SAN JUAN: Puerto Rico’s government says it has appealed a court ruling that effectively means it must repay $230 million to Doral Financial Corporation.
Puerto Rico’s government originally said the bank had the right to request the refund, but later nullified the deal, saying the statute of limitations had run out. Doral Bank says it is owned the money because of overpaid taxes. The court ruled the deal was valid.
The island’s Justice Department said it is seeking to have October’s ruling by the Court of First Instance revoked.
Further the island has entered its eighth year in recession and is struggling with $73 billion in public debt.
