Hanbo company's minority shareholder Hassan Mamdhooh 'Mandey' accused of fraud in the sale of apartments from the K Park Residence in Hulhumale' has been released from police custody by the Hulhumale' court.
He was arrested under a court order and remanded in custody for 15 days. His remand was extended by an additional 10 days. The remand period ended on Sunday.
Hulhumale' court ordered his release when summoned to decide on extending detention. He was released on condition that he appear in court and that he obtain permission before leaving the island.
The K Park project was undertaken by Hanbo Maldives, a company formed in partnership with Korea's Hanbo company. A Chinese national named Jin Shihu owns 95 percent of shares in the company. Mamdhooh owns a five percent stake.
Hanbo Korea alleged in a statement that Mamdhooh forged Jin Shihu's signature on apartment sale agreements and used a resolution said to have been provided to his business partner Jaishan Saeed.
Mamdhooh also issued a statement in response and levelled many allegations against the majority shareholder. The project was carried out with funds taken from people and the majority shareholder committed fraud, he claimed. However, Mamdhooh's statement did not respond to the signature forgery allegation.
