The Kyrenia Court has issued an injunction preventing Koop Bank auctioning off Olive Grove on Sunday in a move that will give hope to many property owners in North Cyprus.
Now state-run Koop Bank face a major decision. On 20th April the court will give them a stark choice.
They can accept the injunction, which means that talks can be held to try to find a resolution, or they can fight in court to get the injunction overturned so they can auction the Olive Grove homes.
If they push for the auction, then the government are sending a very clear message – Do not invest in North Cyprus. If they agree to accept the injunction and enter talks, the government will be providing a blueprint for resolution.
The late, great statesman Rauf Denktas wrote that either Koop Bank were negligent or seeking to unjustly enrich themselves at the expense of the Olive Grove homeowners.
Koop Bank now have a chance to do the right thing.