Table of Contents:
Exhibit 1: Ana Matosantos Financial Oversight and Management Board Financial Disclosures.
Exhibit 2: Office of Management and Budget, Commonwealth of Puerto Rico (OGPE), Certification of
Photovoltaic System Installation, for “Matosantos”. January 13, 2015
Exhibit 3: Puerto Rico Electric Power Authority (PREPA) Interconnection Agreement with Eurocaribe
Packing Company. February 13, 2015.
Exhibit 4: NLPC Letter to U.S. Attomey General Jeff Sessions. April 9, 2018.
Exhibit 5: Translated transcript. Interview with José B, Carrién Il, “Jugando Pelota Dura”, Univision
Puerto Rico. April 19, 2019.
Exhibit 6: Translated transcript. Post-meeting press conference by José B. Carrién Ill and Financial
Oversight and Management Board, June 30, 2017.
Exhibit 7: Andrew G. Biggs, Arthur J. Gonzalez, Ana J, Matosantos and David Skeel. “Privatize Puerto
Rico’s Power”, The Wall Street Journal. June 29, 2017.
Exhibit 8: Green Energy Fund Reservation Agreement between PRDCO-PREAA and Matosantos
Commercial Corp. June 4, 2013.
Exhibit 9: U.S. Department of Energy. “Puerto Rico ~ Net Metering”
htips:/Avww.energy.gov/savings/puerto-rico-net-metering
Exhibit 10: Matosantos Commercial Corp. Swom Affidavit by Manuel Matosantos. March 11,2015.
Exhibit 11: Green Energy Fund Notice Letter to MCC. May 15,2013,
Exhibit 12: Installation invoice in full paid by MCC. February 11, 2015.
Exhibit 13: Matocantos Commercial Corp. Letter to Green Energy Fund. March 3, 2015.
Exhibit 14: Green Energy Fund Inspection Form. March 12, 2015. Miguel Perez is listed as present on
behalf of Matosantos.
Exhi
it 18: Organic Power Incorporation. October 26, 2012,
Exhibit 16: Compilation of public corporate
Commercial Corp.
ings indicating Miguel Perez’ position at Matosantos
Exhibit 17: Contract of Sale, PRIDCO and Gegloma Realty. September 30, 2010.
Exhibit 18 Organic Power filing~ Miguel Perez MCC email. April 8, 2013.
Exhibit 19: Organic Power —SBA Loan. December 8, 2015.
Exhibit 20: Organic Power ~PRLA Loan. December 8, 2015, Exhibit 21: Organic Power ~PRLA Lease. December 8, 2015.
Exhibit 22: Resolution adopted by PRIDCO. February 18, 2016.
Exhibit 23: Mario Belaval. “PRMA Special Commercial Coverage: Rimco Cat Cogeneration”
Caribbean Business. June 1, 2017.
Exhibit 24: Registration of Property, Puerto Rico Department of Justice. October 13, 2010.
Exhibit 25: Review of Gegloma Realty balance sheets, 1985-2016. Source documentation is available
oon request.
Exhibit 26: Eurocaribe Packing Company Financial Statement. November 28, 2011. Page 4.
Exhibit 27: Control Board Watch. July 28, 2016. “Ana Matosantos”.
ttpu/controlboardwatch.org/tag/ana-matosantos!
Exhibit 28: Contract of Sale, Gegloma Realty to Organic Power. August 3, 2016.
Exhibit 29: Puerto Rico Department of Finance, Electronic Certification, Oriental Bank to Organic
Power LLC. Transaction date: August 3, 2016.
Exhibit 30: Puerto Rico Department of State, Financing Statements. Organic Power LLC and Oriental
Bank, August 3, 2016.
Exhibit 31: Purchase and Sale Agreement. Organic Power LLC, Gegloma Realty and Oriental Bank.
August 3, 2016.
Exhibit 32: Organic Power LLC Deed of Mortgage #1. August 3, 2016.
Exhibit 33: Organic Power LLC Deed of Mortgage #2. September 16, 2016.
Exhibit 34: Organic Power LLC Deed of Mortgage #3. September 16, 2016.
Exhibit 35: U.S. Securities and Exchange Commission, Form 10-K (2016) OFG Bancorp. “Credit Risk”,
Page 19.
Exhibit 36: U.S. Securities and Exchange Commission, Form 10-K (2017) OFG Bancorp. “Credit Risk”
Page 17.
