Zuhoor raised Fazul's graft allegations in pres letter 5 months ago
Zuhoor cited multiple instances of alleged misconduct by Fazul, which he claimed served personal interests.
Former Housing Development Corporation (HDC) Chairman Ahmed Zuhoor detailed allegations of fraud and corruption against HDC Managing Director Ibrahim Fazul Rasheed in a seven-page letter sent to President Mohamed Muizzu in July, following his dismissal from the chairmanship in May.
The allegations surfaced after revelations of instances of land misallocation under the Binveriya scheme, including one involving Fazul’s brother, Mohamed Fazeel Rasheed, Deputy Managing Director of Malé Water and Sewerage Company (MWSC).
The matter came to light when documents were leaked on X by an account named Hassan Kurusee. Fazul and several senior HDC officials have since been suspended, and police have launched an investigation.
Fazul denies the allegations.
In the letter, Zuhoor cited multiple instances of alleged misconduct by Fazul, which he claimed served personal interests. The letter also alleged a lack of governance and transparency within the corporation under Fazul’s leadership.
Allegations highlighted by Zuhoor
-
1-
Land Allocation Concerns: A plot of land intended for MWSC was reportedly redirected to Hyperloop, a company in which Fazul allegedly has interests.Fazul's wife, Zulfina Rasheed, was accused of facilitating corruption by allocating land illegally.
-
2-
Land Distribution Irregularities:
-
3-
Allegations of land misallocation, including 15,000 acres linked to Fazul’s interests and plots exchanged with businessman Amir Mansoor in Uppsala.
-
4-
Allegations of land misallocation, including 15,000 acres linked to Fazul’s interests and plots exchanged with businessman Amir Mansoor in Uppsala.
-
5-
Procurement and Payment Mismanagement: Prepayments for projects before loans were settled.An elevator procurement reportedly valued at $18 million (MVR 276 million), allegedly far above market prices.
-
6-
Prepayments for projects before loans were settled.
-
7-
An elevator procurement reportedly valued at $18 million (MVR 276 million), allegedly far above market prices.
-
8-
Challenges Faced by the Board: Board members and the chairman were reportedly denied access to sufficient details about key decisions.Meetings were scheduled without adequate preparation or documentation, limiting the board’s ability to function effectively.
-
9-
Board members and the chairman were reportedly denied access to sufficient details about key decisions.
-
10-
Meetings were scheduled without adequate preparation or documentation, limiting the board’s ability to function effectively.
Zuhoor described multiple obstacles during his tenure as chairman, including a lack of cooperation from Fazul and instances where board decisions were circumvented. He also highlighted dissatisfaction among employees and business stakeholders, as well as alleged pressure tactics used against the board.
Zuhoor’s letter claimed that Fazul prioritised personal financial gain over corporate and public interests. He noted complaints from local businessmen and concerns from foreign companies regarding Fazul’s conduct.
Zuhoor also alleged that his dismissal in May was a result of attempts to address these issues. The letter mentioned an emergency board meeting held on the day of his dismissal, during which agenda items included a review of the company’s structure and the formation of key committees, actions reportedly resisted by Fazul.
Zuhoor’s letter, which Atoll Times has independently verified, raised concerns about the lack of action by authorities despite these allegations being brought to light months ago. He claimed to have sought an appointment with the president before his dismissal to discuss the issues but noted that the meeting never materialised.
The government has not commented on the allegations against Fazul or the contents of Zuhoor’s letter, though an investigation into the recent case involving Fazul and Fazeel has been initiated.
