K5 v Akfinans Bank | The Good and the Bad Guys


It never ceases to amaze me that there is still some confusion as to how the scam that affected the British purchasers on the development that came to be known as the Kulaksiz 5 happened.

The characters in this saga fall into two categories:

The good guys:

the Kulaksiz 5, these being the British ex-pats who bought from Kulaksiz Construction Limited

The bad guys:

Ertug Kader….the Manager of Girne Branch of Akfinans Bank Limited and alleged boyhood friend of
Yuksel Yilmaz…who became the landowner, because of his mother’s illness, of the site known as Kulaksiz 5
Abdurrahman Guney…the former Director of Kulaksiz Construction Limited.

The story starts with an agreement between the landowner and the builder. The landowner was to receive 3 completed two-storey houses in return for the land the builder built and sold ten bungalows on.

It is known that the builder borrowed £1,600 sterling from Akfinans Bank in March 2005.

It is also known that the bank commissioned Surveyor Unsal Guran in March 2005 and this is his report of the 29 March 2005.


This shows the value of the construction on Kocan 7739 to be £335 000 sterling at that time. Obviously some of these were already sold ‘off plan’ to members of the K5.

What is important to understand is that there is also Kocan 7763, the Kocan my villa is on, this too had some building on and at various states of completion too and this too was used as security against this relatively small loan.

I Contracted to buy my property on the 14th September 2005 and it was structurally complete with a roof on at that time. It had been tiled in the bathrooms but no bathroom furniture or wardrobes were in. I was promised delivery on the 31st December 2005, so you can tell, most of what needed doing at that point was cosmetic and finishing. I did Contract to have a pool too.

The mortgage shows it was lodged against our property on the 11th November 2005. Just under one month after I bought and in violation of all the Contract conditions. The bank can argue they were not signatories on the Contracts. What they cannot argue convincingly is that they did not know of our existence. Interestingly some 8 months AFTER the survey report was commissioned and received by Akfinans Bank Limited.

I was aware that Yuksel Yilmaz’s wife was ill at that time and he was keen to sell one of the three villas he had received to raise money for her medical treatment. As I remember it, she had thyroid problems.

Why there was ever the need for a loan, I am not aware. I do know that I personally paid Kulaksiz Construction Limited £96,800 and I also know other purchasers were making stage payments to them.

The loan in itself was indeed very small when you take into account the money I know was being received by the builder at that time.

The loan, I am told was for 83 000 lira which probably, with the addition of charges, became 100,000 lira as the search of the 23 September 2008. At today’s exchange rates it is about £23,000, back then about £34,000. 14 properties taken by the bank. How offensive is that?

The situation today is that the Judge who heard the main case and gave the Judgment on the 4th December 2014 believes the mortgages
were fraudulent and found in favour of the good guys K5.

Akfinans Bank have lodged an Appeal against this decision and both sides anxiously await that date. In the interim the bank have applied for and been given a stay of execution, so that the order to have all the new Kocans cancelled and to reinstate the original status of the Kocans (as above) cannot go ahead until the Appeal has been heard and the High Court Judges render their decision. It has been suggested that my villa being transferred a second time makes the changes that should apply to me difficult. I do NOT accept that. The Judge has not singled me out in his decision. He has stated ALL should revert to their original state and that includes my villa.

If Ertug Kader and the bank have a problem with his father-in-law’s name on the second fraudulent transfer, then I suggest they sort it out between themselves.

OBSERVATION: How very strange that the bank should tell Lapta Police Chief that they had permission from the landowner to be in my villa. How very strange that the courts should grant a BANNING order against me to be near my villa before the outcome of the Appeal and how very INTERESTING.

I am told there is a Kocan in existence in the name of Mustafa Guner for my villa….I have yet to see it.

Pauline Read

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1 comment to K5 v Akfinans Bank | The Good and the Bad Guys

  • Polly Marples


    It is important that I point it out to you , at the top of the page it is showing that this document had been faxed by Akfinans Bank on 7th June 2010 at 10.29 from telephone number 0090 392 815 6381 .

    There is also a handwritten note at top right hand corner stating that this is evidence no 21.

    With a number (probably reference no ) 2312/10 , with a date of 17-6-2011 with a signature.

    After the heading it is as follows:

    Number : 09/2007 25th March 2005

    Akfinans Bank Ltd

    Girne –Kyrenia

    Subject ; Expert Report

    Title Deed No : 7739

    Village and Locality : Karsiyaka

    Map Reference : X16W1 & 2 , Parsel (Plot) 10.5/1

    Total Land Area: 5 Donum 2 Evlek , 2000 sq Feet ( 1 Evlek roughly equating to 250 sq meters )

    Type of Immovable Property : Field

    Registered Keeper : Yuksel Yilmaz.

    This report has been prepared after visiting the above specified immovable property by myself.

    The property in question is in Karsiyaka to the north of Simena holiday village in a favourable position. On this property which has a frontage to public road and on plot no 10.3/3/1 there is buildings in progress of 3 x 132 sq meter single storey , 7x 142 sq meter single storey and 3x 165 sq meters two storey buildings of which approximately seven will fall on this land. The value of this immovable property at today’s market conditions , which also includes buildings at plastering stage within it , is estimated by myself to be £ 335,000 ( three hundred and thirty-five thousand sterling).

    I verify that the above is correct to the best of my knowhow , ability and belief and present it to you with respect .

    Best regards

    Ünsal Gürok