North Cyprus Law | Nearing the End of K5 v Akfinans Bank Case

North Cyprus Law | Nearing the End of K5 v Akfinans Bank CaseWITHOUT PREJUDICE

North Cyprus Law – Nearing the End of K5 v Akfinans Bank Case

Today is a very important date in the Kulaksiz 5 saga.

Today the ‘main case’ for the Kulaksiz 5 -v- Akfinans Bank Limited will start, hopefully. The case is scheduled to run over three days, today, tomorrow and Wednesday.

The Judge Talat Usar will hear the whole of the story from the beginning, starting with the property purchase until the situation as it stands today. Judge Usar has consistently found against the Kulaksiz 5 in all the cases that have led up to this ‘main case’, with the one exception, he did not allow his decision to cancel the case to stand.

One of his case decisions was overturned by the High Court on Appeal, the Interim Injunction that is now in place was as a result of a successful Appeal and given by the High Court on the 14th February 2013.

Whatever the outcome of the ‘main case’, it unlikely that the final decision will come out of Girne District Court. If the Bank win, K5 will almost certainly challenge it through the High Court, if K5 win, it is highly likely the Bank will challenge the judgement through the High Court. So the wait for the Appeal date will begin.

Thus today will see the beginning of the end of the TRNC Kulaksiz 5 -v- Akfinans Bank Limited saga.

Let us pray there is no more adjournments.

Depending of course on the High Court decision but if this final judgement goes against the Kulaksiz 5, it could be a new beginning, the start of the ECHR case in Strasbourg. The case in Strasbourg will be against Turkey.

So will it be the end of the story in TRNC or a new chapter beginning in Strasbourg?

So many other victims of “stealth” mortgages are watching this case closely. So, it has to be noted, are the Banks who granted these ‘stealth’ mortgages.

Pauline Read

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