Yakin Dogu Bank Auctioning Property Victims Homes

The late Mr Ralph Dentas at the K5 auction on 6.6.2010WITHOUT PREJUDICE

ANOTHER AUCTION….THIS TIME Yakin Dogu Bank (near East Bank) are the culprits.

Well I have already mentioned this…but here we go again, this time it is the NEAR EAST BANK, bringing misery to the innocent. Same venue being used as in the Kulaksiz 5 case. The Coffee Shop, the Square, Karsiyaka.

They should be forced to postpone this until the outcome of the Appeal of the decision by the lower court judge who declared K5’s mortgages fraudulent is heard. But no, the advocates continue to get richer and the purchasers continue to pay out…and in some cases…die.

Read this…if you are able to, go and support these poor souls.


You will all remember the scenes at the coffee shop in Karsiyaka when AKFINANS BANK LIMITED bought K5 properties at auction. Well bought is not exactly right because the money they paid, being both the buyer and the seller, left through the front door of the bank and returned through the back door of the same bank….end result, the whole of a development, now broken up into 16 kocans, allegedly cost them 83,000 lira, the amount initially borrowed. Overkill, yes in my opinion.

What Near East Bank are allegedly doing is in my opinion, the same and indeed if like Akfinans Bank Limited, they do buy them, then it will be exactly like the scenario that took place on the 6th June 2010 to the Kulaksiz 5. Interestingly, in a landmark judgment by the lower court on the 4th December 2014, the judge in the lower court found in favour of the Kulaksiz 5 and labelled Akfinans Bank Limited’s mortgage as FRAUDULENT. This decision is being appealed by the Bank who as recently as 13th June 2016 managed to get the long awaited appeal date adjourned (yet again) saying they needed more time. Let’s not forget they have already had 18 months to be court ready, but no they were indulged yet again.

The point I am making is, if the mortgage on K5’s properties are eventually declared fraudulent by the High Court, then surely the mortgage on the properties being auctioned on Sunday is fraudulent too. Why are the Near East Bank being allowed to go ahead with the auction when everyone knows this very important K5 judgement could change everything? Rhetorical question, nepotism, cronyism and corruption thrives in the TRNC.

The late Mr Ralph Dentas at the K5 auction on 6.6.2010Pauline Read

Source: kibkomnorthcyprusforum.com

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3 comments to Yakin Dogu Bank Auctioning Property Victims Homes

  • Front page of Cyprus Today (18th June 2016) has small leader (by Kerem Hasan) reading :-
    “Property Auction called off.
    The planned auction tomorrow of expat-owned homes on an estate at Karsiyaka, over an unpaid bank loan taken out by their builder, has been called off at the 11th hour.
    More on page 6n”

    – I’ll scan that and send that to Pauline who may wish to post it here.

  • NCFP Admin


  • fluter

    I read elsewhere that the auction is back on.