Exhibit 37: Ricardo Cortes Chico and Joanisabel Gonzalez. “Entities impacted by PROMESA mandate”
El Nuevo Dia. September 30, 2016.
Exhibit 38: 2011 Eurocaribe Packing Company Financial Statement. November 28, 2011, Page 4. Annex I: Summary of Investigation into Ms. Ana Matosantos
In May 2017, the National Legal and Policy Center (NLPC) launched an investigation into Ms.
Ana Matosantos.
To start, Ms. Matosantos was selected to be on the Puerto Rico Financial Oversight and
‘Management Board (FOMB) by Minority Leader Nancy Pelosi ostensibly because of her
experience as director of the California Department of Finance.
‘Ms. Matosantos is a director! of the Matosantos Commercial Corporation (MCC), a large
family-owned conglomerate involved in food distribution, imports and exports, and real estate in
Puerto Rico. MCC is the center of the family’s network of corporate interests that include:
Eurocaribe Packing Company; and Gegloma Realty Corporation. MCC is heavily invested
in China through World Trade International Industrial Ltd., which is a potential new source
for private investment for Puerto Rico. Interestingly, Puerto Rico hosted the first China
Investment Forum a month into Governor Rossell6’s term.
MCC owns and operates a solar energy generation farm in Vega Baja, Puerto Rico? The family
has benefitted from a net metering arrangement where it has been selling power to the Puerto
Rico Electric Power Authority (PREPA) since being connected to the Island’s power grid in
20152 This was never disclosed publicly until NLPC brought this to the publie’s attention.
Further, MCC is the beneficial owner of Organic Power LLC, despite an elaborate scheme by
the Matosantos family and a network of friends, associates and employees to conceal or obscure
this fact from the public, the Congress, U.S. District Court Judge Laura Taylor Swain and the
FOMB.
‘The FOMB’s rejection of PREPA’s Restructuring Agreement (RSA), the decision to take
PREPA to Title III bankruptey and subsequent push by the FOMB for the privatization of
PREPA and the establishment of micro-electric grids across Puerto Rico raise enough additional
questions in the view of NLPC to warrant a federal investigation into Ms. Matosantos for
possible violations of 18 USC 208 and PROMESA.*
Annex I: Dominate Puerto Rico’s Renewable Energy Market
Private Power Plan. Hidden from the public and misunderstood until now is the Matosantos
family’s large investments in renewable energy assets. Afler an investigation that began in May
2017 by the National Legal and Policy Center, we have uncovered at least two renewable energy
‘generation assets worth millions of dollars owned by the Matosantos web of companies.
" Exhibit 1: Ana Matosantos Financial Oversight and Management Board Financial Disclosures.
2 Exhibit 2: Office of Management and Budget, Commonwealth of Puerto Rico (OGPE), Certification of
Photovoltaic System Installation, for “Matosantos”. January 13, 2015.
> Exhibit 3: Puerto Rigo Electric Power Authority (PREPA) Interconnection Agreement with Eurocaribe Packing
Company. February 13, 2015,
“Exhibit 4: NLPC Letter to US. Attomey General Jeff Sessions. April 9, 2018. This raises deep concerns and questions over Ana Matosantos’s role in the Financial Oversight
and Management Board’s (FOMB) decision to take PREPA to Title III bankruptcy. The
decision to take PREPA to Title III was not unanimous, and in fact, passed on a 4-3 vote.’ Jose
Carrién, the chair of the FOMB, likes to say, PREPA’s Title II] vote was “The only deal that we
did not make unanimously.” Unfortunately, the FOMB is not transparent with its voting,
records, and the roll call vote remains a secret.
Furthermore, since PREPA entered bankruptcy, the FOMB has moved to privatize the utility. In
‘an op-ed’ signed by four members of the FOMB, including Ana Matosantos, the board members
vwiite, “privatization would enable PREPA to attract the investments needed to reduce expenses
and provide the island with a more reliable electric power system.”
‘The decision to take PREPA into bankruptcy and pursue privatization of the utility has serious
repercussions for the island. The FOMB has set a target of increasing the island’s energy
requirements from renewable energy going forward. This has the potential to be a huge financial
windfall for the Matosantos family’s corporate interests,
‘As a director of the MCC, Ana Matosantos had direct knowledge of her family’s business —
including the family’s two energy generation assets — directly and through their network of
companies, including Eurocaribe Packing Company, Gegloma Realty Corporation and Organic
Power LLC. This presents a serious conflict of interest and possible criminal violation of federal
law.
