Hobbycraft

OPINION: Why is the original Kulaksiz 5 loan document unavailable for inspection?

SecretSo at last it has been admitted that the Government of the TRNC can do nothing to help the Kulaksis 5. My response, now tell us something we had not already worked out for ourselves.

The Committee of Five Wise Men cannot help us. Well with the present laws, of course they cannot. Nothing can be done retrospectively, we are told. My question has to be WHY? If there is to be a Property Market in the TRNC, I cannot see how this will be achieved without the Government doing something.

The whole Kulaksiz 5 saga has now become so high profile, that to do nothing would be suicide for the Property Market. I can just see the WORLD headlines as innocent old and frail ex pats stand in the streets with their goods around their feet while the greedy bank who charged 80% quarterly compound interest on a mortgage, they knew they should never have granted, take possession of their homes.

Why should Akfinans Bank not have granted either of the mortgages? Forget the fact that they were using as security land no longer owned by the borrowers Abdurrahman Guney of Kulaksiz Construction Limited and Yuksel Yilmaz the landowner. Forget the fact that I personally believe Akfinans Bank Limited knew that the borrowers no longer owned the land; that is my personal opinion.

Consider this fact, in March 2005 Abdurrahman Guney and Yuksel Yilmaz borrowed the sum of £1,600 and never made one repayment. In November 2005, the bank then granted them another mortgage of 100,000TL. Why would ANY BANK risk the money that they are only TRUSTEES of on known bad risks? Does this show good stewardship? Is this how you would expect a professional institution to behave? Is this how you would want your money to be used?

After allowing almost 8 months to elapse, without receiving a payment on the first mortgage, they then lend a further 100,000TL to the same proven bad risks who so far have repaid nothing? Does this make sense? Could it be that that by charging 80% quarterly compound interest the Bank knew that in the final analysis they would end up with the whole of the Kulaksiz 5 development and that for them there never was a risk? Did they care about the true owners, did they even bother to tell them until it was too late?

I personally have asked to see a copy of the original loan agreement. On the first occasion, during a meeting with Girne Manager Ertul Kader in July 2008, he told me that all the paperwork was with the courts. Does he really think that I believed he did not keep copies of everything, and if he didn’t, how inefficient is that? On the second occasion I brought it up in meeting with the Advocate acting for Akfinans on the 23rd July 2010, I was told that was the past and no longer relevant. It may well be the past, but to me this is a very relevant document from the past. I would still like to see it. I do have a right since my home was used as security in this document, without my knowledge or consent. Yes I still would like to see this document, why is it being kept from me?

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