Parliament's Public Accounts Committee has decided to order the Auditor General's Office to conduct a special audit to determine the financial loss caused to the Housing Development Corporation (HDC) due to the granting of land plots from Hulhumale'.
Parliament's Public Accounts Committee has decided to order the Auditor General's Office to conduct a special audit to determine the financial loss caused to the Housing Development Corporation (HDC) due to the granting of land plots from Hulhumale'.
This was proposed by North Fuvahmulah MP Hamadh Abdulla in today's Public Accounts Committee meeting.
"We are asking for this audit not with any intention of taking back the land plots or any such thing. Only to see the loss HDC has faced. We must see how much financial loss is caused to companies when governments do things like this for political reasons," he said.
Members at the meeting unanimously voted in favour of Hamadh's suggestion.
While an audit is to be ordered on granted land, land is also sold from Hulhumale' at times for commercial purposes or for residences. On average, the price of land in Hulhumale' is between MVR 3500 to MVR 4800 per sqft. However, when land was last sold in Hulhumale' Phase 2, there were proposals to buy land even at MVR 10,000 per sqft.
Besides the audit on loss to HDC, an audit of how SDFC has issued loans until November last year, and organizational expenditures of the company was also proposed.
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