Parent firm assures K-Park project continuation; to honour sale agreements

Hanbo Tech Korea on Tuesday assured that the construction of the K-Park luxury residences in Hulhumale will not be stalled. According to the company, the agreement signed with their local agent, Hanbo Maldives, has been terminated on Tuesday.

A case has come to light in which minority shareholder Hassan Mamdhooh, the minority shareholder in the local company, is alleged to have fraudulently sold K-Park flats at throwaway prices. The company said in a statement that it has now filed a police complaint seeking criminal investigation. 

Hanbo Maldives has alleged that Mamdhooh and another person took money from several people through a huge fraud.

This was done by forging the signature of Managing Director Jin Shi Hu, who holds 95% stake in the company, according to Hanbo Maldives.

Hanbo Tech Korea, the main company of the project, issued a statement after Hanbo Maldives issued a statement on Tuesday making the allegations against Mamdhooh.

According to the company's statement, Hanbo Maldives is the company's Maldivian agent founded in 2017. Hanbo Maldives was established to assist Hanbo Tech Korea in managing, marketing and selling flats, the statement said.

Prior to this, in October 2016, Hanbo Tech Korea had signed an agreement with the then HDC to build the K Park flat as a mixed-use residential complex in Hulhumale, the statement said.

The statement cited various difficulties in implementing the project and completing the work as the reason behind the decision to cancel the agreement between the local agents. "It was decided by the board of directors of Hanbo Tech Korea," the statement said.

"This decision of Hanbo Tech Korea will not affect any agreements made [by Hanbo Maldives] or the commitment made in the name of this company in connection with this project," the statement said, adding that customer agreements will be respected.

Assuring that it will protect the rights and interests of its customers, the company said it is prioritising the completion of the project as soon as possible. The statement also mentions how to contact if anyone wants to know more about the case:

Hanbo Tech Korea declined to comment on the fraud that came to light with their statement.