HDC Board Directors’ Suspensions Revoked

The Privatization and Corporatization Board (PCB) on Tuesday revoked the suspension of the entire Board of Directors of the Housing Development Corporation (HDC).

HDC’s Board of Directors, except for the Chairperson, were suspended along with the corporation’s Managing Director Ibrahim Fazul Rasheed by the PCB citing the ongoing investigation into the housing scheme scandal.

Last week, HDC came under heavy scrutiny after it emerged that land plots had been issued to non-recipients under the Binveriyaa Scheme.

The allegations around Fazul are particularly controversial as his brother, the now-suspended Deputy Managing Director of the Malé Water and Sewerage Company Pvt. Ltd. (MWSC) Mohamed Fazeel Rasheed is directly implicated in the scandal.

Fazul has since resigned from the position and former Minister of Construction and Public Infrastructure, Mohamed Mauroof Jameel has been named as his replacement.

Police earlier Tuesday raided the home of Fazul and confiscated several items including several devices linked to the investigation.

Police have also slapped travel bans on Fazul along with 19 others.

The Anti Corruption Commission (ACC) meanwhile, has also launched a separate investigation into the allegations of corruption and abuse of power involved in the scandal.