Puerto Rico News Digest For February 25, 2015

PR RESIDENTS SUE PREPA FOR FRAUD

From Reuters:

Local residents and businesses sued Puerto Rico's Electric Power
Authority (PREPA) in federal court on Tuesday, alleging fraud
in the fuel oil procurement process that plaintiffs said resulted
in island residents being overcharged by more than $1 billion.

The lawsuit in U.S. District Court in Puerto Rico accuses PREPA,
one of the largest U.S. public utilities, of taking kickbacks to
accept millions of barrels of fuel oil from suppliers that did
not meet contract requirements or federal environmental standards.

"As a result of this scheme, PREPA overpaid its fuel suppliers
for fuel oil and passed through the entire cost of the non-
compliant fuel oil to plaintiffs," the lawsuit alleged. The
lawsuit covers oil purchases since 2002.

FAJARDO AIRPORT TO CLOSE PERMANENTLY

From Caribbean Business:

On January 21, 2015, PRPA, sponsor of Diego Jimenez Torres Airport,
informed the Federal Aviation administration (FAA) that the airport
will close permanently on April 30, 2015. Diego Jimenez Torres is
a small 94-acre non-towered, general aviation airport.

DORAL OFFICIAL ARRESTED FOR FRAUD

From The San Juan Daily Star:

Federal authorities on Monday morning arrested a Doral Bank
official and an executive whose company contracts with the
bank on charges of financial institution fraud, misapplication
of bank funds, wire fraud and money laundering. U.S. Attorney
for the District of Puerto Rico Rosa Emilia Rodríguez announced
Monday that last week a federal grand jury returned a 30-count
indictment charging Annelise Figueroa and Rolando Rivera Solis.
The FBI is in charge of the criminal investigation,Rodríguez
said. According to the indictment, Figueroa was an employee of
Doral Bank and vice president of the Property and Facilities
Department.

FIVE MORE STORES FOR MALL OF SAN JUAN

From News Is My Business:

Camicissima Milano, Geox Shoes, Invicta Watches, Diventi Bella,
and T-Mobile are the five most recent retailers adding their
names to The Mall of San Juan’s tenant mix, this media outlet
learned Tuesday. That drives the number of confirmed retailers
to just short of three dozen.