HDC MD Fazul and Board Members Suspended

The Privatization and Corporatization Board (PCB) has confirmed the suspension of the Board of Directors of the Housing Development Corporation (HDC), excluding Chairman Ahmed Nasif, in connection with an ongoing investigation into the irregular allocation of plots in Hulhumalé. The suspension, effective immediately, is intended to allow for full cooperation with the Maldives Police Service as it investigates the matter. The Board members will remain suspended until the investigation is completed and further decisions are made by the PCB.

The investigation stems from allegations that plots under the Binveriya Scheme were irregularly allocated to individuals not included in the official list of recipients. Claims have surfaced that some of the plots were given to individuals not on the recipient list, including the brother of HDC’s Managing Director, Ibrahim Fazul Rasheed.

As part of the investigation, the Maldives Police Service entered HDC's premises yesterday to probe the alleged irregularities. In response to these claims, Fazul has denied any wrongdoing. During a press conference, he stated that the allegations circulating on social media about irregular plot allocations were untrue. He emphasized that no plots from Hulhumalé under the Binveriya Scheme had been released without verification by the Housing Ministry. He clarified that HDC’s involvement in plot allocation begins only after applications are received through the official portal. Fazul also pointed out that the plots in question were previously allocated under the Binveriya Scheme, and the issue was noticed when two parties applied for the same plot.

Fazul said that HDC had brought the issue to the attention of the Housing Ministry and assured that they would fully cooperate with the ongoing police investigation.

The suspension of HDC’s Board members is part of a broader effort to ensure transparency and accountability in the allocation of state land. The investigation is ongoing as authorities work to determine the extent of any irregularities in the plot allocation process.