Manuel Laboy, secretary of the Department of Economic Development & Commerce (DDEC by its Spanish acronym) announced that the banking process that begun last February for the recovery of $2.6 million from the Puerto Rico Industrial Development Co. (Pridco) has been completed.
"We received confirmation from our banking institution that after several weeks of protocols and procedures, the $ 2.6 million dollars were already deposited in our account, which third parties tried to divert illegally. In February we announced that... the loss of these funds was avoided by identifying where they were and stopping future transactions with that money," Laboy said via press release.
The fund was destined for the payment of remittances to the Pridco's pensioners. Despite the fraud situation, the payment was not affected. Investigations are currently ongoing and conducted by an external review officer, in addition to the Inspector General Office's independent audit of the case.
"We continue to cooperate with all investigations to identify those responsible for fraud and take action against those who violated the processes established in this type of bank procedure," the secretary added.