In Violation of Federal Law. PROMESA requires FOMB personal financial interests to be
governed under 18 U.S.C. § 208. Here’s what the code says, “/8 U.S.C. § 208, the basic
criminal conflict of interest statute, prohibits an executive branch employee from participating
personally and substantially in a particular Government matter that will affect his own financial
interests, as well as the financial interests of... An organization in which he serves as an officer,
director, trustee, general partner or employee..."
Her involvement in PREPA-related matters, including the vote to send PREPA into Title III is
now under a cloud of suspicion. NLPC believes Matosantos should have recused herself from all
matters regarding PREPA, and since she did not, we believe she has violated 18 USC 208 and
PROMESA.
Renewable Energy Asset #1: 999kW Solar Generation Farm.
© The Matosantos Commercial Corporation owns and operates a taxpayer subsidized solar
energy generation farm in Vega Baja, Puerto Rico.' This plant stands to benefit from the
S Exhibit §: Translated transcript. Interview with José B. Carrién II. “Jugando Pelota Dura”, Univision Puerto
Rico. April 19, 2019
Exhibit 6: Translated transcript. Post-mecting press conference by José B. Carri II and Financial Oversight and
Management Board. June 30,2017.
Exhibit 7; Andrew G. Biggs, Arthur J. Gonzalez, Ana J. Matosantos and David Skeel. “Privatize Puerto Rico's
Power", The Wall Sireet Journal. June 29, 2017
Exhibit 2: Ofice of Management and Budget, Commonwealth of Puerto Rico (OGPE), Certification of
Photovoltaic System Installation, for “Matosantos”. January 13, 015. privatization of PREPA because it has been selling power to the utility through net
metering since it was connected to the grid in 2015.
‘© Documents reveal that the Matosantos Commercial Corporation obtained an incentive
payment of $1,152,156 in June 2013 from the Puerto Rico Energy Affairs Administration
(PREAA), an agency under PRIDCO, to build a 999kW solar energy farm at the family's
Vega Baja headquarters". As a condition to receive the money, the construction on the
solar energy farm had to be completed in one year (i.e. June 2014). However, the Puerto
Rico Green Energy Fund extended the completion date to March 2015. "
‘* Documents from 2015 highlight a previously unknown agreement between MCC’s solar
energy farm and PREPA, which connected the family’s solar power generators to the
Island’s power grid.!?
Failure to Disclose.
# Ana Matosantos has never fully disclosed her role as a director with Eurocaribe Packing
‘Company as part of her role as a member of the FOMB.
© New evidence indicates she either misled and/or backdated her FOMB disclosure forms.
© Timeline’:
= Matosantos was appointed to the Oversight Board on August 31, 2016.
= As of March 5, 2016, Matosantos was not a Director of Eurocaribe Packing
Company. As of April 16, 2017, Matosantos is a Director of Eurocaribe Packing
Company according to PR Sec. of State documents. At some point during this
period, Matosantos becomes a Director of Eurocaribe Packing Company.
— Matosantos’s FOMB disclosures — signed in 2017 — do not contain this
information.
If Matosantos became a Director of Eurocaribe between March 5, 2016 and
August 22, 2016, this should have declared on her first financial disclosure as a
Member of the FOMB.
— If Matosantos became a Director of Eurocaribe between August 23, 2016 and
December 31, 2016, this indicates she became a Director at Eurocaribe during
her tenure as a Member of the FOMB and should have disclosed it in her second
disclosure.
— If Matosantos became a Director of Eurocaribe between January 1, 2017 and
April 16, 2017, in theory, Matosantos will now disclose it in her next disclosure
update.
° Exhibit 3
Exhibit &: Green Energy Fund Reservation Agreement between PRDCO-PREAA and Matosantos Commercial
Comp. June 4, 2013,
"bid
"2 Exhibit 3: Puerto Rico Electric Power Authority (PREPA) Interconnection Agreement with Eurocaribe Packing
Company. February 13, 2015.
13 See Exhibit 1 for reference to Timeline items. Net Metering.
© The signatory to the PREPA Interconnection Agreement for the 999kW solar farm is
Eurocaribe; not MCC, which built the solar farm, Yet, the net metering agreement with
PREPA js under “Matosantos Commercial PV System.” All of this was never disclosed.
