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SEC Investigating Three Prepa Bond Issues, Officials Say

By on October 4, 2016

SAN JUAN—The Securities and Exchange Commission (SEC) has made two requests for information to the Puerto Rico Electric Power Authority (Prepa) involving three bond issues from 2013 and 2012, the utility’s executive director Javier Quintana said Tuesday.

The SEC is investigating a $670 million bond issue made in 2013, as previously reported by Caribbean Business, but is also investigating two bond issues done in 2012—bond series 2012A and 2012B—which together totaled $650 million, he told reporters Prepa

He said the SEC made one of the requests for information when former Executive Director Juan Alicea was at the helm of the utility sometime before August 2015, and the second when Quintana was already heading Prepa before January 2016.

Quintana said he did not know the reasons for the probe. He added he did not want to speculate on whether the reason for the probe was an alleged misrepresentation made either by the firms in charge of the bond issue or the government.

“I have not been informed about the reasons for the probe. They are keeping it under wraps,” he said.


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