North Cyprus Property | Bektaş Supermarket to be auctioned in September?


North Cyprus Property – it looks very much on the cards that in September they will again be attempting to auction the former Supermarket Bektaş. I wonder if we will see a repeat of the free-for-all that took place at the last attempt when Fatisa, the alleged owner, appeared to have a heart attack and Bulut Akacan of Santa Fe fame latterly and now recently an ardent campaigner for lower Bank interest rates allegedly throwing himself down on the floor of the coffee shop and sustaining a broken thumb. This auction caused quite a stir in the press, not least Afrika Gazetesi who went on to do a number of articles exposing certain, shall we say questionable, practises by the the bank involved, Universal Bank.

I cannot get too excited over this auction because whatever rate the bank imposed, the borrower must have signed up for it. Unlike the mortgages taken out by unscrupulous builders/landowners after selling the properties to hapless victims and then using them as security to obtain money from the Banks. The Banks who in some cases knew of the fact that the properties have been sold but have no compunction in joining the borrower in their nefarious scheme. To knowingly borrow against something you no longer own is criminal fraud. To knowingly advance mortgage money using as security land/property you know to be sold is aiding and abetting in that criminal fraud. Where else in the world would they even imply fraud is a civil offence?

The new law part of the Estate Agents Law that came into effect in January 2008 revealed for the first time the enormity of this problem. The Government unwittingly opened Pandora’s Box and, once the secret was out, there was no replacing the lid. It also revealed for the first time to the true owners of these properties how this fraud had been perpetrated behind their backs and without their consent or knowledge. The builders, landowners and banks acted without honour and should hang their heads in shame. Sadly there is no honour amongst the perpetrators and therefore they feel no shame.

However it begs the question, which will be the next auction to appear on the coffee shop wall, the coffee shop opposite the Girne District Court?

If there is any justice in this world, the guilty will pay. If not then they will answer to a higher authority one day and by whatever name you call God, he knows what you have done and he will be the final and ultimate Judge.

Pandora S Box

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