Managing Director of the Housing Development Corporation (HDC), Ibrahim Fazul Rasheed, has revealed that the company is owed MVR 1.4 billion from various areas of the commercial sector.

Speaking to the Parliament's Public Accounts Committee, Fazul explained that a dedicated recovery committee is being established under his direct supervision to address the issue. The committee will focus on recovering funds owed to HDC, including MVR 699 million in unpaid leases from before the current government took office and MVR 720 million related to development and sales services.

Fazul reported that MVR 226 million has already been recovered through the committee’s efforts. Notices have been sent to defaulters, and flexible payment options are being offered to those willing to settle their dues outside of court. For those who fail to cooperate, legal action is being initiated.

The recovery initiative is seen as a critical step in addressing the financial shortfall and ensuring the effective management of HDC's resources.