The Civil Court has annulled a previous ruling that mandated reimbursement for an individual who purchased an apartment from K-Park Residences, a condominium project currently under development in Hulhumalé.
The annulment was announced on Wednesday.
The earlier verdict had ordered a total reimbursement of MVR 2.9 million and USD 20,000 to Rafeeuddin Naseem, a resident of Hithadhoo district in Addu City.
This ruling, issued against Hanbo Company—the entity responsible for developing K-Park Residences—was initially announced on October 24, 2022, and was set to expire on December 24, 2023.
Hanbo Company's Appeal
Hanbo Company sought to annul the verdict in June 2024, claiming that the previous ruling was based on incorrect information.
The court's decision to annul the ruling was based on Article 124 of the Civil Procedure Act, which allows for the annulment of a ruling made in absentia if it is deemed incorrect.
Hanbo Company contended that forged documents were utilized in the sale of the apartment.
They also noted that the Maldives Police Service (MPS) is not currently investigating the matter.
Furthermore, Hanbo asserted that they were denied the opportunity to respond to the case, as another party had seized the case documents submitted by Rafeeuddin.
Despite requests for a response from their legal team, Hanbo claimed they were unable to engage due to the circumstances surrounding the case documents.
Civil Court's Decision
The Civil Court ultimately revoked the reimbursement ruling after considering these factors and other points raised in Hanbo's case for annulment.
Maldives Police Service Investigation
In December 2023, the Maldives Police Service concluded its investigation into allegations of fraud related to the sale of apartments in K-Park Residences, identifying 51 victims in the scheme.
Charges were filed against a suspect for providing a forged document intended to mislead, which was signed under the name of Jin Shihu, a 95 percent shareholder of Hanbo Company, without his authorization or knowledge.
Prosecutor General's Office Charges
The Prosecutor General’s Office (PG Office) revealed that charges are connected to the sale of 23 apartments at K-Park Residences, which were allegedly sold to over 50 individuals, with multiple buyers acquiring a single apartment.
The PG Office also indicated that further investigations into related issues are ongoing.
Money Laundering Charges
Additionally, various individuals face charges of money laundering and complicity in money laundering linked to the purchase of these apartments, including methods involving cash deposits combined with funds in the company's accounts.
So far, 201 charges have been filed, and victims are seeking compensation for their losses.
