HDC Board Members Reinstated Following Appointment of New MD

The Privatisation and Corporatisation Board (PCB) of the Maldives has reinstated the board members of the state-owned Housing Development Corporation (HDC), who were suspended last week amidst allegations of corruption.

In a statement posted on social media platform X, the PCB explained that the decision was made following the appointment of a new managing director to lead the corporation.

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Last week, all HDC board members, except the Chairman, were suspended following revelations that HDC had issued permits to Fazeel Rasheed, the brother of former Managing Director Fazul Rasheed, using forged documents under the Binveriyaa housing scheme. 

Fazul Rasheed resigned in the wake of mounting allegations of corruption during his tenure. On Sunday, Mauroof Jameel, a former construction minister and veteran civil servant, was appointed as the new managing director of HDC.

The PCB’s decision to reinstate the board members is expected to stabilise the company as it moves forward under new leadership.