Click to view full size

Hous­ing De­vel­op­ment Cor­po­ra­tion (HDC) chair­man Feeroz Khan has al­leged sig­nif­i­cant fi­nan­cial mis­man­age­ment at the state-owned agency, which he said oc­curred un­der the pre­vi­ous ad­min­is­tra­tion.

Khan said the HDC is now in a dif­fi­cult fi­nan­cial po­si­tion, with bills owed to con­trac­tors and sup­pli­ers in ex­cess of $600 mil­lion, a deficit in the em­ploy­ee pen­sion fund of more than $300 mil­lion, and bank over­drafts ex­ceed­ing ap­proved lim­its by about $100 mil­lion. He al­so said the cor­po­ra­tion has close to $1 bil­lion in re­ceiv­ables that may be ques­tion­able.

De­spite the scale of the chal­lenges, Khan said the HDC has a clear strat­e­gy to sta­bilise its fi­nances.