Hanbo Company shareholder Hassan Mamdhooh (Mandey) was accused of forging signatures, selling a single apartment to multiple prospective buyers and misappropriating company funds for personal use.

Mamdhooh is alleged to have retained the proceeds from the apartment sales instead of transferring the money to the company. 

He failed to appear in court, leading to the postponement of his sentencing hearing until Saturday.

He is facing more than 100 criminal charges for alleged graft and misrepresentation of company assets for illicit enrichment. Additionally, the state is pressing 95 charges against Jaishan Saeed from Raa Atoll Alifushi, which includes 20 counts of misrepresentation, 27 counts of aiding misrepresentation, and 47 counts of fraud along with one count of aiding money laundering.

During today's hearing at the Criminal Court, presiding Judge Ali Nadheem stated the hearing be cancelled today on behalf of Mamdhooh. Judge Nadheem also stated that Mamdhooh had requested the "trial be delayed for the sake of God", but he had been informed that the trial would be taking place.

And so, the judge said that action will be taken as per regulations that state the failure to produce oneself in court. 

The judge ruled that one of the charges against Jaishan has been proven  and ordered he be placed under remand, as there would be a prison sentence yet to be decided.

Mamdhooh failed to produce himself in court in June as well, with him remanded in custody as per a court order. Nevertheless, he was released later on by the court.

If the charges are proven, a lengthy prison sentence will be given.

The police have seized Mamdhooh's apartment and valuable property during the case.