HDC chief Fazul resigns amid land graft probe
Fazul was appointed as Managing Director of Urbanco (now HDC) on November 28, 2023.
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Ibrahim Fazul Rasheed, Managing Director of the Housing Development Corporation (HDC), on Saturday tendered his resignation while under suspension over allegations of granting a plot of land in Hulhumale to his brother outside the former government’s Binveriya scheme.
Fazul, who was appointed as Managing Director of Urbanco (now HDC) on November 28 last year, submitted his resignation to President Mohamed Muizzu. In his letter, Fazul denied the allegations and stated that his resignation was intended to provide space for the ongoing investigation and ensure continuity in the corporation’s and government’s policies.
“During my tenure as Managing Director, I have refuted these allegations on multiple occasions and platforms,” Fazul stated. He emphasised that all transactions under his leadership were conducted in compliance with the decisions of the board of directors and company policies.
Fazul further asserted that the allegations tied to HDC regarding the landlord scheme were unrelated to the corporation itself. He called for the truth of these allegations to be disclosed publicly and reiterated his commitment to ensuring that the investigation does not disrupt the policies of the company and the government.
The case surfaced when documents were released on Wednesday via an account on X, reportedly linking Fazul’s brother, MWSC Deputy Managing Director Mohamed Fazeel Rasheed, to the disputed land allocation. Fazul has been suspended, and several passports have been seized as part of the investigation.
When questioned by police, Fazeel claimed that the land registration and agreement were secured under the previous government. However, government officials have denied this assertion.
A detailed letter from former HDC Chairman Ahmed Zuhoor to President Muizzu in June raised further allegations against Fazul, including:
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Allocation of land originally given to MWSC to a company linked to Fazul’s interests.
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Proposed addition of 15,000 acres of land to the Oil Company, allegedly benefiting Fazul.
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Fazul’s wife acquiring land in Hulhumale under conditions not extended to others in a similar situation.
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Businessman Amir Mansoor receiving three plots in Hulhumale in exchange for a property in Westpark.
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Advance payments for certain projects before settling loans.
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Overpayment of $18 million (MVR 276 million) for shelter flat elevators, reportedly far above market rates.
The government has faced public criticism for perceived inaction regarding the allegations. Fazul, in his resignation, expressed his intention to facilitate the investigation and avoid hindering corporate or governmental operations.
“I wish you and the government success in your future endeavours,” Fazul wrote in conclusion.
