The Privatisation and Corporatisation Board (PCB) has approved the addition of two members to the Housing Development Corporation (HDC) board, bringing the total to 13 members. This decision follows a request submitted by HDC and comes as the corporation remains entangled in controversy.

The HDC board previously consisted of 11 members, including the chairman and managing director. The PCB confirmed that it had granted permission for the increase in board membership after reviewing HDC's request.

"Earlier today, the necessary changes to the regulations to allow for this increase were allowed," a PCB official stated.

Current HDC Board Members:

Chairman: Ahmed Nasif

Managing Director: Mauroof Jameel

Board Director: Azhar Abdulla Saeed

Board Director: Ibrahim Yusuf Fulhu

Board Director: Mohamed Visham

Board Director: Ula Mohamed Rasheed

Board Director: Arif Abdul Samad

Board Director: Mohamed Naajil

Board Director: Mohamed Waheed

Board Director: Fathimath Mizna Ali

Board Director: Yoosuf Waheed

The suspension of all HDC board members, imposed earlier to facilitate the police investigation, has also been lifted. At the time of suspension, the PCB stated it was necessary for the police investigation.

HDC is the wealthiest of the 100% state-owned companies in the Maldives. According to the latest financial reports, the corporation’s assets amounted to MVR 42.5 billion last year, with a net profit of MVR 1.7 billion.