SOE committee to question HDC on K-Park delays

A request has been lodged with the Parliament's State-Owned Enterprises (SOE) Committee to summon the Housing Development Corporation (HDC) owing to the "K-Park Residences" project's limbo.

Housing Development Corporation (HDC) contracted the project to Hanbo Company Limited, a South Korean company, in 2016 with the condition to complete the property within two years.

It has been seven years since physical works on the project began.

North-Galolhu MP Mohamed Ibrahim made the request to the SOE Committee, seeking an explanation on the steps and action taken by HDC on the issue so far.

In his letter, the MP highlighted a total of 125 buyers had invested their money to purchase flats from the luxury residences.

He also alleged that HDC did not perform due diligence before awarding the development to Hanbo, and the developer had violated its contractual obligations as well.

The MP said that the issue was submitted to the committee, seeking an official response on a long-delayed issue that included the stakes of several citizens and assessing the culpable parties for negligence.

The questions raised in the letter directed at HDC include:

• What is the current status of the project developer, Hanbo Company, and what are the outcomes of the meetings between the developer and HDC for a resolution?
• Steps taken by HDC owing to the project's delay
• Action against the developer by HDC as the land's proprietor
• Is HDC aware of the buyers and payment details of those who have purchased flats from K-Park Residences?
• The project's current progress
• Who is the current developer of the project?
• Reparations or concessions extended to property buyers from HDC for their economic losses

The North-Galolhu MP described the project as a scam and urged for the parliament's initiative to take necessary action against the culpable parties.

Meanwhile, the minority director of Hanbo Company's local venture, Hassan Mamdhooh, along with one more individual, Jaishan Saeed, have been charged with fraud and misrepresentation for selling K-Park apartments unsolicitedly.

Mamdhooh faces more than 100 separate charges in the case, while Jaishan faces 98 charges.