Court orders Hanbo to deliver K-Park flats or refund MVR 2.9M
Hanbo Maldives has been accused of fraud in connection with the K-Park residence project in Hulhumalé.
The Civil Court on Wednesday ordered Hanbo Maldives to hand over four apartments in the K-Park residence to buyer Ali Adam of G. Kakaageaage, or refund MVR 2.9 million.
Ali Adam filed the case requesting the court to order the delivery of four apartments on the fifth and seventh floors of K-Park residence or repayment of the amount he had paid.
The court found that:
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An agreement to sell the apartments was signed on 3 April 2023 by Hanbo Director Hassan Mamdooh, sealed by the company.
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The apartments were contracted to be handed over to Ali Adam under this agreement.
Hanbo did not respond to the Civil Court during the proceedings. The court ruled that the company must hand over the apartments within one month, or refund the MVR 2.9 million if delivery is not made.
Hanbo Maldives has been accused of fraud in connection with the K-Park residence project in Hulhumalé. Flats were allegedly sold at discounted prices without the knowledge of the main shareholder, with large sums collected from multiple buyers.
The company previously stated that minority shareholder Mamdooh, along with another individual, had committed fraud by forging the signature of Managing Director Jin Shihu, who holds 95% of shares.
Mamdooh was arrested in July last year while attempting to leave the Maldives but was later released on bail on the condition that he cooperate with the trial.
Authorities have reported that over 50 individuals were defrauded in the sale of 23 apartments. Prosecutors have filed separate charges for each case.
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Mamdouh faces 104 charges.
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Jaishan, accused of assisting in the scheme, faces 74 charges.
