Authorities have withheld the passport of Hanbo Company Pbt. Ltd's minority shareholder, Hassan Mamdhooh (Manday).
The development comes while state-owned enterprise Urbanco filed a police case requesting to investigate Manday after the parent company of Hanbo Company, Korean company Hanbo Tech alerted the corporation regarding theft allegations against Manday.
Hanbo Tech, which is developing the K Park Residences condominium project in Hulhumale', has made serious allegations against its local agent. Manday is a minority shareholder of Hanbo Company with a five percent stake, while Jin Shihu, a Chinese businessman, is a 95 percent shareholder and managing director of the company.
According to Hanbo Tech, Mandey had fraudulently sold flats to a large number of people and extorted money from them. The company said Jin Shihu's signature was forged into documents and that agreements were signed by Mandey and a person named Jaishan Saeed when the flats were sold. Jaishan is a shareholder in Koadhi Investments, one of the local companies working with K Park. Mandey is also a shareholder of the company.
The statement also alleged that Mandey sold flats to various people and asked them to pay by cash and called customers, and asked for loans for personal purposes.
Although K Park's account was opened with the State Bank of India, Manday allegedly opened a Rufiya and USD account with the Bank of Maldives by forging the MD's signature, the statement said.
Hanbo Company has now filed a criminal complaint against Mandey at Maldives Police Service. The issues have also been brought to the attention of Urbanco, the state company with which Hanbo has an agreement to develop K Park Residence. Hanbo noted that Mandey was not cooperating in providing the documents and information on transactions in the company's name.
The K Park Residence is a 14-story building with 110 apartments located on the west side of Central Park in Hulhumale'. These include two-bedroom and three-bedroom apartments. The building will have 11 floors of residential apartments. The basement of the building will be reserved for parking, while the first two floors will be reserved for commercial use.
Although the construction of the condominium began in 2017, the building has not been completed by any of the scheduled dates. The people who have bought flats from the building have been expressing their concern over the delays.
