Police have raided the local residence of one of the directors of Hanbo Company, Hassan Mamdhooh (Mandey), regarding the ongoing investigation into possible graft and embezzlement by the director.
He came into the spotlight over possible misappropriation of company funds and embezzlement related to Hanbo's real estate project; K-Park Residences.
Police confirmed they entered his residence under a court-warranted order but refrained from disclosing further details.
When the case was first brought to the attention of local authorities, police raided his apartment in Amin Avenue.
Authorities have also confiscated his apartment and assets under the court order. Expensive assets, including cars, jewelry, and other items, have been taken into police custody.
It has been learned that the assets acquired by Mamdhooh, taken into custody, have all been purchased from the misappropriated payments from property buyers, according to the police.
The primary shareholder of Hanbo, Shiun Jin, made serious allegations against Mamdhooh and filed a case against him in May 2023. While Jin holds 95 percent of the company's shares, Mamdhooh owns 5 percent.
Despite Mamdhooh's initial arrest for his alleged involvement in the case, he was released with a travel ban.
Hanbo, in an earlier statement, alleged that Mamdhooh had misrepresented project progress and deceptively acquired payments from over 100 potential property buyers without the knowledge of the proprietor. Jin alleged that Mamdhooh forged his signature on agreement documents to authorize unlawful transactions through the bank.
Meanwhile, the company added that it was working to complete the real estate project according to its agreement with Urbanco by the end of 2023.
Urbanco entered into an agreement with South Korea's Hanbo Tech on October 9, 2016, for the development of the K-Park Residences. The local partnership, Hanbo Company, was formed as an intermediary and the marketing firm to sell apartments of the property.
Hanbo Tech, last week, announced it had terminated its contract with the local firm owing to several conflicts and discrepancies.
Sign In