January 18, 2018 / 1:09 PM / a year ago

Bond insurer calls Puerto Rico agency’s account switch ‘suspect’

Puerto Rico’s bankrupt highway agency may have hoodwinked investors for years about how it was handling funds slated for debt payments, a bond insurer charged in court papers on Tuesday.

National Public Finance Guarantee Corp wants court permission to investigate how the island’s Government Development Bank has characterized an account holding collateral for investors who had bought $75 million of bonds issued in 1998 for the Puerto Rico Highway and Transit Agency.

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