The Board of Directors of the Housing Development Corporation (HDC) has decided to dismiss the company’s Chief Financial Officer (CFO), Ahmed Samih, sources have confirmed.
According to sources who spoke to Adhadhu, the decision to remove Samih was finalized last Thursday, the same day Ahmed Sameer was removed from his position as Chairman of the company.
While the reason for Samih's dismissal remains unconfirmed, sources suggest the government is dissatisfied with the management of projects assigned to HDC. This includes concerns over the failure to complete certain initiatives at the pace required by the administration.
Samih assumed the role of CFO following changes in the company’s leadership under the current administration. During the tenure of Ibrahim Fazul Rasheed as Managing Director, the previous CFO, Ahmed Sham, was reportedly pressured into resigning.
Following Sham’s departure, Abdulla Faaidh was appointed as CFO. However, it later emerged that Faaidh did not meet the criteria set by the Privatization and Corporatization Board (PCB), which oversees state-owned enterprises. Reports indicate that the PCB had recommended his removal at the time.
Despite this, Faaidh remained in the position until he was eventually dismissed by the subsequent management, following the exposure of alleged corruption regarding land plots and other administrative issues within HDC that reportedly occurred during Fazul’s leadership.
With the need for a fourth CFO since the current administration took office, HDC remains one of the state-owned enterprises with the largest asset portfolios. The company’s holdings include land in Hulhumalé, Thilafushi, Gulhifalhu, Kudagiri, and Fushidhiggaru Falhu.
According to HDC’s 2024 audit, the value of the company’s land inventory, including reclaimed and ongoing reclamation projects, is estimated at nearly MVR 3 billion.
Despite these significant assets, the corporation faces substantial financial challenges due to high debt levels and a failure to recover outstanding payments. HDC’s total debt is nearing MVR 10 billion, while its accounts receivable have exceeded MVR 12 billion.
