Maldives Police Service has raided the local residence of one of the directors of Hanbo Company, Hassan Mamdhooh (Mandey) as part of an ongoing investigation into potential graft, misappropriation of funds and embezzlement.
Mamdhooh has faced allegations of possible misappropriation of the company funds and siphoning off its monies to personal accounts, all of which relate to Hanbo Tech’s real-estate venture in Hulhumale’; K-Park Resdencies.
Police confirmed entering his residence under a court order, and was later reported that the authority had confiscated his apartment and assets under the same order. The law enforcement authority took under their custody, several items in Mamdhooh’s possession including cars, jewelry and other expensive articles.
It was also reported that Mamdhooh had acquired these assets from misappropriated payments from property buyers.
The major shareholder of Hanbo Company, Shiun Jin made allegations against Mamdhooh and filed a case in May 2023. Jin holds 95% of the company’s shares with Mamdhooh retaining the remaining 5%.
Hanbo, in an earlier statement, said that Mamdhooh had misrepresented project progress to deceptively acquire payments from over 100 potential property buyers without the knowledge of the proprietor.
Jin alleged Mamdhooh forged his signature on the agreement documents to authorize unlawful transactions through the bank.
Hanbo Tech, the South Korean parent company, said it was towards completing the project as per the agreement with Urbanco. The proprietor expects completion by 2023 end.
The South Korean real-estate developer entered into the agreement with Urbanco on October 9, 2016 for the development of the luxury apartment complex. The local partnership, Hanbo Company, was formed as an intermediary and to market the property for potential customers.
Last week, Hanbo Tech announced it had terminated its contract with the local intermediary owing to conflict and disability in continuing with the partnership.