The Housing Development Corporation (HDC) has formally requested authorities to initiate legal proceedings against the extensive misuse of its properties, assets, and services during the previous management.
The corporation has identified a significant fraud amounting to approximately USD 12.9 million in assets owned by the HDC since 2019 and has called for a thorough investigation by relevant agencies.
According to the HDC, the identified illicit activities encompass the misappropriation of corporate property, unauthorised use of company assets for personal use, and manipulative transactions orchestrated to lease the corporation's land to its detriment.
In addition, the HDC revealed instances where land was sold outside the established procedures and rules set by the corporation.
HDC has pledged its full cooperation with all investigating bodies and the subsequent legal actions.
MTCC Launches Corruption Probe
In a related development, the Maldives Transport and Contracting Company (MTCC) has also uncovered major financial corruption and negligence, formally requesting the Anti-Corruption Commission (ACC) to investigate exorbitant expenditures related to the repair of its largest dredging vessel, the ‘Mahaa Jarraafu’.
In an official statement released by the state-owned enterprise, MTCC confirmed that a thorough internal audit and review by its board of directors found evidence that company funds were spent corruptly during the essential maintenance of the vessel. The company specifically highlighted that the cost incurred to repair the vessel at a dockyard in Dubai was hugely excessive.
MTCC revealed that recent audit reports have consistently exposed long-standing negligence regarding company finances, indicating a significant dissipation of shareholders' money. Taking the matter with gravity, MTCC stated it has formally requested the ACC to investigate the actions taken to facilitate this corruption, which clearly violates the company’s established rules and regulations.
The company has submitted all relevant audit reports to the ACC and other authorities to facilitate a rigorous and comprehensive investigation. While cooperating fully with the probe, MTCC has also initiated internal measures demanding that the negligent parties take steps to recover the embezzeled funds back to the shareholders. MTCC pledged its commitment to ensuring accountability and bringing those responsible for the financial misconduct to justice.
This development unfolds against a backdrop of previous audit reports, which have repeatedly highlighted numerous transactions conducted by state-owned companies under the former government, often in violation of laws and regulations. The Auditor General has recommended the recovery of substantial public funds lost through such irregularities, underscoring a persistent challenge of accountability within state enterprises.