© Matosantos may claim that there is no purchase agreement or that the agreement never
‘went into effect, That is immaterial because rules on net metering with PREPA indicate
that no purchase agreement needs to be signed, if a commercial client of PREPA qualifies
for net metering purchases by the utility.
© According to information from the U.S. Department of Energy (DOE), Puerto Rico
adopted a “net metering” law in 2007 allowing corporate customers of PREPA to sell
back power through offset credits on their utility bills if they produce it from renewable
sources, like the Matosantos solar farm at Cabo Caribe. For a “non-residential”
customer, like MCC, to qualify for the sell-back, they must have only up to 1 megawatt
capacity. MCC’s solar farm has 999kW capacity. A perfect fit. They've been selling
power to PREPA since 2015.'°
© Further, a post-PREPA agreement affidavit signed by MCC also promises that the
company will not seek nor accept state or federal monies other than what it received
under the Green Energy Fund.'° This is a blanket pledge by the company, and not limited
to the solar business.
© Timeline:
— MAY IS, 2013 - Green Energy Fund issues a Notice Letter to Matosantos
Commercial Corporation on its 2012 application for a $1.1 million incentive to
build the solar farm.”
— JUNE 4, 2013 — Green Energy Fund signs incentive agreement with
Matosantos Commercial Corporation for $1.1 million to build the solar farm.
Eurocaribe is never mentioned in the document.'*
— JANUARY 13, 2015 ~ The OGP of P.R. issues certifications of installation of
the solar farm, indicating the customer as “Matosantos”. Eurocaribe is not
mentioned in the document.”
4 Exhibit 3: Puerto Rico Electric Power Authority (PREPA) Interconnection Agreement with Burocaribe Packing
Company. February 13, 2015.
Exhibit 9: U.S. Department of Energy. “Puerto Rico — Net Metering” htips/wwww energy gov/savings/puerto-
neterin
© Exhibit 13: Matosantos Commercial Corp. Swom Affidavit by Manuel Matosantos. March 11, 2015.
1 Exhibit 11: Green Energy Fund Notice Letter to MCC. May 15,2013
™ Exhibit 8: Green Energy Fund Reservation Agreement between PRDCO-PREAA and Matosantos Commercial
Comp. June 4, 2013,
Exhibit 2: Office of Management and Budget, Commonwealth of Puerto Rico (OGPE), Certification of
Photovoltaie System Installation, for “Matosantos”. January 13, 2015, — FEBRUARY 11, 2015 - Installation invoice from contractor, showing that
Matosantos Commercial Corporation was the customer and paid all the expenses
related to building the solar farm.””
— FEBRUARY 13, 2015— PREPA Interconnection Agreement, with Eurocaribe
Packing Company, for the same solar farm. Matosantos Commercial
Corporation is never mentioned in the document."
= MARCH 3, 2015 — Letter from Matosantos Commercial Corporation to Green
Energy Fund stating that Eurocaribe is a wholly-owned subsidiary of
Matosantos Commercial Corporation, with different tax IDs, but sharing the same
power supply agreement with PREPA.”
= MARCH 11, 2015 - Sworn affidavit, and cover letter, from Matosantos
Commercial Corporation to the Green Energy Fund, affirming that Eurocaribe
is a wholly-owned subsidiary of MCC, with a different tax ID. The cover letter
also indicates that MCC had falsely claimed to the Green Energy Fund in April
2013 “due to a clerical error” that MCC “did not belong to a controlled group”
and clarified that it is the 100% owner of Eurocaribe. The affidavit also states
that Matosantos Commercial Corporation “will not receive or seek any state
and/or federal funds from any incentives, tax benefits, production credits,
accelerated depreciation, rebates or grants” other than those provided under the
Green Energy Incentives Act of 2010 (Act 83).*
= MARCH 12, 2015 - Green Energy Fund Inspection Form, where the GEF
inspected the solar farm. “Manuel Matosantos” is listed as the ‘customer’ on the
form. The Net Metering System name (i.e., through which the solar farm can sell
‘power back to PREPA under net metering rules) is “Matosantos Commercial PV
System”.?4
Renewable Energy Asset #2: Organic Power LLC.
‘© Asseties of documents reveal that the Matosantos Commercial Corporation is the
beneficial owner of Organic Power LLC, despite an elaborate scheme by the Matosantos
family and a network of friends, associates and employees to conceal or obscure this fact
from the public, Congress, Judge Swain and the FOMB. They also raise serious
{questions on how the company was financed and secured the land.
