I recently wrote to the Puerto Rico Treasury (Hacienda) Department and
shared with them that we have documents and testimony that indicates
PREPA’s Officers and Managers may have stolen up to one billion dollars
in public funds. The alleged thief means that there is likely over $400,000,
000 in uncollected taxes as well.
I asked the Puerto Rico Hacienda if they would be interested in pursuing
those individuals and possibly collect some of the unpaid taxes for the peo-
ple of Puerto Rico. There has been no response from Puerto Rico's Hacien-
da. They have no interest.
It appears that PREPA executives along with the political leadership in Puer-
to Rico are not the only parties getting rich on the back of Puerto Rican citi-
zens. The alleged corruption appears to be invasive and widespread.
Bond Holders and U.S. taxpayers are becoming increasingly aware of the
sad state of affairs in Puerto Rico. Unless there is a wholesale change in po-
litical leadership and a re-staffing of all government departments with honest
and ethical leaders, I fear Puerto Rico will find little support in America or
The U.S. Attorney, the SEC, the EPA, the U.S. Treasury Department, the
FBI and the IRS will likely be the means to a new beginning for Puerto Rico.
For those that hope for an independent Puerto Rico or for Statehood will see
why Puerto Rico is ready for neither.
Richard Lawless is CEO of Commercial Solar Power, Inc. The opinions expressed in the
preceding article are exclusively his own.