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Puerto Rico Debt Advisors Subject to Conflict Disclosure

by Kate Zeller Wednesday, Feb. 20, 2019 at 4:54 PM
coord@jubileeusa.org

After an investigation into potential conflicts of interest in Puerto Rico's debt restructuring, the island's oversight board notes it will increase disclosure requirements for advisors. The investigation began in response to a debt consultant whose affiliate company holds Puerto Rico debt.

Washington DC - After an investigation into potential conflicts of interest in Puerto Rico's debt restructuring, the island's oversight board notes it will increase disclosure requirements for advisors. The investigation began in response to a debt consultant whose affiliate company holds Puerto Rico debt.

"It's critical that any groups who are hired to advise on Puerto Rico's debt crisis disclose if they also own debt or have a conflict of interest," noted Jubilee USA Executive Director Eric LeCompte. LeCompte serves on United Nation debt expert groups and monitored Puerto Rico's debt crisis for the last 4 years. "US bankruptcy law already requires this type of disclosure and it should also be required for the Puerto Rico debt restructuring."

The 100-page investigation focused on the case of McKinsey and Company, hired to advise Puerto Rico's financial oversight board on the island's debt. The advisor's affiliate company MIO Partners owns Puerto Rico debt.

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