Kulaksiz 5 v Akfinans Bank | Letter to TRNC President Akinci

Kulaksiz 5 v Akfinans Bank - Letter to TRNC President AkinciWITHOUT PREJUDICE

Dear Mr Akinci,

It is with some sadness that I write this letter to you and some may say it is unfair to do so.

I am aware you have many problems to sort, all in my opinion, inherited from previous Governments who were not strong enough, or maybe even not motivated enough to stem the corruption in north Cyprus.

My experience comes from having purchased a property in Karsiyaka and I am a member of the purchasers
known as the Kulaksiz 5, named after the development we purchased from. There are nine properties involved. I would ask you to read this blog which takes us up to August 2013 and much more has happened since which I know is known by your advisers and your security services who have always kept a close eye on me.


There was never a need for ‘stealth mortgages’ or indeed the courts to allow memorandums to be put on already sold property.

Two Government departments had copies of Contracts of Sale and it would have been easy, and some would say
diligent, for Banks involved in the giving of ‘stealth mortgages’ or the courts issuing memorandums to check with these departments to see if the property was still legally owned by the people applying for the mortgage or having the memorandum put on.

Government Department number one

The revenue department….when paying stamp duty on the Contract of Sale, put a stamp on the original and kept a copy. The first place a diligent Bank or court official could and should have looked.

Government Department number two

Ministry of the Interior… where all foreign purchasers have to apply for Permission to Purchase and where
together with a lot of personal detail is sent together with a copy of the Contract of Sale.

The Estate Agents’ Law, should have only been needed as belt and braces to further protect the purchasers.

Hindsight of course is always 20/20, but the fact is, many mistakes have been made and as far as I can see, the
only people paying for these mistakes are the innocent victims caught up in this mess and still having to pay the inept advocates, many of whom were negligent and did not do their jobs properly.

With at least two Government departments involved from the start where else can the buck stop but on the desk of the man sitting at that desk. That, Mr Akinci, is you.

Pauline Ann Read

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2 comments to Kulaksiz 5 v Akfinans Bank | Letter to TRNC President Akinci

  • Polly Marples

    Please share on facebook or tweet.

  • Wallet and Gromit

    As with every other letter sent to previous governments/presidents/officials ETC, they will just ignore you because they can with impunity.
    TRNC – The T/R of NO Comment.