October 4, 2023

Kulaksiz 5 property owners receive

great news


Many property owners and potential buyers in North Cyprus will have been following the progress of the Kaluksiz 5 court case relating to the confiscation of the buyers homes, without their knowledge and the following statement was received from the action group Making North Cyprus Better who had been supporting the Kaluksiz 5.

Gul Ozsan, Phil Watkin-Jones, Malcolm Mitcheson, Brian Freeman, Adv Boysan Bora lrg
Gul Ozsan, Phil Watkin-Jones, Malcolm Mitcheson, Brian Freeman, Adv Boysan Bora

“A decision made on 4th December, by Judge Talat gave Judgement for the K5 home buyers when 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, Judge Talat also stated that the law was in need of revision for it had certain anomalies making it necessary for him to clarify certain points.

However he was satisfied that the original Mortgage documents and sales order documents, which referred only to “bare Land” when the Bank knew that there were houses built and people living in them, were fraudulent.

The K5 buyers have endured 6 years of harassment by Akfinans Bank, and were delighted with this judgement. It has been a long road to Justice.

The K5 Group have expressed their appreciation to the lawyer team of Boysan Boyra and Hasan Alkan and the support of MNCB and a host of others who have campaigned alongside them throughout this ordeal.

The knock on effect of this judgement will reverberate around the TRNC for some time.

There will now be wide media publicity about these illegal practices of some Banks. Up until today media coverage had been suppressed.

Many home buyer victims, Cypriot and Expatriate will now be emboldened and seek redress through the Courts.

Some Banks will have to review their procedures as this ruling effectively outlaws the practice of Stealth Mortgages. This process involves Mortgages being granted without full agreement of all contracted parties.

Judges Talat’s remarks should prompt the Government to speed up the enactment of Specific MNCB video stillPerformance and Mortgage Law amendments.

The Police and Attorney General’s Office may well have grounds for criminal proceedings against some errant Banks.

The Central Bank could censure offending Banks, and it has the power to withdraw Banking Licenses.

When all these actions are completed the process of re-building the TRNC’s reputation with home buyers can begin. We will then begin to attract new investors from Northern Europe and start to restore local prosperity again.”

For more information on the property issues in North Cyprus you may learn more from the video documentary produced by MNCB and for further information contact:

Malcolm Mitcheson at mmitcheson@aol.com or Gultac Oszan at g.ozsan@yahoo.com

Joint Secretaries MNCB

Editor’s Note

The opinions, advice or proposals within the article are purely those of the author and do not, in any way, represent those of Cyprusscene.com

1 thought on “Kaluksiz 5 property owners receive great news

  1. This is a great result for the victims of K5. It is a result that many other people may find to their benefit in their cases against other banks.

    Given the judges remarks the government and more especially the Central Bank must act to sanction Akfinans with at least a major audit of their activities and hopefully massive financial penalties. Effectively they have been acting in a similar fashion to banks such as HSBC, RBS and a number of American banks who have been fined billions of dollars for their actions.

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