GDB CHAIR DAVID CHAFEY RESIGNS
From Caribbean Business:
"Government Development Bank (GDB) Chairman David Chafey Jr. has resigned
from his post, effective June 30, Vice Chairwoman & President Melba Acosta con-
firmed Wednesday. His exit from the debt-ridden and cash-strapped government
bank comes amid much discussion over the tough decisions it faces in the near fu-
ture as it maneuvers through the fiscal challenges affecting the commonwealth, par-
ticularly during fiscal year 2016, which begins July 1. Moreover, Senate Bill 1350,
which aims to enhance oversight faculties and immunity protections for GDB offi-
cials, secured legislative passage late Tuesday and now moves to the governor’s
office for its enactment. The much-debated immunity language came amid reports
that several GDB directors were threatening to leave the bank if they were not pro-
vided with the enhanced protections."
POLICE REPORT SMOOTH 'NOCHE DE SAN JUAN'
Puerto Rico Police have said that last night's traditional 'Noche De San Juan' festivi-
ties went relatively smoothly at beaches all over the island, and that no major inci-
dents were reported. There were no reported instances of drownings or violence, al-
though attendance at island beaches seemed to have been down compared to last
year. Despite the fairly quiet night, Victor J. Vega Sterling (aka "Goliat"), one of
Puerto Rico's most wanted criminals, was arrested at a Río Grande resort where he
was celebrating Noche De San Juan. Sterling, who has been linked to a brutal San
Juan drug gang, was wanted on murder and firearms charges.
TREASURY 'READY' TO HANDLE LARGER IVU
From News Is My Business:
"The Puerto Rico Treasury Department is prepared to handle the change rate of the
Sales and Use Tax to 11.5 percent, from the current 7 percent, when it goes into e-
ffect July 1, agency Secretary Juan Zaragoza said Tuesday.“At Treasury, we’re rea-
dy to work the applicability of the changes established by Act 72 that amended se-
veral sections of the Puerto Rico Internal Revenue Code of 2011. Monthly SUT fi-
ling and programming aspects in the Integrated Merchant Portal (known as PICO)
have been reviewed,” he said.“I must emphasize that we will continue strengthe-
ning oversight efforts so that the level of SUT uptake continue to increase,” he
said."
PREPA EXECUTIVE DIRECTOR RESIGNS
From ABC News:
The executive director of Puerto Rico's heavily indebted public power company
has stepped down. Juan Alicea Flores resigned Tuesday after spending two years
overseeing the Electric Energy Authority.
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