Fiscal board retains firm to conduct analysis of Puerto Rico gov’t bank accounts
SAN JUAN – The Financial Oversight and Management Board for Puerto Rico announced Tuesday that it has retained Duff & Phelps LLC to conduct an independent forensic analysis of recently published commonwealth bank accounts.
The fiscal board’s decision follows a December announcement to examine the commonwealth’s liquidity and “establish an accurate picture of the sources and uses of public funds,” and their legal restrictions.
Duff & Phelps is a corporate finance adviser “with expertise in complex valuation, disputes and investigations, M&A, real estate, restructuring, and compliance and regulatory consulting,” according to its website.
“The forensic analysis is a critical step in gaining the information we need to improve the management of Puerto Rico’s public finances,” Natalie Jaresko, executive director of the board, said in a release. “The Board considers this investigation an integral part of its mission to restore fiscal balance, promote transparency and support Puerto Rico’s reentry into the capital markets.”
The fiscal board said it will make the findings of the investigation public.