However, Jingzhou Bank did not transfer the funds into the regulatory account; instead, it transferred them to another account of the developer, which is Jin Ma Company.
This is truly impressive; with such maneuver, Old Tang could play some shrewd moves without needing any other details.
As for what happened to the money after it entered Jin Ma's account, that's unknown. The Housing Department provided evidence claiming that at the time, they had already sent letters to both parties to deal with the matter.
Afterwards, Jingzhou Bank provided a guarantee, which is the agreement with the regulatory bank.
Now we just have to wait for the court session, although we have this big piece of evidence, we are still missing something; we lack the detailed records of fund usage in the developer's account. read more at mvle_mp,y,r
A few days later, the Guangming District Court commenced its session.
There isn't much difference between an administrative lawsuit and a regular lawsuit in court trials, especially in procedural litigation .
After the court session started, Old Tang began to submit evidence, along with evidence from Old Yu and others as interested parties, which is about purchasing houses that then stalled in construction.
Then there was the evidence of other districts making information about regulatory accounts public. Although different places might have different regulations, Jingzhou had no special stipulations. How could they do it but you cannot?
The bank, in its defense, argued that although it had reached a regulatory agreement with Jin Ma Company, according to the laws of our country, supervisory powers still belonged to the Housing Department.
Moreover, relevant funding plans and progress reports of the subject matter needed to be submitted to the Housing Department for approval, and only after approval could the bank release the funds...
Naturally, the Housing Department was not to be outdone, stating that although they have supervisory rights, there's no way to supervise since the money did not go into the regulatory account, and yes, you, the bank, had provided a guarantee...
The court session lasted for over an hour, during which Old Tang mostly watched the show, mainly the squabbling between the two sides...
Moreover, towards the end, the points of dispute between the two parties had already exceeded the goal of the court session and belonged to the next target of his lawsuit.
But since they wanted to argue, and the judge didn't say anything, he couldn't possibly stop them.
President Zhang was also in court. At the moment, he watched Manager Jia and the Housing Department's representative quarrel, and at the same time, he looked at Tang Fangjing. He really wanted to rush over, grab him by the collar, and ask what on earth he was doing.
But there was no way around it; they had to argue. If they conceded in this public arena, there would be responsibilities to bear, and those responsibilities would definitely fall on individuals.
The court session ended and went into recess. After waiting for a long while, the court issued its verdict. Out of the nine public disclosure items requested by Tang Fangjing, seven were supported by the court, and the Housing Department was ordered to inform within a specified period.
Because the bank made disbursements in violation of regulations, leading to loans not entering the regulatory account, the detailed records of the pre-sale funds in the developer's other account had to be provided to the Housing Department.
In other words, Old Tang finally obtained the details of the pre-sale funds.
There was a part in the regulatory account and another part in a different account; combined, they accounted for the pre-sale funds. Now, where the money went would be clear at a glance.
President Zhang's face turned dark; they had lost utterly. Thɪs chapter is updatᴇd by novel·fire.net
It's not that the presentation of account details would cause any particular issue, but it was clear that the bank bore a greater responsibility...
What could he do, how could there be someone like Tang Fangjing in this world? Luckily, it was only a regulatory violation, and the problem was not that big.
Half a month later, Old Tang received a new notice from the Housing Department.
At this point, all the evidence had finally been gathered. Next, it would be time to locate the developer's issues.
And importantly, to demand that the bank and the Housing Department assume responsibility for supervision!
Especially the bank. Why? Because banks have money. With money, you bear the responsibility and pay up; it's that simple.
And if housing delivery is to be expected, the focus still rests on the developer and the Housing Department.
Ten days later, at the Bright District Bureau's Economic Investigation Brigade, Old Fang looked at Tang Fangjing in front of him and then at the enormous carry-on bag by his side, his gaze blank.