Housing Development Corporation (HDC) has decided to publicise names of businesses that fail to repay outstanding debts.
In a statement released, HDC stated that this initiative aims to enhance the corporation's management and operations, as well as to take necessary actions against businesses that have not settled their debts. As such, HDC has informed all parties to ensure that all payments for the commercial services provided by the corporation, as well as for properties leased and allocated for development, are completed by November 30.
HDC warned that businesses failing to meet their payment obligations will receive one final notice. Following this, their names and the amounts owed will be published on the corporation's website. Additional information regarding outstanding debts can be requested via email.
While HDC has instructed all businesses to complete the outstanding payments, concurrently, state-owned enterprises are working to improve their management practices by ensuring timely receipt of funds while minimizing liabilities.