The Housing Development Corporation (HDC) has recovered MVR 226 million of the MVR 1.3 billion owed to the corporation in outstanding land rent.
Speaking at the Parliament's Public Finance Committee, HDC's Managing Director Ibrahim Fazul Rasheed revealed that over MVR 1 billion was owed to the company when he assumed office. He revealed that a designated committee was promptly established to oversee the recovery of these funds and to identify and resolve issues within the entity. With the targeted efforts of this committee, over MVR 226 million has now been recovered, he said.
MD Fazul added that HDC has been writing to companies that owe land rent to the corporation instructing them to pay the outstanding amounts. If the dues are still not paid, the funds will be recovered through legal action, he asserted. If any company faces difficulty settling their dues immediately, flexible payment arrangements can be made to accommodate such parties, he added.
'We are extending this opportunity as we wish to avoid the court process and settle this amicably,' he said.
Despite the progress, several members of the Public Finance Committee voiced concern that HDC's fund recovery efforts were insufficient. However, HDC assured that, as the company operated on a business model, it is committed to ensuring financial accountability.
