The Civil Court has ruled that Hanbo Maldives Pvt Ltd must hand over four K-Park apartments to a buyer within 30 days or repay MVR 2.9 million, the value of the units, if the apartments cannot be delivered.

The ruling, issued on Wednesday, came in response to a case filed by Ali Adam of G. Kakaage. In his complaint, Ali requested the court to order the transfer of ownership for apartments KP708, KP706, KP507, and KP505. Alternatively, he sought a full refund of MVR 2.9 million, the total amount he had paid for the units.

According to court documents, the agreement for the apartments was signed on 3 April 2023. After reviewing the details of the case, the Civil Court ruled in favor of the plaintiff, confirming that Hanbo Maldives had entered into a valid agreement to deliver the apartments and must fulfill the contractual obligations.

The verdict states that if the company fails to transfer the apartments within the 30-day period, it must repay the full amount paid by the buyer, MVR 2,900,000, within the same timeframe.

Hanbo Maldives has been under scrutiny in recent years over allegations of fraud and deception related to the sale of K-Park Residence apartments in Hulhumalé. In 2023, the Maldives Police Service (MPS) concluded an investigation and submitted charges related to complaints from 51 affected individuals. At the time, several buyers also submitted a petition to the President’s Office, citing significant financial losses and delays in receiving the properties they had paid for.