HDC recovers USD14.7 million in outstanding amounts

Managing Director of Housing Development Corporation (HDC) Fazul Rasheed has announced that the corporation has recovered USD14.7 million in outstanding payments from the facilities and resources leased for commercial purposes.

Addressing the parliament’s Public Accounts Committee, Managing Director Fazul shared that when the new management took over, the corporation faced outstanding payments totalling USD90.8 million. Of this amount, USD45.3 million was related to payments due from leased facilities and resources, while USD46.8 million was attributed to payments HDC had not yet received from development projects and sales.

To address this significant issue, Fazul explained that a Recovery Committee had been established, leading to the successful collection of USD14.7 million. He noted that a total of USD907.9 million was owed to the corporation by various entities, with previous efforts also made to recover this amount.

Additionally, Fazul outlined that decisions had been made to terminate agreements with various parties in order to recover the owed payments. Prior to termination, these parties would be issued notices to settle their outstanding dues within a specified timeframe. He further revealed that, in cases where payments are not made, HDC intends to pursue legal action to reclaim leased buildings or land through the court.