President Dr Mohamed Muizzu has issued a strong warning to managing directors of state-owned companies, emphasising a strict policy of zero tolerance for corruption.

One has confirmed that the President reiterated that no one should betray the trust of the people and that corruption would not be tolerated under any circumstances, in a message addressed to the MDs.

The President urged the MDs to ensure their companies operate in line with the established corporate governance code and to prioritise protecting the rights of the people. He also called for collective efforts to raise awareness about transparent and accountable state operations.

This warning comes amidst an ongoing investigation into the Housing Development Corporation (HDC) over allegations of issuing fake land plots under the Landlord Scheme. The passports of HDC Managing Director Ibrahim Fazul Rasheed and his brother, MWSC Deputy Managing Director Mohamed Fazeel Rasheed, have been impounded, along with those of 18 other individuals. Fazul has also been suspended as investigation continues in the issue.

All HDC board members, except the chairman, have been suspended, and nine political employees from the Housing Ministry, including four deputy ministers, have also faced suspension. Investigations into the matter continue, with the government vowing accountability and transparency.