North Cyprus Property | The Karmi/Robb Auction 6th May 2012 – Be There!

So the anathema of a forthcoming Auction again rears its ugly head.

It is two years since 6th June 2010 when the Government allowed the Auction of the Kulaksiz 5 homes to satisfy the debt the landowner and the builder took with Akfinans Bank Limited. Now for anyone who ever doubted the initial interest rate was 250%, doubt no more, it is true. That it was changed and appears as 80% per quarter compound on the court issued repossession document is also beyond dispute. On the face of it, it could seemed like a reduction but do the maths and you will soon realise it is no such thing. The usury interest rates is the reason that the debt escalated from 100,000 TL to a whopping 2,077,000 TL by the time of the Auction. In a Muslim country, a religion where usury is forbidden makes the rate even more unbelievable. It will be two years and one day when the full trial of this case takes place on 7th June 2012 since that evil day which was the day after D-Day.

On the 13th June 2010 another Auction took place, the Tutuska Auction. Another black day in the history of the property sector in North Cyprus. On this equally evil day no bids were received, however it is only a matter of time before it comes up for Auction to satisfy the debtors of Nurettin Tutuska.

Now we see the spectre of the Karmi/Robb Auction returning despite Stop the Blackmail having achieved a postponement. In the usual underhand fashion the Auction Notice was placed on the Coffee Shop wall. Now this time there is no excuse, the victims are well known to the Ministry of the Interior because they were taken to meet the Head of the Tapu in Lefkosa who signed the postponement notice and who made many promises. Why does this country believe it has the right to do such underhand things and not even make their victim aware that they are doing it?

Please pencil in your diary the date 6th May, 2012 at the coffee shop opposite the Girne District Court and if it goes ahead, please be there.

OB Joyful

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