A high-ranking Federal Emergency Management Agency official who oversaw the reconstruction of Puerto Rico’s electrical grid is under investigation by a government watchdog over allegations she steered work to a utility contractor, WSJ Pro Bankruptcy reported.
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The Financial Oversight and Management Board for Puerto Rico filed Sunday claims against holders of Employees Retirement System (ERS) bonds to recover some $392 million in aggregate payments, but said that it would pursue those claims only if the bonds were declared illegal, Caribbean Business reported.
President Donald Trump has repeatedly claimed that his administration has given Puerto Rico $91 billion in relief funds after Hurricanes Irma and Maria devastated the island in 2017. But a new report maintains that the island has in fact received $12.6 billion, NBCNews.com reported.
Puerto Rico’s financial overseers approved a 30-year fiscal framework that boosts the amount potentially available to repay debt by 54 percent while extending their supervisory powers for the first time over the U.S. territory’s 78 municipalities, the Wall Street Journal reported.