HDC Board of Directors' suspension lifted
The then Managing Director, Ibrahim Fazul Rasheed, was also suspended
HDC office building
The Privatization and Corporatization Board (PCB) has lifted the suspension of the members of the Board of Directors of the Housing Development Corporation (HDC), despite recent revelations of widespread corruption and embezzlement within the corporation.
In a post on social media platform ‘X’ on Tuesday, PCB revealed that since a new Managing Director has been appointed to HDC, the decision to suspend the members of the company's Board of Directors was terminated effective Tuesday.
All board members except the Chairman, Ahmed Nasif, were suspended on December 19. At that time, several issues related to the company had surfaced, and HDC was facing criticism from many.
The then Managing Director, Ibrahim Fazul Rasheed, was also suspended. While the investigation of the case was ongoing, Fazul denied the allegations against him and subsequently resigned.
In place of Fazul, Mauroof Jameel, who served as the Construction Minister during former President Maumoon Abdul Gayoom's administration, was appointed as the Managing Director of HDC.
