The Privatisation and Corporatisation Board (PCB) has lifted the suspension of Housing Development Corporation (HDC) board members who were under investigation for alleged irregularities in the allocation of land plots in Hulhumalé.
The board members had been suspended last Thursday, except for Chairman Ahmed Nasif, to facilitate cooperation with the ongoing police investigation. The inquiry revolves around allegations that a plot of land under the Binveriyaa scheme was improperly allocated to the brother of former Managing Director Ibrahim Fazul Rasheed, who was not listed as an eligible recipient.
In a letter addressed to Nasif on Tuesday, PCB President Hamdy Ageel confirmed the reinstatement of the board members. However, no additional details about the decision were provided. The board includes Chairman Ahmed Nasif, along with Azhar Abdulla Saeed, Ibrahim Yoosuf Fulhu, Muhammad Visham, Ula Mohamed Rasheed, Arif Abdul Samad, Mohamed Naajil, Mohamed Waheed, Fatimath Mizna Ali, and Yoosuf Wahid.
The allegations against HDC extend beyond the Binveriyaa scheme and involve accusations of undervalued land sales and irregularities in awarding flats. Fazul, who resigned from his role as Managing Director on Saturday following his suspension, has been replaced by former construction minister Mohamed Mauroof Jameel.
The investigation is ongoing, with the police seizing the passports of 20 individuals, including Fazul. Law enforcement has also conducted a raid on Fazul’s residence, confiscating items relevant to the inquiry.
This case has attracted significant public and official scrutiny, raising questions about the integrity of land and flat allocation processes. The reinstatement of the board members suggests some progress in the investigation, but authorities have yet to disclose any findings.
The developments have placed HDC under intense pressure to enhance transparency and accountability, particularly in its management of public resources and its role in critical housing initiatives.
