Kulaksiz 5 v Akfinans Bank Limited Appeal Background

Akfinans bum going through the window.Without Prejudice

Whilst we wait for the Appeal instigated by Akfinans Bank Limited due to be heard on Monday 13th June 2016, I thought those who know little about the Kulaksiz 5 v Akfinans Bank Limited might like to look back on this sad and sorry situation that brings nothing but shame to the bank and disgrace to the Government of the TRNC who chose to do nothing about it.

Akfinans bum going through the window.

Bank bum breaking into a K5 villa

This is a press statement issued by the Bank back in 2011 which makes them look like the victims and the ex pat pensioners like a mafia mob. Quite the reverse of the true situation, in my opinion.

http://northcypruspropertyhell.blogspot.co.uk/2011/03/akfinans-bank-issue-press-statement.html

The bank have taken two villas on the Kulaksiz 5 site without a court order and without the sanction of the court. Furthermore they have transferred one of the villas into the name of the father-in-law of Ertug Kader the owner/manager of the branch of the bank that granted the loan that is secured by mortgages on the Kulaksiz 5 site.

The loan was for less than £30,000 the security even at the time of the mortgage was valued by their surveyor in the region of £350,000 on just one of the Kocans there were in fact two Kocans so the security was well in excess of their requirements, but still they placed a mortgage on both lots of land covered by the 2 Kocans. Of course by charging a usurious rate of interest of 250%, they certainly were covering their backsides. Clearly the bank never expected the borrower to pay, and equally clearly the borrower never intended to pay, in my opinion.

Will the High Court uphold the judgment that came out of the Kyrenia District Court on the 4th December 2014 when Judge Talat Usar found for the Kulaksiz 5 and declared the mortgages ergo the auction were fraudulent. If they do, then anywhere else in the world it would be expected that criminal charges would follow….but…this is north Cyprus and of course as we have all found to our cost, money talks.

Pauline Read

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1 comment to Kulaksiz 5 v Akfinans Bank Limited Appeal Background

  • fluter

    No shame or disgrace I’m afraid Pauline. It doesn’t exist, although it is very easy to offend their “honour”.

    What a peculiar culture.