Approximately 2,400 production units have been seized by banks due to unpaid bank loans. If these units are to be returned to their owners, they will have to repurchase them from the banks at several times the original acquisition price. This is the outcome of the Central Bank’s repeal of repurchase regulations.
Of course, there is still another legal way to return these units at a reasonable price.
Before the repeal of repurchase regulations, if the borrower paid the principal, interest, damages, and execution costs to the bank, the bank was obliged to return the seized property to the borrower, or in other words, repurchase it. Unfortunately, on May 18, 2021, these regulations were repealed, and banks have seized the opportunity to sell the seized properties back to their previous owners at the current market price and with new loans, aiming to make a significant profit.
If borrowers and their lawyers are unaware of other laws and regulations regarding the return of seized units, borrowers will face even greater difficulties.
