Thursday, November 14, 2019

Fiscal board wants to review $80 million worth of contracts Rosselló awarded before resigning

By on August 13, 2019

Natalie Jaresko, the executive director of Puerto Rico’s Financial Oversight and Management Board (CyberNews)

Requests government CFO submit copy of over 200 agreements

SAN JUAN – The executive director of Puerto Rico’s Financial Oversight and Management Board, Natalie Jaresko, revealed Monday that she had requested the government’s CFO, Omar Marrero, to give her copies and information about the more than 200 contracts former Gov. Ricardo Rosselló “executed or approved,” with a combined value of about $80 million, in the two weeks before his resignation Aug. 2.

Some of the contracts do not yet appear on the Comptroller’s Office website.

“As you know, the Oversight Board established a contract review policy pursuant to Section 204(b)(2) of PROMESA [Puerto Rico Oversight, Management, and Economic Stability Act] to require Oversight Board approval of certain contracts to assure that they ‘promote market competition’ and ‘are not inconsistent with the approved fiscal plan’ (the ‘Policy’). All government contracts and amendments thereto with an aggregate value of $10 million or more are subject to Oversight Board approval. Moreover, the Oversight Board in its discretion may review any contract below such threshold,” the letter reads.

“In accordance with the Policy, we hereby request that the Government of Puerto Rico provide copies of all contracts executed by any government entity designated as a covered instrumentality by the Oversight Board (other than municipalities) during the Governor Rosselló’s last two weeks in office. We ask that such contracts be submitted to the Oversight Board not later than August 16, 2019. Contracts that were already approved by the Oversight Board need not be resubmitted,” Jaresko adds.

The letter concludes with a reminder that the board may issue subpoenas and “exercise any other powers granted to it” under Promesa “to effectuate the Policy.”

See the full text of the letter here:

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