Auditor General of Hassan Ziyath has revealed Housing Development Corporation (HDC) exerted efforts to complete various projects in the run up to the presidential election, which caused major losses to the state-owned enterprise.
Speaking at the financial committee regarding an external audit of government offices, Auditor General Ziyath noted the importance of concluding an audit of HDC. During the committee, the auditor general revealed some findings and important points from the audit process to members of the financial committee.
Moreover, Hassan Ziyath said it has been brought to notice that HDC used finances from its cash flow to continue the social housing project of the government, way before the bank settled the finances. In this regard, Ziyath revealed the cash flow was used in constructing the link road connecting the bridge.
Further, Ziyath, who formerly served as the chairman of HDC further stated the corporation is one company which benefitted the state by generating a high income. Noting the differences and reduction in the cash flow would have been clearly seen to the board members, he questioned why no action was taken.
Furthermore, Ziyath mentioned the land plots were leased against the company master plan for Hulhumale'.