Gov’t issues tender that appears tailored to company owned by former HDC MD Fazul
The ministry issued a tender for speed boats with specifications matching only those sold by Crystalline MV
Former HDC MD Fazul (L) and President Muizzu (R)
The government has announced a new tender for the purchase of speed boats under conditions that appear designed to benefit Crystalline MV, a private company owned by former Housing Development Corporation (HDC) Managing Director Ibrahim Fazul Rasheed, a figure previously embroiled in multiple corruption allegations.
After abruptly canceling an earlier announcement made on October 1, the Ministry of Finance and Planning issued a fresh tender on October 29 for three speed boats of a very specific size, matching precisely the type sold by Crystalline MV. According to the ministry, the vessels are being procured for the Ministry of Cities, Local Government and Public Works, with bids due by 1pm on November 12.
The tender documents stipulate detailed technical specifications for three 12.75-meter launches, a size and model currently available only through Fazul’s company in the Maldives. Industry sources confirm that Fazul is the sole shareholder and director of Crystalline MV, raising further concern about the transparency of the procurement process.
Fazul’s name has been repeatedly linked to corruption during his tenure at HDC. Among the most serious allegations is the claim that he facilitated the sale of land plots under the ‘Binveriyaa’ housing scheme to individuals who were not eligible beneficiaries. The Maldives Police Service (MPS) searched Fazul’s residence, M. Zeyvaru, on December 22, seizing more than a million Maldivian Rufiyaa in cash, which was later returned to him.
He also faces allegations related to a controversial USD 18 million (which is approximately MVR 278 million) contract awarded by HDC to China’s Shenyang Yuanda Intellectual Industry Group for installing additional elevators in the Hiyaa flats in Hulhumalé Phase II, a deal that effectively priced each elevator at over USD 560,000 (which is approximately MVR 8.3 million). Experts have described this figure as grossly inflated.
Following mounting scrutiny, Fazul resigned as HDC Managing Director on December 21. He remained out of the public eye for several months before resurfacing at the People’s National Congress (PNC) Members’ Assembly in May. Despite the ongoing investigations and public concern, his political ties remain intact. PNC has since appointed Fazul as its campaign manager for Vaavu atoll in the upcoming local council elections, signaling continued influence within the ruling party’s inner circle.
The latest tender raises serious questions about conflict of interest, procurement integrity, and the government’s commitment to transparency, particularly given Fazul’s unresolved corruption allegations and his evident proximity to the current administration.
