Attention Tasdelen Investors...
Please contact me on +44 7966 871854 before you decide to do any business with reference to the below latest Update...
Adrian Hibbert
+44 7966 878154
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Dear Tasdelen Clients,
I hope you all had a nice summer break. As you might have heard from new, unfortunately Turkey & Turkish legal system, as a consequence we , did not have a very nice juridical recession or a summer break.
Let me try to summarise you the overall picture.
So far over 3000 judges are dismissed which of over 1000 has been arrested. Over 2500 clerks and court officers have also been either dismissed or arrested. The operations are still going on and ever week new judges&clerks are being dismissed. Both in Anatolian and European courts, where our files are with, each judge is in charge for approx. 6 courts. New judges who have just finished law school and have no any experience are being assigned for the the courts.
The municipality of Tasdelen had annauled the “storey easement titles” of all Tasdelen units, due the fact that the total sqm of construction is nearly twice of what it was officially allowed. The intention was at 1st to find a solution so that the whole site becomes officially built. Legal paperwork demanded by the municipality was being taken care by the managements lawyer who was reporting me regulary. The penalty, to be paid equally by the unit ownersi demanded by the municipality was being negotiated by the management. Howver after the coup attemp muncipality officers and even mayors were alos dissmissed&arrsted. Moreover, many powers of the distrcit municipalities has been taken and given to main city Istanbul Municipality. This includes the reissuance os tasdelen Storey Easement Titles as well. Given the cirsumtances, it is most likely thatTasdelen titles will not be able to be reissued for an uncertain period of time.
Although it is not whats being said news in Turkey, as I am following BBC and CNN at the same time, I am sure you are also aware of the economical problems in Turkey. All the investments are stalled and foreign investos are trying to get out.
HOW WILL THIS AFFECT
Group A& B :
I have been having meetings and negotiations with a potential buyer for around a year. As you can understand thye have installed the idea of buying Tasdelen units. Another broker has contacted me and I have given the info about Tasdelen. So we might have another potentail buyer but yet any feedback is not given by the broker.
Meanwhile, as indicated previouslt there are charges on the units placed by the management. The managements lawyer was also aware of the potentail buyer so we were having meetings to decide how overdue managments fees will be paid so that the charges are lifted and the titles are abel to be tranferred to the new buyer. However as the purchase has been stalled, the managements lawyer has commenced execution proceedings which will lead him to go for the forcesale of the untis in order to cover the overdue management fees. While we are taking care of existinf files, now there are further execution files in front of me, that I do have to take care so that the units are not subject to a force sale.
On the other hand as the storey easement titles were annuled, there are no any seperate titles for units, but there is only one title for the whole land which is shared by the currents title holders. This does not have a negative affect on the court files, as you wil lread fromt he report the courts have commenced making decisions in our favor meaning they do decide for the titles to be trasnferred to UK clients. But it affects the possible sales and refund issue. Because in order to go for the sales of the units, all charges has to be paid and released so the refund amount will be affected accordingly. Yet we are not there so fina lnegotiations have not been made with the currenct creditor/charge holders. I will inform you once the overall figure is determined.
Group C&D :
As you will read from the report, so far most of the court have decided for the refund of the monies plus inerest to be paid to UK clients by the developer. Though this is quite a good decision, the problem we will experince will be executing the decisison as the developer does not have any money to pay.This is why those decisions are appealed and we have demanded the titles to be transferred.
As indicated on the previous report, we can claim the money from the Ministry of Treasure but to take this route al lthe steps in the 1st instance and Supreme Courts have to be completed. We also have the optipn to take the dispute to European Court Of Human Rights but again before going there all the legal steps in Turkey has to be finalised. Both the legal claim againts Ministry of Treasure and possible case at ECHR, are new and seperate legal works to be carried out
I am so sorry for not being able to give better news dueto the facts that are not under my control. I do for sure keep working hard and do the utmost for the best benefit of my clients and your supports during this period will be higly appreciated.
I will inform should there is a progress either on the courts or the potential sales. Other than that the next report is scheduled to January 2017. If you have any further questions please email me and please bear with me if I cant reply immediately as I do have to spend most of time in the courts.
Have a good weekend
Best Regards
Att. Nurşen Köse ÖZDEMİR
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