Hanbo: K-Park will be complete this year; expedite case against Manday

Hanbo, the developer of K-Park Residences, a condominium in Hulhumale’, has appealed to Maldivian authorities to expedite the investigation against Hassan Mamdhooh (Manday) – the company’s minority shareholder who is accused of fraud in the sale of apartments from the condo.

In a statement on Tuesday, Hanbo said that in accordance with its agreement with Urbanco, it is working to complete the construction of K-Park Residences before the end of the year.

The company said that Manday is accused of defrauding over 100 people, and asked authorities to expedite charges against him.

Hanbo said that Manday is no longer a member of the company’s Board, and warned people against communicating with him regarding anything related to the company.

Hanbo, which launched the K-Park project in 2016, is co-owned by Jin Shihu, a Chinese national, and Manday. Shihu owns 95 percent of the shares while Manday owns the remaining five percent.

The fraudulent sale of the apartments developed under the project was submitted for police investigation by both Hanbo and Urbanco.

According to police, the case involves the sale of apartments from the K-Park Residences using forged documents, and embezzlement of the money collected through fraud.

Manday was arrested by the police, but was later granted conditional release by the court.

According to Shihu, Manday had sold the same apartments to multiple parties, had accepted cars and other such items in exchange for apartments, and had sold some of the apartments at below value.

Manday denies the allegations, describing the case against him as an attempt to defame him.