© Organic Power LLC was set up solely to generate renewable energy by recycling organic
material, and operates today at the Matosantos family’s Cabo Caribe industrial park in
Vega Baja.
2 Exhibit 12: Installation invoice in full paid by MCC. February 11, 2015.
21 Exhibit 3: Puerto Rico Electric Power Authority (PREPA) Interconnection Agreement with Eurocaribe Packing
Company. February 13, 2015.
2 Exhibit 13: Matosantos Commercial Comp. Letter to Green Energy Fund. March 3, 2015.
28 Exhibit 10: Matosantos Commercial Corp. Sworn Affidavit by Manuel Matosantos. March 11, 2015,
244 Exhibit 14: Green Energy Fund Inspection Form, March 12, 2015. Miguel Perez is listed as present on behalf of
Matosantos, 25 Exhibit 15:
© Exhibit 16:
comp.
27 Exhibit 17:
* Exhibit 18:
? Exhibit 19:
3° Exhibit 20:
3) Exhibit 21
3? Exhibit 22:
> Exhibit 17:
According to Puerto Rico Department of State files, Organic Power LLC was
incorporated by Miguel Perez Valdez on October 26, 2012.75 Mr. Valdez is also the
Finance Director of Matosantos Commercial Corporation” and listed as Secretary of
Gegloma Realty Corporation on documents from the purchase of the family’s Vega Baja
industrial park where Organic Power now operates.” Despite being set up as a company
supposedly owned and controlled by Perez, he has used his email address as an MCC
‘employee to do official business with the Puerto Rico Secretary of State on behalf of
Organic Power.”*
On December 8, 2015, Organic Power LLC obtained a $3,763,000 loan from the U.S.
‘Small Business Administration for as-yet unknown purposes.”” On the same day,
December 8, 2015, Organic Power LLC signed a $250,000 contract with the
Commonwealth of Puerto Rico’s Land Authority for “purchase, sale and/or rental of
buildings”. It appears that the Land Authority contract was a 10-year lease taken out by
Organic Power on two lots of undeveloped land close to the Matosantos family’s Vega
Baja industrial park.)
In February 2016, PRIDCO quietly passed a resolution authorizing Gegloma Realty to
sell part of the Matosantos family’s Vega Baja industrial park to Organic Power LLC.”
The PRIDCO Resolution notes that the main purpose of the sale is for Organic Power to
build and operate a plant for recycling organic material and generating renewable energy.
But curiously, the resolution also states, “this project is of great strategic importance for
the Matosantos group of companies and for the entire region for its economic and
environmental impact. It represents an investment of $10.7 million in capital and will
create around 15 direct jobs and 45 indirect jobs.” All other public documents around
Organic Power have obscured the Matosantos family’s role in Organic Power, but the
PRIDCO Resolution establishes a clear connection, indicating the enormous financial
investment being made in this energy generation asset. It also obscured the fact that
Miguel Perez, the MCC executive listed as the owner of Organic Power, was also the
Secretary of Gegloma Realty when the Matosantos family first bought the Vega Baja
industrial park from PRIDCO in 2010.23 This frames the entire operation as being
orchestrated by Matosantos Commercial Corporation and the family’s web of companies
for the benefit of the family’s commercial interests.
On March 22, 2017, as a member of the FOMB, Ana Matosantos testified before the U.S.
House of Representatives Natural Resources Committee. In her testimony, she advocated
for changes to PREPA to allow for private power generation in Puerto Rico, Nowhere in
‘Organic Power Incorporation. October 26, 2012,
Compilation of public corporate listings indicating Miguel Perez’ position at Matosantos Commercial
Contract of Sale, PRIDCO and Gegloma Realty. September 30, 2010.
Organic Power filing ~ Miguel Perez MCC email. April 8, 2013.
Organic Power ~ SBA Loan. December 8, 2015.
Organic Power - PRLA Loan. December 8, 2015,
Organic Power ~ PRLA Lease. December 8, 2015.
Resolution adopted by PRIDCO. February 18, 2016.
Contract of Sale, PRIDCO and Gegloma Realty. September 30, 2010, the disclosure forms at the FOMB™, or as required to testify before Congress, did she
disclose the family’s private energy generation assets, nor the Commonwealth and federal
taxpayer funds those assets have received.
