A special audit report has revealed that the previous administration under President Ibrahim Mohamed Solih distributed land in Hulhumale’ valued at approximately $1 billion (MVR 15.9 billion) to 4,120 individuals. The audit, conducted by Auditor General Hussain Niyazy, focused on the financial implications of the 2023 “Binveriya” scheme on the Housing Development Corporation (HDC).

According to the report, the transfer of ownership of these high-value plots resulted in a significant loss of potential revenue for HDC, totaling nearly MVR 15.93 billion. The audit highlights that the land distribution bypassed the established Hulhumale’ Master Plan, utilizing plots originally designated for commercial or social purposes rather than residential use.

Auditors warned that the loss of this revenue will pose substantial challenges for HDC in servicing large loans acquired for land reclamation and infrastructure development. The report further cautioned that this financial strain would negatively impact the corporation’s cash flow, potentially hindering the funding and execution of future developmental projects.