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Online Judicial auction makes it easier for local courts to handle seized assets
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ONLINE judicial auction has been a growing trend as it offers a cost-effective solution to achieve judicial transparency and attract more bidders, according to Shanghai Higher People’s Court on Wednesday.
Shanghai courts initiated an average of more than 2,000 judicial sales every year. Last year, 53 percent finished on the Internet, the percentage of which rose by more than one third from 2012, said Sheng Yongqiang, vice president.
Among them, 414 auctions were finished with price over 10 million yuan (US$1.45 million), including 18 involving more than 100 million yuan, Sheng added.
Shanghai courts started to go online to handle assets seized in lawsuits since 2011. Since 2015, judicial sales were started on the auction site and a third-party website at the same time.
“It breaks the geographical restrictions. People from around the world can participate in our auctions. And the whole process is open to all, ensuring information transparency,” Sheng said.
He added, “Also, from our experience, the price is usually well above the estimated value of items being auctioned.”
As an example, Shanghai Maritime Court has sold 29 vessels in online auctions so far. Averagely, buyers paid nearly 16 percent higher than actual price for items. This January, a freighter belonging to a bankrupt shipyard was sold for 96 million yuan, becoming the most expensive ship ever sold at an online auction in China.
This year, regulations on online judicial sales, made by China Supreme People’s Court, took into effect. From March, a local version on how to implement the regulations will take into effect.
Deputy president Mao Ronghua said creditors can decide which website to start auction. They have five options, including court’s official auction website, auctioneers’ association website and e-commerce giant like Taobao.
Also, Shanghai higher court has designated 44 auction houses as assistance. To avoid corruption, they should attend lucky draw that decides which auction they will offer hands, Mao added.
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