[OPINION] Mathematical puzzle intended to confuse non-accountants

Peddling the idea that Akfinans Bank Limited actually paid over the 2,077,000TL to some mysterious third party has reared its head again. Let us put that load of bull’s faeces to rest once and for all. Akifnans Bank Ltd. loaned £1,600 in March 2005 and even though the borrowers, Adurrahman Guney of Kulaksiz Cobstruction Limited and Yuksel Yilmaz, never attempted to make a payment on this first loan, they went ahead and advanced them a further sum of 100.000TL in November 2005. You may wonder why any reputable diligent bank would give a further loan to borrowers already reneging on their first loan. I think that is a question clients of this particular bank would be justified in asking. I also think that is yet another indicator of how little real care was taken when granting a mortgage to two such questionable characters initially.

Now it is important that we keep those two figures in mind because this is ALL the money that actually was put out by the bank. The infamous interest rate of 80 per quarter compound must have been applied to the loan more in hope than expectation. But in total the loss to the bank was and is 104,000TL. In my opinion, the granting of such a loan could be considered reckless, except the Bank secured it on the land that no longer belonged to the borrower, which in any civilised country would be recognised as the fraudulent act that it was and the perpetrators would have been prosecuted.

So why am I bringing this up again? I recently read an article that implied that Akfinans Bank lost 2,000,000TL on the deal and then had to pay over 2,000,000TL for Kulaksiz 5 at auction. Clearly this is nonsense. Yes Akfinans Bank did buy Kulaksiz 5 at auction and yes on paper they paid 2,077,000TL. ON PAPER – the money they paid for the site came out of the bank by the back door and went straight back into the bank through the front door The loss sustained by the bank was, and remains, 104,000TL they so foolishly allowed Abdurrahman Guney and Yuksel Yilmaz to borrow back in 2005.

The costs incurred at the auction and legal fees cannot be the responsibility of anyone but the Bank.

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