The Housing Development Corporation (HDC) has successfully recovered USD 14.7 million in outstanding payments, according to Managing Director Fazul Rasheed. The announcement was made during a recent session of the Public Accounts Committee in Parliament, where Fazul provided an update on the corporation’s financial recovery efforts.
Fazul revealed that when the current management assumed office, HDC faced a total of USD 90.8 million in unpaid dues. Of this, USD 45.3 million was linked to payments for leased facilities and resources, while an additional USD 46.8 million stemmed from development projects and sales yet to be settled.
To address these financial challenges, HDC established a dedicated Recovery Committee, which spearheaded efforts to reclaim outstanding amounts. Fazul highlighted that HDC is owed a total of USD 907.9 million by various entities, underscoring the scale of the recovery task.
The corporation has also taken steps to terminate agreements with parties failing to meet their payment obligations. Notices are issued to these entities, providing a set timeframe to settle dues. Should payments remain unpaid, HDC plans to escalate matters to court to reclaim leased properties, including buildings and land.
Fazul emphasized that the recovery process is a critical component of HDC’s financial strategy, aimed at ensuring the corporation’s long-term sustainability and operational efficiency.
