Housing Development Corporation (HDC)'s Managing Director Ibrahim Fazul Rasheed has announced that they have recovered MVR 226 million from outstanding payments owed to the company for properties leased for business purposes. This statement came whilst responding to questions from members of the Parliament's Public Accounts Committee.

At the committee meeting, he explained that when the new management took over, the company had outstanding receivables totalling MVR 1.4 billion from various parties for land and buildings leased by HDC. These included MVR 699 million in outstanding lease payments and MVR 720 million in development and sales payments.

Following his appointment, a Recovery Committee was established within the company to resolve this issue. Through the committee's efforts, they have recovered MVR 226 million thus far.

Additionally, the company has total outstanding receivables of MVR 14 billion, including from various institutions. No previous efforts had been made to recover these funds.

The HDC needed to examine the amount of external debt owed to the company, noting that they were owed a total of MVR 14 billion in debt, which included all institutions. This was described as a very significant amount, with the current consequences stemming from the lack of previous efforts to address the issue.

Furthermore, the corporation had decided to terminate agreements with various parties to recover the money owed. Opportunities were being given to parties who wished to settle their dues within a specific timeframe before taking such action.

The Public Accounts Committee was informed that HDC would pursue legal action to repossess properties or land if payments were not made.