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Building contractors association forced to sell own building

Building contractors association forced to sell own building

May 23
17:41 2013

Less than two years ago the Construction Contractors Association opened their new building on August 5th 2011.

A grand ceremony with many notables attending was held. Some of those present at the prestigious new building in Nicosia, included Prime Minister Kucuk, CTP party leader Yorgancioglu, Finance Minister Ersin Tatar and Health Minister Kasif.

At that time, the president of the Construction Contractors Association, Cafer Gurcafer boasted of a million dollar industry which sustained 90 other sectors in the TRNC.

The funding for the building was financed by the TRNC Co-operative Bank, who took a mortgage on the building as security.

However, despite having an annual income of £200,000, the association did not meet its contracted loan repayments.

Eventually the Coop Bank took the matter to court and won. Now the association has, in a panic, called for a general Assembly and for its members to agree to sell half of their head office.

Many of the contractors opposed this motion because they regarded it as a fire sale. Eventually the extraordinary General Assembly voted against the sale.

In a few days’ time, Ahmet Bastas will be the new head of the association and all eyes will be on him, to see how he resolves this situation.

 

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