NewsWhore
09-28-2007, 03:20 PM
The PRD has repeated its demand for an explanation for the US$130 million the country has taken on in public debt after Presidential Works Supervisor Felix Bautista, from the Office of Engineers and Supervisors of State Works (OISOE) signed promissory notes worth US$130 million without Congressional approval. Bautista reportedly received authorization from President Fernandez to do so. Hacienda Minister Vicente Bengoa has said that is not a government debt. However, yesterday PRD secretary general Orlando Jorge Mera produced nine copies of the promissory notes worth approximately US$61.5 million that are formally being offered to investors by the Royal Bank of Scotland. The prospectus indicates that these are Dominican government notes. As reported, the government issued the notes in favor of the Sun Land Corporation, which received the funds from HSBC Bank USA, which in turn transacted these to the Royal Bank of Scotland, which is now seeking placement with private investors. The PRD had earlier produced a first promissory note following an inquiry from the Ministry of the Hacienda to Sun Land Corporation into the transaction.
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More... (http://www.dr1.com/index.html#9)