The Privatisation and Corporatisation Board (PCB) has suspended Housing Development Corporation (HDC) Managing Director Ibrahim Fazul Rasheed and all board members except Chairman Ahmed Nasif.

The decision follows an ongoing Maldives Police Service investigation into alleged corruption in the allocation of land under the Binveriya Scheme.

The allegations suggest that land plots were allocated to ineligible individuals. MD Fazul has denied these claims, stating that HDC’s role is limited to verifying applications, while land allocation decisions are made by the Ministry of Housing, Land, and Urban Development.

Speaking at a press conference, Fazul clarified that the controversy stems from a dispute between two applicants for the same plot, which was referred to the Housing Ministry for verification. He dismissed the allegations as defamatory and inaccurate, emphasising that HDC operates transparently and adheres to all regulations.

Fazul assured full cooperation with the investigation and reiterated that neither HDC nor its employees have engaged in any misconduct.