North Cyprus Law | Fraud is not a Crime?

North Cyprus Law | Fraud is not a Crime?WITHOUT PREJUDICE

Kulaksiz 5 v Akfinans Bank Limited

Girne District Court have delivered a verdict on Thursday 4th December 2014 in the favour of the homebuyers of the Kulaksiz 5.

The advocate acting for the homebuyers quotes “This judgement sets a precedent that 3rd parties have rights in such situations and could have a domino effect for other similar cases.”

Judge finds Akfinans Banks’s action towards K5 to be fraudulent.

This Judgement given in Girne District Court by Judge Talat on Thursday 4th December 2014 (For complete accuracy please refer to the original Turkish language Judgement) where he found the Akfinans Bank’s Mortgage and an application to the District Land Registry for a Sales Order were both fraudulent.

In his Judgement, the judge also stated that that the law was in need of revision for it had certain anomalies making it necessary for him to clarify certain points. He was satisfied that the original Mortgage documents and sales order documents referred only to “bare Land”, when the Bank knew that there were houses built and people living in them, were fraudulent.

This judgement, though important should be seen for what it is. It has established that the stealth mortgages were fraudulent but it has only opened the door for more lengthy and expensive legal proceedings IF the judgment is upheld on Appeal.

The original euphoria was, in my opinion, a little premature as there is still a long road ahead. K5 won a battle, they have yet to win the war against this crime perpetrated on them and one has to wonder “why are the police not involved”, fraud it is after all a crime.

In the case of my villa, which was allegedly transferred on to a bank family member’s father-in law, a second fraud took place.

Pauline Read

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