Fuad Qasim has been removed from his post as Chairman of Housing Development Corporation (HDC).
The decision has been confirmed to "Sun" by President of Privatization and Corporation Board, Mohamed Nizar.
Nizar said Fuad was removed from the post last Wednesday to appoint someone else to the post.
Fuad was appointed Chairman of HDC by the Privatization and Corporation Board in 2006.
He previously served as a state minister at both Ministry of Health and Ministry of Fisheries and Agriculture.