth, the UK included.

    Time share scums have been going on for years, yet even today, vulnerable, due to stupidity Brits, are queuing to purchase.
    As for those of view thinking that Akfinans bank has been ….exposed, don’t count your Chickens yet !!!

    You have as much chance of getting justice in the pseudo state as I have, accept it, move on, move out !!

    By the way, a recent thread of mine on Cyprus Forum titled MY TOP PET HATES, a thread that attracted more than 33.000 views, strongly featured you lot !!!

  • Polly Marples

    Didn’t you and you family get tired of keep logging on lol

  • What point are you trying to make, Milti ??
    Please do, honestly, tell me why so many (in the 1000’s of) folk in the “recognised” part of Cyprus are still waiting for their deeds ??
    Is it just snail pace government departments or what ???
    Surely it can’t be any form of corruption ??
    An honest answer would be welcome.

    Oh and why do you have to use such bad language in your replies ? Not really helpful – I’m afraid it doesn’t do much for your image !

  • Hum – guess he’s gone off in a sulk !

  • AM

    Milti, why do to constantly bang on about Brits who have bought property in the TRNC ?
    Does it really matter if thousands of Brits, Russian’s, Dutch and numerous other countries and lets not forget the TC,s have bought and built property in the north,..now if everyone lost their property and life’s savings then that’s their business and not yours.
    I think your constant rhetoric of “hoping” people will lose money is actually wearing a little thin now.

    For years now people have invested and are quite happy because of one simple scenario…

    After 40 yrs sod all is going to happen and nobody will take it away from them so its best if you stop being so bitter and twisted and deal with it because when all said and done you are more a Brit than a Cypriot really !

  • Miltiades

    A part of my birth country is under occupation. Is this enough of a reason to despise foreigners who have thrown their support behind the occupier?

  • AM

    I think you will find most of us put our support behind the Turkish Cypriot people you know your fellow countrymen ?

  • Miltiades

    Are there any left in the occupied parts ? I was under the impression that most have left, some for ever. The place is now full of Anatolian mountain people, and of course Cheapskates !

  • AM

    What a shocking thing to say,… mind you it doesn’t suprise me coming from someone who has spent 60 yrs in England.

    I would hazzard a guess that percentage wise there are as many immigrants in the south per capita than the north.

    you really are a horrible little scroat.

  • I repeat my question, Milti :-

    Please do, honestly, tell me why so many (in the 1000′s of) folk in the “recognised” part of Cyprus are still waiting for their deeds ??
    Is it just snail pace government departments or what ???
    Surely it can’t be any form of corruption ??
    An honest answer would be welcome.

    Anything to say ?


  • Miltiades

    I have never condoned malpractices and corruption where ever they take place.

    Your stupidity is accentuated by the use of inverted commas you stupid ignorant fool.


    It is senile old and illiterate idiots like you that attract my utmost disgust.

    Crawl back to your council estate stupid.

    By the way, if you think you possess the intellect to enter into a meaningful debate, I doubt it very much, then do so or else shut up and go and have your monthly bath, you illiterate peasant.

  • Polly Marples

    LEGIMATE…..take your own advice and leg it back to ROC mate.

    At least the senile old fools are literate enough to spell legitimate correctly,

    We all had our baths last night a smell really nice now. Our social housing is excellent and far superior to your abandoned goat shed, which sadly needs some TLC in the TRNC, why don’t you visit it and do some running repairs once you’ve legged it.

    I am sure many of the readers would debate with you if you ever had anything new or interesting to say.

  • Miltiades

    Lost for words you pick on a typo error!!!
    By the wa, only the “i” is missing you silly old fool.

  • Polly Marples

    I’ll raise you your ‘i’ if you ignore Nigel’s inverted commas. As usual, double standards Mut.

  • AM

    Just the usual then ?

    When he is backed into a corner he just comes back with abuse.

    And as for his comment about CF I started to read it but got bored after page 2…what a bunch of losers 🙂

  • Miltiades

    You are both beyond redemption !!

  • well, Milti – having read through your last few posts (and ignored the silly rudeness), I don’t see an answer to my simple question –
    Why are so many folk in the Republic of Cyprus waiting for their deeds?

    I, for one, have never denied that The Republic of Cyprus is the only “recognised” authority on the Island – that doesn’t mean that we in the North do not exist – we are here and here we are to stay.
    Thank you Turkey for keeping us safe.

    Any way – the question remains – WHY are so many folk (expats and locals) in The Republic of Cyprus waiting for their deeds ??
    Slow, incompetent government OR corruption and blackmail ?

    PLEASE do give us your opinion (without any slanging matches please – be careful with your blood pressure! )

    Waiting to hear your considered opinion, Milti

  • Meanwhile, here’s wishing everyone a very happy and peaceful Christmas and take a listen to my favourite carol:-


    Peace and good will to ALL


  • The harmonies are quite superb – would so love to be in a choir singing it !!
    Ho hum – can only dream, I guess!

  • AM

    A friend of mine his parents bought a villa near Limmasol and moved there to retire 22 years ago,…….and still have not received their deeds.
    They have had enough of Cyprus and want to move back to the UK but without deeds can not sell the property.

  • Miltiades

    Christmas, a season of good will.
    My best wishes to all.

  • Polly Marples

    Merry Christmas to you too Mutley.