News
Man sold 34th-floor flat in 32-storey building, awaits compensation from developer
rising scams in the real estate sector, a bizarre incident from northwestern China’s Shaanxi province is gaining significant attention on the internet. A man bought a flat on the 34th floor of a recently developed building only to be informed four years later that the tower had only 32 floors.
The person, surnamed Shen, purchased the flat in a village near the provincial capital city Xian in 2013, South China Morning Post (SCMP) reported.
Surnamed Shen, the person bought the 90-square-metre unit on the 34th floor of the building, while the deal costed him 2,646 yuan ($400) per square metre at that time. Notably, this was nearly one-third of the average housing price, since the residential compound came with limited property rights.
The report states that this is an “unofficial name for a kind of grey market housing developed illegally on collectively owned rural land.”
These unapproved construction projects usually occupy rural land that is left idle amid China’s urbanisation. However, buyers need to understand that such flats cannot be resold and are not protected by the law. This means, people only purchase such units since they are cheap.
In Shen’s case, he made the initial 117,700 yuan ($17,400) down payment to the developer in 2013, while developer told him that the required certificates to develop the property can be completed later.
As Shen signed the contract, the developer promised him to deliver the property in 2015.
The person then came back to his workplace in Beijing and later found out that the project had not been completed by the delivery date. In 2017, the developer told him that the work was completed and requested him to pay the outstanding amount. But he told them that he will do so only after they provide him the keys of his flat.
Several months later, he was informed that the building only has 32 floors. Initially, they offered him a flat on the 32nd floor. At that time, he did not have the remaining amount to pay. A few months later, he was again informed that the flat on the 32nd floor was no more available.
This prompted Shen to file a refund application, while the developer told him that they do not have the money to pay him back and asked to wait.
The person was refunded 20,000 yuan ($7,400) in 2020, followed by another 50,000 yuan in 2022. Since then, they stopped answering his call.
Taking action against him, Shen requested an arbitration with the Xian authorities.
The arbitration commission later ordered the developer to give 47,700 yuan ($7,000) down payment back to Shen, along with 27,000-yuan interest.
Further, the agreement required the developer to pay a 47,000 yuan compensation if they failed to pay the owed money as well as interest to Shen.
Until May 2026, the person has not received the refund from the developer, forcing him to take the matter to a local court.
COPF final report on USD 2.5 mn cyber fraud recommends action against all responsible
The US$2.5 million loss incurred during Sri Lanka’s foreign debt repayment to Australia was a clear case of a cybercrime and theft, Committee on Public Finance (COPF) Chairman Dr. Harsha de Silva told Parliament yesterday.
Presenting the COPF final report on the cyber fraud, Dr. de Silva said the incident amounted to a serious financial crime and called for a comprehensive investigation, by law enforcement authorities, to identify and prosecute all those responsible.
The report revealed serious governance, procedural and operational failures that enabled the fraudulent transfer of public funds, while recommending sweeping reforms to strengthen cybersecurity, financial controls and public debt management systems.
According to the report, officials of the Treasury and the Central Bank bore responsibility for governance lapses that contributed to the failures. It also highlighted the fact that the Ministry of Finance was operating an outdated Microsoft Exchange Server after security support had ended, while basic safeguards, such as multi-factor authentication, had not been implemented.
The COPF said suspicious payment instructions linked to debt repayments involving India, the United Kingdom, Germany and Belgium had also been detected, preventing further losses. However, the US$ 2.5 million fraud materialised only in the repayment transaction involving Australia.
The report has noted that officials had failed to verify lender email domains, relied on unverified email communications and lacked adequate internal controls, allowing the fraud to continue for months.
Although the investigation uncovered system-wide weaknesses across several institutions, only four mid-level Finance Ministry officials had been suspended so far, the report said.
The COPF has recommended a special audit of the foreign debt repayment process, strengthened cybersecurity measures across state institutions, updated financial regulations and improvements to public debt management systems.
by Saman Indrajith
News
Opposition signs no-confidence motion against Justice Minister for dereliction of duty over Negombo Prison deaths
Opposition Leader Sajith Premadasa, together with Opposition MPs, yesterday signed a No-Confidence Motion (NCM) in Parliament against Justice Minister Harshana Nanayakkara.The move comes in response to the unrest at the Negombo Prison, where both prison officers and inmates were killed.
Opposition members said the Minister had failed to fulfill his responsibility and accountability regarding their safety.According to the Opposition group, the NCM seeks to hold the Minister directly accountable for lapses in ensuring protection within the prison system.
The Attorney General yesterday informed the Supreme Court that the government has decided to review the legality of agreements entered into by the previous administration to hand over the country’s electronic visa issuance operations to private companies.
Additional Solicitor General Viveka Siriwardena, appearing for the Attorney General, made the submission when the Supreme Court took up the fundamental rights petitions filed by former MPs President’s Counsel M.A. Sumanthiran, Patali Champika Ranawaka, and Rauff Hakeem, challenging the previous Cabinet’s decision to outsource the e-visa system.
The petitions were heard before a three-judge bench, comprising Chief Justice Preethi Padman Surasena and Justices Achala Wengappuli and Arjuna Obeyesekere.
The Additional Solicitor General informed court that the current Cabinet had appointed a subcommittee to examine the legality of the agreements with the private companies and requested time to report on its findings, stating that the review was still underway.
President’s Counsel Sumanthiran, appearing as one of the petitioners, told the court that although the present government had indicated its intention to cancel the transaction, the petitioners wished to proceed with the case.
He noted that members of the current Cabinet had been named as respondents in the petitions.The Supreme Court directed the petitioners to issue notice on the members of the current Cabinet, named as respondents, and fixed September 29 for further proceedings.
US$ 2.5 mn cyber heist exposes system failures
Opposition signs no-confidence motion against Justice Minister for dereliction of duty over Negombo Prison deaths
AG informs SC of e-visa agreement review
Navy, Coast Guard seize smuggled pharmaceuticals and cosmetics in Puttalam
BASL urges President to fill superior courts’ vacancies
Mariazelle passes away
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
News6 days agoSingapore-based Buddhist monk marks nearly four decades of humanitarian service
-
News1 day agoHerath warns prospective migrant workers not to get fleeced by racketeers
-
News5 days agoAI concerned over proposed SL military deployment in Haiti
-
Midweek Review3 days agoUnexpected focus on ‘pieces of tin’ worn by military men
-
Latest News4 days agoNyamhuri and Ngarava stun Bangladesh by defending 141
-
Features6 days agoThe NPP’s New Challenge: Balancing Easter Lawfare and Economic Welfare
-
News2 days agoNegombo Prison riot: Ensuring protection of prisoners fundamental responsibility of the state – UN
-
Foreign News6 days agoIran promotes message of continuity and revenge at Khamenei commemoration