Hanbo Tech of South Korea has assured that it would complete and deliver the Mixed Use Residential Complex, K-Park residence it is building in Hulhumale' despite fraud allegations against its local agent.
In a statement, Hanbo Korea said that the contract to build the residential complex was signed back in 2016 between HDC (now renamed Urbanco) and the company.
It said that in 2017 a limited liability company named Hanbo Company Pvt Ltd (Hanbo Maldives) was appointed under the laws of the Maldives as the Maldivian Agent to assist Hanbo Tech Korea with the implementation of the project in the Maldives to carry out various tasks such as marketing and sales of apartments on behalf of Hanbo Tech Korea.
Hanbo Tech Korea further said that due to various unavoidable difficulties in continuing the implementation and completion of the project with Hanbo Maldives, it is left with no option but to terminate and revoke the powers and authorization delegated to Hanbo Maldives.
It said that Hanbo Maldives has been terminated as the local agent for the K-Park project but noted that this decision would not affect any agreements already signed or any commitments made by Hanbo Maldives on behalf of Hanbo Tech with regard to the project including its customers.
It assured that Hanbo Tech would always fully protect the rights and interests of its valued customers and that it was carrying out all the actions necessary for the completion of the project and delivery to the customers as soon as possible.
The reassurance from the parent company comes after a minority shareholder of the local company Hassan Mamdhooh has been accused of committing fraud to sell K-Park residence apartments for throwaway prices.
Hanbo Maldives has now filed a complaint at the Police to investigate the matter.
