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Kulaksiz 5 Court Case Update

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You will by now have read that Kulaksiz 5 appeared in Girne District Court yesterday to seek an interim injunction to prevent Akfinans Bank from disposing of our homes, either by selling them, mortgaging them of gifting them, or indeed any other way. The Judge listened to our case and will give her decision in due course. All very accurately reported in Cyprus Today.

I then read that that Akfinans Bank lost more than two million TL and then had to fork out another two million TL to buy the land on which the 10 homes stand. It is true that indeed the mortgages were taken out on the land and NOT the homes. What is blatantly wrong is the so called loss sustained by the Bank and the fact it had to pay out a further two million TL to buy the site. On paper only………..what is so hard to understand? To sustain a loss of two million TL, you first have to part with two million TL. Akfinans Bank only ever parted with 104,000 TL, the original mortgages back in 2005, in my opinion fraudulent mortgages. Indeed, the first mortgage was already eight months in arrears when the second mortgage was granted, what responsible lending institution would throw good money after bad, unless of course it was part of the plan to defraud the real owners of their homes and their life savings.

Akfinans applied an interest rate alleged to be 250% initially which was later reduced to 80% per quarter compound, this rate was more in hope than expectation and this is how they come up with this mythical almost comical alleged loss of two million TL. The report then goes on to say they had to fork out another two million TL, er, pardon me, now read this very carefully:

Sunday 6th of June 2010, Akfinans write out a cheque for 2,077,000 TL to cover the bid for the land our homes stand on, sometime within the same time frame, they receive a cheque back for an almost identical sum to cover their mythical loss (I do not know if the Tapu charge for their services at the Auction). Now they have their money back, the land and our homes. The only potential losers in this scam – KULAKSIZ 5 the true owners. I say potential, because it is not over until the ‘fat lady’ sings and I am still tuning up.

Akan Kursat and even members of government are now throwing out the argument ‘we bought cheaply’ We all paid the asking price as did thousands of other purchasers. Did we all buy cheaply?? Akfinans Bank Limited paid 104,000 TL for 13 houses and the land, now if you want to talk cheap, that really is cheap.

You will by now have read that Kulaksiz 5 appeared in Girne District Court yesterday to seek an interim injunction to prevent Akfinans Bank from disposing of our homes, either by selling them, mortgaging them of gifting them, or indeed any other way.   The Judge listened to our case and will give her decision in due course.   All very accurately reported in Cyprus Today.
I then read that that  Akfinans Bank lost more than two million TL and then had to fork out another two million TL to buy the land on which the
10 homes stand.  It is true that indeed the mortgages were taken out on the land and NOT the homes.  What is blatantly wrong is the so called
loss sustained by the Bank and the fact it had to pay out a further two million TL to buy the site.    On paper only………..what is so hard to understand.  To sustain a loss of two million TL, you first have to part with two million TL.   Akfinans Bank only ever parted with 104,000 TL, the original mortgages back in 2005, in my opinion fraudulent mortgages.   Indeed, the first mortgage was already eight months in arrears when the second mortgage was granted, what responsible lending institution would throw good money after bad, unless of course it was part of the plan to defraud the real owners of their homes and their life savings.
Akfinans applied an interest rate alleged to be 250% initially which was later reduced to 80% per quarter compound, this rate was more in hope than expectation and this is how they come up with this mythical almost comical alleged loss of two million TL.   The report then goes on to say they had to fork out another two million TL, er, pardon me, now read this very carefully.   Sunday 6th of June 2010, Akfinans write out a cheque
for 2,077,000 TL to cover the bid for the land our homes stand on, sometime within the same time frame, they receive a cheque back for an almost identical sum to cover their mythical loss (I do not know if the Tapu charge for their services at the Auction).  Now they have their money
back, the land and our homes.   The only potential losers in this scam – KULAKSIZ 5 the true owners.    I say potential, because it is not over until the ‘fat lady’ sings and I am still  tuning up.
Akan Kursat and even members of government are now throwing out the argument ‘we bought cheaply’     We all paid the asking price as did
thousands of other purchasers.  Did we all buy cheaply??     Akfinans Bank Limited paid 104,000 TL for 13 houses and the land, now if you want to talk cheap, that really is cheap.
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