© On June 1, 2017, shortly after our on-the-ground investigation began, the Matosantos
family began a campaign in Puerto Rico to obscure their role in Organic Power. A feature
story appears in Caribbean Business depicting an individual named Brian Healy, as “the
chief operating officer and co-founder of Organic Power. The story says the company
‘was “founded in 2015” and is recycling organic material for animal feed, but also
“providing clean energy to clients such as Matosantos Commercial Corp and its
‘manufacturing subsidiaries at Cabo Caribe Industrial Park in Vega Baja” using propane
‘gas. Here’s the problem: No public records can be found that identify Brian Healy as an
‘owner of officer of Organic Power and no mention of MCC financial director Miguel
Perez’s role in the energy company. This is an attempt to obfuscate the truth, and a
deliberate attempt to hide the Matosantos family’s beneficial ownership of the company.
Annex III: Shady Land Deals Financed the Matosantos Family
How did the Matosantos family finanee their business empire?
‘The answer to that question begins to emerge from a series of documents obtained by NLPC that
center around the family’s 2010 sweetheart deal with PRIDCO to buy the Cabo Caribe industrial
park, an inflated mortgage, a massive tax windfall, and a second, even more suspicious land deal
in 2016 financed by a local Puerto Rican bank where millions of dollars changed hands just days
in and around Ana Matosantos’ official appointment to the FOMB.
Land Deal #1: The PRIDCO Sale and the Inflated Mortgage.
Itall began for the Matosantos group of companies in September 2010, when their real estate
arm, Gegloma Realty, bought an industrial park in Vega Baja from the Puerto Rico Industrial
Development Corporation (PRIDCO).** The contract of sale, which listed Matosantos
Commercial Corporation financial director Miguel Perez. as Gegloma’s board secretary, listed the
sale price as $14,720,000.00.” But curiously, according to public records, Gegloma took out a
$24,355,000 mortgage on the property at 12% annual interest from Banco Santander, almost $10
million above the sale price.®* There is no documentation describing the collateral the bank
accepted in issuing the inflated mortgage to Gegloma, But what is clear is that a review of
Gegloma’s balance sheets from 1985 to 2016, this one land purchase appears to be the most
significant event in the family’s real estate business” history, with their land assets more than
‘quadrupling as a result, but remaining flat since.”
% Exhibit 1: Ana Matosantos Financial Oversight and Management Board Financial Disclosures.
55 Exhibit 23: Mario Belaval. “PRMA Special Commercial Coverage: Rimco Cat Cogeneration” Caribbean
Business. Sune 1, 2017
5° Exhibit 17: Contract of Sale, PRIDCO and Gegloma Realty. September 30, 2010.
"Bid
3 Exhibit 24: Registration of Property, Puerto Rico Department of Justice, October 13, 2010.
» Exhibit 25: Review of Gegloma Realty balance sheets, 1985-2016, ‘The public documents show that PRIDCO was selling the land to Gegloma so the real estate arm
could then rent the industrial park to the family’s food distribution subsidiary, Eurocaribe
Packing Company, to set up operations there, PRIDCO included a restrictive covenant allowing
Gegloma to rent or sell all or a portion to any wholly owned subsidiary, like Eurocaribe, for up to
10 years from the date of sale, but not to outside entities without PRIDCO’s permission."
The Gigantic Tax Windfall for Eurocaribe.
‘According to an audited annual report, Eurocaribe claimed a $15 million tax benefit in 2010
from PRIDCO.*! This was a massive benefit for the Matosantos Commercial Corporation's
manufacturing arm, closely following the inflated mortgage issued to the family’s real estate
arm. Combined, the two benefits yielded about $25 million for the family’s businesses in a very
short period and quadrupled their land asset holdings — practically overnight, and thanks to
PRIDCO.
At the time of the sweetheart PRIDCO land deal, its executive director was Javier Vazquez~
Morales. He is now the head of the Corporate Department of O° Neill & Borges, the outside
legal counsel and lobbyists for the FOMB. A coincidence?
Itis also notable that despite Eurocaribe’s central role in obtaining this key windfall for
Matosantos Commercial Corporation, Ana Matosantos has never fully disclosed her direct,
financial interest in Eurocaribe, and the confused explanation of the timing of her appointment to
its board of directors seem to show an effort to obscure her links to this subsidiary.”
Land Deal #2: Organic Power.
