The Privatization and Corporatization Board (PCB) has announced the removal of Ahmed Nasif from his role as Chairman of the Housing Development Corporation Ltd. (HDC), with his subsequent appointment as Chairman of the Waste Management Corporation Ltd. (WAMCO). The announcement was made on Tuesday.
This move follows the launch of an investigation into allegations of misconduct involving the HDC board of directors, specifically concerning improper management practices in the allocation of social housing and land plots. Consequently, the PCB suspended the entire HDC board of directors in December 2024, with the exception of Nasif, who remained in his position until this recent reassignment.
Ibrahim Fazul Rasheed, the former managing director of HDC, resigned amid these allegations to facilitate the investigation. He was succeeded by Mohamed Mauroof Jameel, the former Minister of Construction and Public Infrastructure.