Audit: HDC lost MVR 15bn from free land

1 week ago

The Housing Development Corporation (HDC) has suffered an estimated loss between MVR 14.85 billion and MVR 15.93 billion due to the allocation of free land in Hulhumale' Phase II and Phase III under the Binveriyaa scheme, according to a special audit released on Thursday. The Auditor General’s Office (AG Office) conducted the audit to assess the financial impact on HDC from