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Puerto Rico fiscal board seeks KOI Americas contracts

By on August 13, 2018

SAN JUAN – Puerto Rico’s Financial Oversight and Management Board asked Chief Financial Officer Raúl Maldonado on Monday for copies of all contracts between government agencies and marketing firm KOI Americas.

In its letter Maldonado, the fiscal board said it can request copies all contracts and modifications or extensions thereof that have an aggregate expected value of $10 million or more, including any professional advisory or personal services contracts for approval before execution.

The panel required the submission of contracts with the Department of Treasury, Authority for the Convention District, the Economic Development Bank, and the Commission for Transit Security, all of which totaled $10.6 million. The contracts were awarded at the end of July and beginning of August.

In the past, KOI got into hot water over contracts with the government because its owner, Edwin Miranda, was friends of former Gov. Luis Fortuño.

The board said that until it has reviewed that aforementioned contracts, “these contracts are not deemed approved….” The government has a week to make them available to the board.

In a statement late Monday, Chief of Staff Raúl Maldonado, who is also the government’s chief financial officer, said “the contracts referred to by the Board are from different agencies, with descriptions and scope of work and services that are not related,” but that, “as part of the transparency of our administration, we will be complying with requirement made by the board.”

The government has a week to make them available to the board.

See the full text of the letter here.

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