Suspension of HDC Board of Directors Revoked Amid Ongoing Housing Scheme Investigation

The Privatization and Corporatization Board (PCB) announced on Tuesday that it has revoked the suspension of the Housing Development Corporation's (HDC) Board of Directors. The suspension, initially imposed on all board members except the Chairperson, followed allegations of malpractice related to the Binveriyaa housing scheme.

The controversy centers on allegations that land plots under the Binveriyaa Scheme were allocated to individuals who were not eligible recipients. The now-former Managing Director of HDC, Ibrahim Fazul Rasheed, was among those suspended due to his involvement in the scandal. Fazul has since resigned, and Mohamed Mauroof Jameel, a former Minister of Construction and Public Infrastructure, has been appointed as his replacement.

Fazul's brother, Mohamed Fazeel Rasheed, who served as the Deputy Managing Director of the Malé Water and Sewerage Company Pvt. Ltd. (MWSC), is directly implicated in the scandal. Fazeel has also been suspended amidst allegations of receiving land plots unlawfully.

Ongoing Investigations and Actions Taken

Authorities have intensified their probe into the matter:

Earlier Tuesday, police raided Fazul's residence, seizing multiple devices linked to the investigation.

Travel bans have been issued against Fazul and 19 others potentially connected to the scandal.

The Anti-Corruption Commission (ACC) has launched a parallel investigation into allegations of corruption and abuse of power related to the housing scheme.

HDC, a key state-owned enterprise, faced significant backlash last week after revelations of irregularities in its allocation of land under the Binveriyaa Scheme, a flagship housing initiative. These allegations have prompted both public and governmental scrutiny, leading to the suspension of several key figures.

As investigations by the ACC and Maldives Police Service continue, the PCB’s decision to lift the suspension on HDC’s Board of Directors, except Fazul, marks a significant development in the ongoing efforts to address the scandal and restore accountability within the corporation.