The Privatisation and Corporization Board PCB says it has suspended the Managing Director of Housing Development Corporation HDC Ibrahim Fazul and the entire board of the corporation pending a criminal investigation into the company.
Yesterday, Police raided the office of HDC amid allegations that documents were forged to give away plots of land to non-recipients of the Binveriya Scheme. It was also alleged that one of the non-recipients was MD Fazul's brother.
Today, the PCB said that it decided to suspend the Managing Director, the Chairman of the Board as well as the entire board to allow the police to conduct a through and objective investigation into the allegations involving the company.
PBC also said that MD Fazul would not be allowed inside his office during his suspension and the suspensions would be valid till the Board decides otherwise.
At a press conference yesterday, Fazul denied any wrong doing and insisted that he would give his full cooperation to the Police and their investigation.
