Former Housing Development Corporation (HDC) Managing Director Ibrahim Fazul Rasheed is alleged to have allocated large amounts of land in Thilafushi to companies where he had business interests, according to sources.
Former HDC Chairman Ahmed Zuhoor detailed these issues in a letter addressed to President Dr. Mohamed Muizzu in July, alleging that Fazul had been allocating land to such companies as far back as that time.
One instance cited in the letter involves the transfer of a plot of land belonging to MWSC in Thilafushi to Hyper Loop Pvt Ltd, a company in which Fazul reportedly has an interest. In addition, the letter claims that the same company was granted an additional 14,742 square feet of land and another 15,000 square feet.
Documents obtained by Adhadhu reveal that Hyper Loop was leased 14,742 square feet of land for a 25-year period at a rate of MVR 5 per square foot. The acquisition fee was calculated at MVR 38.55 per square foot, with an additional CSR payment of MVR 60 per square foot.
The letter further alleges that another 15,000 square feet of land were leased to a different company in which Fazul held an interest.
Multiple sources told Adhadhu that Fazul, during his tenure as HDC's managing director, leased land to over 15 companies with ties or interests linked to him.
Zuhoor claimed in his letter that his attempts to prevent these actions led to his dismissal as HDC chairman. The letter alleges Fazul was directly involved in multiple irregularities within the HDC.
When Adhadhu leaked the letter, Dr. Muizzu stated that he had not received it. However, records show that the President's Office received the letter on 1 July 2024, and issued receipts.
