Speaking at the Parliament’s Public Accounts Committee, Fazul stated that HDC is owed MVR 1.4 billion from various companies and has already recovered MVR 226 million since he assumed office.
Housing Development Corporation (HDC) has an outstanding amount of MVR 14 billion owed by various parties, said the company’s Managing Director, Ibrahim Fazul Rasheed.
Speaking at the Parliament’s Public Accounts Committee, Fazul stated that HDC is owed MVR 1.4 billion from various companies and has already recovered MVR 226 million since he assumed office.
Fazul emphasized that HDC is actively working to recover outstanding amounts from companies, agencies, and the public. He noted that the corporation will not accept bids for new projects from entities with unpaid dues and is issuing notices as part of an ongoing process to recover these funds.
“Our legal department is processing cases against those who do not respond to the notices. However, we are offering an opportunity for parties to settle their dues through installment plans within an agreed period for commercial developments,” he said.
Fazul said that the substantial unpaid amounts were due to a lack of effective recovery measures in the past.
“Of the MVR 1.4 billion, approximately MVR 699 million is from unrecovered leases, and MVR 720 million pertains to development and sales,” he said.
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