Managing Director of Housing Development Corporation (HDC) Ibrahim Fazul Rasheed has been suspended.

On Thursday, the Privatization and Corporatization Board (PCB) revealed that to provide full cooperation and space for the ongoing investigation related to HDC, all members of the Board of Directors, except for the Chairman Ahmed Nasif, have been suspended from 19 December 2024, until the board announces a decision after the investigation wraps up at Maldives Police Service (MPS).

PCB stated that the company's MD Fazul has also been suspended from coming to the office until the board announces a decision.

While Fazul has been suspended, on 18 December 2024, an major scandal surfaced on social media regarding a plot of land in Hulhumalé that was given to his brother, which he was not entitled to.

HDC held a press conference regarding the controversial scandal on Wednesday night, during which Fazul failed to clarify how two people received the same plot in Hulhumalé, and stated that his brother's inclusion among those who received plots in Hulhumalé against regulations was a coincidence. He also ended the press conference without answering questions from journalists.

Fazul has landed in hot water after being pinned with several allegations including that nearly 50 plots have been distributed through the scandal, in the land issue so far.

Calculations show that the value of the sold plots amounts to MVR 400 million at the average rate at which land is being sold in Hulhumalé. This is the amount calculated assuming all these plots are 1,250 square feet, as reported by some media.

Many people protested in front of HDC after the scandal surfaced on Wednesday, calling for Fazul's immediate resignation.