‘As NLPC reported previously, our investigation revealed that the Matosantos Commercial
Corporation, of which Ana Matosantos is a director, is the secret owner of an energy asset called
Organic Power LLC. MCC financial director, and Gegloma secretary, Miguel Perez,
incorporated this company in 2012 apparently to give the impression of being separate from the
Matosantos family. However, as our investigation previously showed the evidence points to
beneficial ownership by the family as part of a broader plan to quietly enter the renewable energy
‘generation business.
Further investigation shows that in addition to producing energy for Puerto Rico’s electrical grid,
Organic Power was also a vehicle for Ana Matosantos’ real estate arm to obtain millions in cash
through a very suspicious land deal only days after her name was publicly floated as a candidate
for the FOMB.
The Suspicious Timeline.
July 28, 2016: Ana Matosantos was publicly named as a candidate for the
FOMB. Public reports first began to surface that Ana was a candidate for the Oversight
‘© Exhibit 17: Contract of Sale, PRIDCO and Gegloma Realty. September 30, 2010.
Exhibit 26: Eurocaribe Packing Company Financial Statement. November 28, 2011. Page 4.
© Exhibit 1: Ana Matosantos Financial Oversight and Management Board Financial Disclosures. Board, beginning with an analysis by noted Puerto Rican lawyer and blogger, John
Mudd. *
August 3, 2016: The Matosantos family held a $375,000 land sale between two of its
‘companies. Six days after Ana’s name is made public, the Matosantos family signed a
land deal at Cabo Caribe between their real estate arm Gegloma Realty, and their secretly
held energy company Organic Power, whose titular head, Miguel Perez, is an executive at
MCC. The contract of sale indicates the deal is worth $375,000.44
© August 3, 2016: On the very same day, Oriental Bank transfers $9 million in a lump
sum to Organic Power. On the same day the two Matosantos companies ~ Gegloma and
Organic Power ~ signed the contract of sale, Oriental Bank moved almost $9 million to
Organic Power in a single transfer, purportedly to finance the $375,000 Organic Power
land deal.“
‘© No collateral is shown to explain the gap between the value of the deal and the
money injected by Oriental Bank. Nowhere in the documents signed by Oriental Bank
as part of the land deal is there any description of collateral or other explanation why
Oriental Bank would loan $9 million to Organic Power for a $375,000 land
purchase. Two sets of UCC Fixture Financing Statements specified only a propane
engine being on the property along with all fixtures included in the $375,000 land
value.
© There is also great disarray in the mortgage paperwork with Oriental. While the $9
million was transferred prompily to the family’s energy company around noon on August
3, 2016 from Oriental Bank, the mortgage paperwork is a mess, suggesting the deal was
done in haste.
+ Two mortgages issued for one land purchase. The purchase and sale agreement signed
by Oriental Bank on August 3, 2016, stated it would issue two mortgages to Organic
Power, one for $5.2 million over five years, and another for $3.7 million for 20
years. No explanation was given on how two mortgages, each worth at least 10 times the
documented value of the land, were to be issued on the same property.*”
‘* Only one deed of mortgage found on the sale date, Two mortgages are mentioned in
the contract, but only one deed of mortgage for $5.2 million could be found as issued on
the date that Oriental Bank wired almost $9 million to Organic Power.** That deed,
Exhibit 27 Control Board Watch, July 28, 2016, “Ana Matosantos”. htip/controlboardwatch.org/tag/ana-
matosantos
“Exhibit 28: Contract of Sale, Gegloma Realty to Organic Power. August 3, 2016
“© Exhibit 29; Puerto Rico Department of Finance, Electronic Certification, Oriental Bank to Orgenic Power LLC.
‘Transaction date: August 3, 2016.
“© Exhibit 30; Puerto Rico Department of State, Financing Statements. Organic Power LLC and Oriental Bank.
August 3, 2016,
© Exhibit 31: Purchase and Sale Agreement. Organic Power LLC, Gegloma Realty and Oriental Bank. August 3,
2016.
‘ Exhibit 32: Organic Power LLC Deed of Mortgage #1. August 3, 2016 written in English, says the foreclosure value of the $375,000 property was $5.2 million,
but does not explain how that figure was reached. An August 3 deed for the $3.7 million
mortgage was never found.
