People who suffered heavy losses after buying apartments at Capark Residence, a development that began in Hulhumalé, have filed a case in the Civil Court seeking justice.
According to Advocacy Chambers, which represents those who suffered losses, the path to a peaceful settlement has been blocked because they did not receive cooperation from the Housing Development Corporation (HDC) and because the company that developed the project no longer exists.
In the related criminal case, Hanbao company’s minority shareholder Hassan Mamdooh (Mande) was sentenced by the Criminal Court to more than 397 years in jail after being convicted of selling a single apartment to two or three people through deception, as well as money laundering and fraud. Participant Jaishan Saeed was sentenced to more than 159 years.
Although criminal sentences have been handed down, apartment owners say their financial and psychological distress has grown further because the apartments HDC decided to hand over through ARDC are being delivered with many terms reduced from the original agreement.
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