Federal Bureau of Investigation agents Tuesday morning raided the headquarters of the Puerto Rico Aqueduct and Sewer Authority.
The raid was acknowledged by the authority's chief executive officer, Alberto Lázaro, in a written statement on PRASA's web site.
"Because this matter is in the investigative process, we will not comment further on the details of the investigation until it is completed," Lázaro said. "We are focused on achieving a healthy, honest and transparent administration in this corporation, which has no place for any act that violates these principles."
As of this summer PRASA had $3.4 billion in outstanding senior lien revenue bonds outstanding.
While Puerto Rico's government has made PRASA eligible for debt restructuring through the Puerto Rico Corporations Debt Enforcement and Recovery Act, PRASA has been showing strong financial performance for the last year. In late June Lázaro told the Bond Buyer that PRASA wasn't considering using the restructuring law.
According to a report on the El Vocero website, the FBI agents were investigating corruption and took away documents, records and a computer.
The raid on the PRASA office isn't the first law enforcement raid on a Puerto Rico public corporation office this year. In early July Puerto Rico's Public Integrity Division raided offices of the Puerto Rico Electric Power Authority in a corruption investigation. News reports at the time said the investigation centered on corruption in the awarding of renewable energy contracts.
