The Housing Development Corporation (HDC) has terminated its Chief Finance Officer, Abdulla Faaid, and Chief Business Officer, Ahmed Yameen, both of whom had been suspended amid investigations into the Gedhoruveriyaa/Binveriyaa schemes.

HDC has not provided an official statement regarding the reason for their dismissal. However, both Faaid and Yameen were initially suspended when the state-owned company’s former Managing Director, Fazul Rasheed, became the subject of an investigation related to the schemes. Their connection to the case remains unclear.

In December last year, 15 HDC employees, including Faaid and Yameen, were dismissed but later reinstated under suspension as the probe continued. HDC had previously stated that some of the measures taken against suspended staff had been lifted, though no further details were provided.

The controversy surrounding the case intensified when it was revealed that Fazul Rasheed’s brother, Mohamed Fazeel Rasheed—former Deputy Managing Director of MWSC—was allocated a land plot in Hulhumalé. This prompted the Anti-Corruption Commission (ACC) and Maldives Police Service to launch an investigation. Fazul Rasheed himself was also suspended and later resigned.

Despite ongoing inquiries, authorities have yet to disclose any findings from the investigation.