Disgraced K-Park Mamdooh's partner at Urbanco suspended

An employee of Urbanco, who formed a company with Hassan Mamdooh, has been suspended in connection with allegations that the Hanbo company minority shareholder had cheated the company in the sale of high-end K-Park residence flats being built by the company in Hulhumale.

The majority shareholder of Hanbo company has levelled serious allegations against Mamdooh for selling the K-Park flats at throwaway prices and selling the same apartment twice.

In a report published on Wednesday by Atoll Times, it was revealed that Abdul Nafiu Mohamed, the general manager at Urbanco's real estate and property management division, also owned a stake in one of the companies Mamdooh used to sell apartments by duping the main shareholder.

Urbanco said in a message to the media on Thursday that the action against Nafiu was taken as part of the company's progressive disciplinary action policy.

Urbanco said that during the ongoing investigation in the K-Park case, the allegations against Nafiu will be investigated by the police and the company's internal audit and further action will be taken if necessary.

So far, passports of three persons have been seized in connection with the police investigation into allegations against Mamdooh.