K5 v Akfinans Bank | Who Owns My Villa?

This is how the land on which the homes of the Kulaksiz 5 was described on the two Kocans I was given copies of with my Contract of Sale.

The Kulaksiz 5 case is well known so I won’t rehash all the events that led up to the Bank buying our homes at auction on 6th June 2010. Of course there is now a judgment from the lower court declaring the mortgages that instigated the auction as fraudulent. Therefore it follows, the auction was unlawful too. The bank have appealed against this judgment and a date for that Appeal is awaited.

This is how the bank rehashed the ownership of all the property on these two Kocans, with the help of Girne Tapu.

When you consider that the debt to the bank was 83,000 lira in November 2005 but escalated to 2,077,000 lira by June 2010, you will realise there had to be an element of alleged collusion for the borrowers to accept interest rates of 250% per annum in November 2005, changed to 80% per quarter compound in 2008.

The bank claim they paid 2,077,000 lira for our homes, a somewhat disingenuous claim when you consider they
bought them from themselves…i.e. cheque written and handed to the Tapu, then Tapu deducted the cost of the auction and then returned the residue of the 2,077,000 (most of it) to the bank. Net outlay to the bank, original 83,000 lira loan and the costs of buying our homes. In other words little outlay for huge rewards.

I am wanting to see a copy of the Kocan PROVING that my villa really was transferred into the name of one of the bank owner’s father in law. Not an unreasonable request when you consider the situation that led to them living in my villa.

Pauline Read

Print Friendly, PDF & Email

Comments are closed.