South Korean company withdraws from a project for not receiving its financial dues

Shafaq News / A source revealed on Sunday that the South Korean company Hanwha has withdrawn from the Basmayah residential complex in Baghdad.

The source told Shafaq News Agency agency, "the Korean company Hanwha, which is implementing the Basmayah housing project, withdrew from it because it did not receive its financial dues", indicating that, "the company has completed more than 30,000 out of the 100,000 housing units".

The source who preferred to remain anonymous added, "The Iraqi government informed the Korean company that it is unable to pay the company’s dues due to the conditions that Iraq is currently going through, which prompted the Korean company to lay off thousands of Iraqi and foreign workers, technicians and engineers".

In turn, the residents of Basmayah accuse the Investment Commission of colluding with an Iraqi company that, "neglected services in the complex".

several residents said, "The Investment Authority has contracted with a new company for maintenance and cleaning named Iraquna. The taxes were doubled, and the company does not provide services to the residents".

Basmayah modern residential complex is located southeast of Baghdad. Othe 25th of September 2011, the Investment Authority opened the door for registration on the complex, after it contracted with the South Korean Hanwha Company to establish 100,000 housing units.