The Tokyo District Court has granted a stay of execution on the business suspension order issued by Tokyo against the sales of the real estate co-ownership fund “Minna de Oya-san” operated by Urban Research Institute Investment Fund. The effect of the suspension order is halted until seven days after the delivery of the first instance judgment.
Minna de Oya-san Sales, which handles the sales of “Minna de Oya-san”, had filed a petition arguing for the suspension of the business suspension order, claiming procedural violations, deviation or abuse of discretionary power, and stated there was an urgent need to prevent significant damage.
However, Tokyo argued that there was no urgent need to prevent significant damage and claimed that the petition did not meet the criteria for suspension, asserting it would seriously affect public welfare.
On June 17, Tokyo had ordered a 30-day business suspension following issues concerning the “Narita Airport Area Development Project” being sold as an investment product by “Minna de Oya-san”. The project’s business plan was changed, which significantly affected the asset value of the property in question. Despite recognizing this as a critical matter, they neglected to inform investors and sold the project including lands not authorized for development, followed by improper actions in contract modifications with investors.
In May, Kyosei Bank, the parent company, revealed plans to construct a complex facility “GATENIL
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