ARTICLE- Kepides

The Cyprus Asset Management Company Ltd (KEDIPES) has sent letters to a number of home buyers ‘inviting’ them to pay eye-watering amounts of money, otherwise it will auction their homes.

This may not seem unusual applying the principle “if you can’t pay, we’ll take it away”.

However, there’s a fundamental problem that KEPIDES appears to have overlooked (or perhaps conveniently ignored.)

The home buyers are not and have never been in debt. Those I have spoken to paid for their homes in full and deposited their Contracts of Sale at their local Land Registry office more than a decade ago.

As they’d not received the Title Deeds to their homes, they applied for them under the provisions of the ‘Trapped Buyers‘ law. (At that time, they must have provided the Land Registry with irrefutable evidence that they had paid for the homes in full and had fulfilled all their contractual obligations to the vendor.)

Has KEPIDES made an unfortunate and regrettable mistake, which has caused these home buyers considerable stress and anguish?

Having read the letter from KEPIDES, it’s the people who own the company that sold these homes that owe the money; not the people who bought them!

KEPIDES is pursuing the victims of a scam perpetrated more than a decade ago by unscrupulous individuals operating a company that sold the homes.

Visit the KEPIDES website

I invite readers to visit the KEPIDES website, where they will find the following statements:

“The company’s goal is to effectively manage assets in a manner that will lead to a sustainable restructuring of loans in cooperation with borrowers. When this proves to be impossible, alternative methodologies are employed such as auctions, liquidations, or sale of assets….”

Why is it ‘inviting’ home buyers who are not borrowers and who are debt free to pay huge sums of money to prevent their homes being auctioned?

“KEDIPES operates with integrity, honesty, sincerity and fairness at all levels that govern the framework of its operations.”

Really??? Is the company operating ‘with integrity, honesty, sincerity and fairness’ by ‘inviting’ debt-free home buyers to pay someone else’s debt or face the prospect of losing their homes?

It comes as no surprise that the Cyprus Asset Management Company Ltd (KEPIDES) is also known as a bad bank.

I wonder if KEPIDES has thought through the consequences of its planned actions?

Source Cyprus Property News