HDC audit: Hanbo unqualified as a contractor for K-Park project

An internal audit of Housing Development Corporation (HDC) shows that the Korean company, ‘Hanbo Company Limited’, which was contracted to develop K-Park Residences – a missed use residential complex in Hulhumale’ – does not meet the necessary requirements of a contractor.

Housing Development Corporation (HDC) awarded the project to Hanbo seven years ago, during former president Abdulla Yameen Abdul Gayyoom’s administration. The project remains unfinished to date prompting concern from buyers who purchased the residential units.

Parliament’s State-Owned Enterprises Committee is probing the case in order to hold the company answerable.

North Galolhu MP Mohamed Ibrahim (Kudoo) questioned HDC on how the project is proceeding as part of the probe into the case. In response, HDC said the project was still being carried out by Hanbo.

HDC further said two concerning issues were uncovered during an internal audit conducted in light of the allegations that the same units have been sold to multiple buyers.

In this regard, HDC said Abdulla Nafiu, an employee of Hanbo, had been a part of the evaluation process before the project was awarded to Hanbo.

Apart from this, HDC said Hanbo failed to achieve the minimum marks required to qualify as a contractor for the project when the company’s proposal was reevaluated during an internal audit.

The K-Park Residences was the subject of a fraud investigation by the police. Hassan Mamdhooh (Manday), the former minority shareholder of Hanbo, and his acquaintance Jaishan Saeed are on trial for over 100 charges of fraud in the sale of apartments from K-Park Residence.