Olive Grove Vs  Koop Bank Scandal.     

 

 

QUICK SUMMARY: In August 2005 Koop Central Bank gave a mortgage to North Cyprus Properties Ltd.  As part of the security for the mortgage, the Bank took homes in Olive Grove that the builder had already sold.

 

However, Koop Bank can release the homes purchased before the mortgage and still retain more than a million pounds in excess of what they need to pay back the mortgage in full.  

 

KOOP IS CAUSING MISERY TO THESE INNOCENT PEOPLE FOR NO REASON

 

THE OLIVE GROVE CRISIS IS UNUSUAL IN THAT IT IS EASILY RESOLVED

 

The worst part is that this is Koop Central Bank “the Peoples Bank” managed by the TRNC government.

 

Details

2004:- A group of mainly elderly British & Irish citizens buy homes in Olive Grove, from NCP (North Cyprus Properties Ltd).  Their contract promised there would be no mortgage.

June 2005:-  New owners buy furniture and move in (click to see photos).

June 2005:- A public party was held in the Rocks Hotel to hand over the key, everyone was there including government ministers.

 

28th August 2005:- Koop Central Bank gave a mortgage of £1m to NCP Limited secured on the ALREADY SOLD Olive Grove homes. Koop Central bank is managed by the TRNC government.

 

Click here to see the evidence that Koop Bank knew the homes no longer belonged to the builder when it took them as security.

 

 

The contracts said there could be no mortgage. According to the builder, and other witnesses, bank officials read the contracts and still gave the mortgage.

 

The builder defaulted on the loan, but instead of pursuing the builder for the money, the bank are demanding the auction of the properties. Click here to see details of the builders and their position

 

Click here to see how the bank holds more than enough security (at today’s values) to more than cover the loan AND maximum interest. Also and how the bank could release its hold on the homes without any loss to the bank.

 

Click here to see what Rauf Denktas said about Olive Grove

 

Human Stories behind Olive Grove   John Dawber     Rose Hawes     Hus Merchil  

Click here for Quotes from experts

 

Click here to see a letter to the Prime Minister from human rights lawyer Emine Erk in Jan 2011. No reply from the bank more than a year later.

 

BY HOLDING THE HOMES, KOOP “THE PEOPLES BANK” IS RUINING PEOPLES LIVES FOR NO REASON. WHY ARE THE GOVERNMENT ALLOWING THIS SCANDAL TO GO ON?

 

Please click here to have your email passed to the Olive Grove people or write to your local newspaper and let the bank and government know what you think.

 

Finally, a quote from the Lord Maginnis of Drumglass, the influential Chairman of the London based umbrella group, Friends of North Cyprus. 

 

“If this bank is allowed to proceed unchallenged it will be a disaster for the TRNC, in every way.

 

For 25 years I have consistently fought  for Human Rights for Turkish Cypriots, and argued in Westminster for the lifting of the social and economic embargo against the TRNC.

 

The present TRNC Government in Lefcosa must immediately make amends; do what is right by sincere and honest folk and move to control those dishonest and despicable developers, lawyers and banks that were directly involved.  That is why I believe that my 'Plan B' proposal to deal with internal reform is long overdue. 

 

I have offered to help, but also made it clear to all that I will not stand by while my friendship and commitment is betrayed – I am determined to continue to challenge those in authority with their democratic and legal responsibilities.”

 

 

 

The authors of this web site believe all the information is accurate. Please send details of any factual errors to info@olivegrv.com  and they will be corrected without delay.  

 

Because of legal warnings from Koop bank, this web site is located in America and has been organised by friends of the Olive Grove people, not the Olive Grove people themselves.