K-Park fraud: Mamdooh hits back at majority shareholder's allegations
Hanbo Tech Korea declined to comment on Jin Shi's statement accusing Mamdhooh.
By
Aishath Fareeha Abdulla
Minority shareholder Hassan Mamdooh on Tuesday responded to the allegations made by the majority shareholder of Hanbo Maldives that the apartments of K-Park Residence being developed in Hulhumale were sold in a fraudulent manner.
Days after the complaint was lodged with the police and Mamdooh's passport impounded, he issued a statement defending himself. He also levelled back allegations against Jin Shi Hu, the main shareholder of Hanbo Maldives.
Hanbo Maldives was established to play the role of a local agent to implement the K-Park project, awarded to Hanbo Korea. Hanbo Korea said in a statement after allegations of fraud surfaced that Hanbo Maldives had been removed as an agent for the project.
Mamdooh says:
-
K-Park was not developed by Jin Shi Hu or his company
-
The money raised from the sale of apartments was used for it
-
He is working even now to protect the rights of those who bought apartments from K-Park
-
He will cooperate with the state agencies in the ongoing investigation
-
Neither Jin Shi nor his company has legal authority over the K-Park residence
Mamdooh said Hanbo Maldives was given the power to sell the flats and accept payments. Mamdooh said both the local agent and Jin Shi would receive the money for the work done under the agreement.
Mamdooh alleged that China's Jin Shi was conspiring with his employees at the Hanbo Maldives office to sell apartments and flee the Maldives with the funds. Mamdooh said he did not agree to this and since then efforts have been made to change the company's share structure to suit the requirements of Jin Shi.
He said that when he refused to do what Jin Shi wanted by changing the number of directors of the company to three, Jin Shi and his associates wanted to defame him and expel him from Hanbo Maldives.
Mamdooh said Hanbo Maldives was removed as an agent for the K-Park project at around 2pm on Tuesday in connection with the case, and that Jin Shi issued a statement against him after the removal
Mamdooh said that as a local agent for the implementation of the K-Park project, he created Hanbo Company Private Limited and gave 95% of the company's shares to Jin Shi Hu with conditions. He said the shares were raised under condition to fulfils certain responsibilities.
Mamdooh says:
-
The condition of payment to Mamdooh and former shareholders
-
However, Jin Shi did not do anything he agreed to as part of the share sale
-
Mamdooh accuses Jin Shi of fraudulently duping him and the company's former shareholders
Refuting the claim that Jin Shi did not know anything about the company, Mamdooh said that Jin Shi's accountants and employees are always in the office and there is evidence of that. He also said that a sound mind would not believe that the majority shareholder does not know anything about the company after more than five years of working on one project, he said.
Hanbo Tech Korea declined to comment on Jin Shi's statement accusing Mamdooh. In a statement, the parent company assured that the project would not be stalled and said it was prioritising the completion of the project as soon as possible.
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.
"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.