‘© Then a second set of deeds appeared, but left more questions than answers. Adding
‘more questions and suspicions, a second set of deeds of mortgage were issued on
September 16, 2016, a month and a half after Oriental transferred the cash to Organic
Power and after Ana joined the Board on August 31, 2016. The second version of the
$5.2 million deed was identical to the one issued on the sale date™, but a $3.7 million
deed issued in Spanish on September 16" stated the foreclosure value of the property was
not $3.7 million but like the other deed, it didn’t explain how Oriental Bank could collect
almost $9 million foreclosing on property worth a tiny fraction of that amount.
© Numbers don’t lie, or do they? Finally, the total financing from the two mortgages
described in all the sales and mortgage documents does not add up to the amount that,
Oriental Bank transferred to Organic Power on August 3, 2016. The sale*! and
mortgage documents unanimously detail the two mortgages as being $5,257,625.00 and
$3,763,000.00, totaling $9,020,625.00. But the electronic transfer certificate from
August 3, 2016 shows Oriental Bank transferred $8,937,962.00 to Organic Power. No
explanation is given for the difference of $82,663 missing from the transfer.
Annex IV: Blurred Lines between Ana Matosantos and Oriental Bank.
‘The suspicious timing, the chaos in the financial paper trail, and the many unanswered questions
around the millions that changed hands all suggest the land deal was a rushed and irregular
transaction. Nothing about the financing of this land deal makes any sense, except that Oriental
Bank gave $9 million to a company secretly held by Matosantos Commercial Corporation six
days after Ana Matosantos, a director of that company, surfaced as a serious candidate for the
FOMB. A closer look at Oriental’s holdings may give us a better understanding.
In particular, in years 2016 and 2017, Oriental Bank remained highly exposed with loans to
municipalities.
© At December 2016, Oriental “had approximately $197.9 million of credit exposure” to
certain municipalities in Puerto Rico. “*
* At December 2017, Oriental “had approximately $145.2 million of credit exposure” to
certain municipalities in Puerto Rico. *°
© Exhibit 33: Organic Power LLC Deed of Mortgage #2. September 16, 2016,
% Exhibit 34: Organic Power LLC Deed of Morigage #3. September 16, 2016.
5 Exhibit 31: Purchase and Sale Agreement. Organic Power LLC, Gegloma Realty and Oriental Bank. August 3,
2016.
5 Exhibits 32-34
5 Exhibit 29: Puerto Rico Department of Finance, Electronic Certification, Oriental Bank to Organic Power LLC.
Transaction date: August 3, 2016.
5 Exhibit 35: U.S. Securities and Exchange Commission, Form 10-K (20168) OFG Bancorp. “Credit Risk”, Page 19.
5 Exhibit 36: U.S. Securities and Exchange Commission, Form 10-K (2017) OFG Bancorp. “Credit Risk”, Page 17. ‘According to Oriental’s own reports, “Ifthe government restructuring affects the ability of the
‘municipalities to pay their obligations to us as they become due, or under certain other
circumstances, we may be required to adversely classify such loans and increase the provision
‘for loan losses in connection therewith. Such provision may significantly impact our earnings.”
In fact, the FOMB has chosen not to restructure municipalities.
Why?
According to El Nuevo Dia “the list of entities covered by PROMESA was drawn up following
an analysis carried out by Ana J. Matosantos, former Director of Finance and Budget in the
state of California. Matosantos said the entities were selected on the basis of a "holistic"
approach because of the complexity of the island's finances.”*"
‘Ana’s “holistic” approach determined that municipalities were not determined to be covered
entities. It is common knowledge that the municipalities in Puerto Rico are in bad shape, and
choosing not to reorganize is masking a ticking time bomb. Her family’s relationship with
Oriental Bank and questionable mortgages raise significant questions about Ana’s role in
deciding that the FOMB should not designate municipalities as covered entities and pursue a
Title III restructuring of their liabilities.
NLPC believes Matosantos should have recused herself from all matters regarding
municipalities, and since she did not to the public’s knowledge, we believe she has possibly
violated 18 USC 208 and PROMESA.
Oriental Bank now owns all the Suspicious Matosantos Mortgages and Municipalities are
still not Covered Entities.
‘A curious detail in the purchase and sale agreement between Gegloma, Organic Power and
Oriental Bank reveals that at some point, Oriental acquired the inflated mortgage that Gegloma
took out in 2010 for the PRIDCO sale.** That means that Oriental holds all of the most crucial
financing that the Matosantos web of financial interests needed to launch itself from obscurity in
2010 to the multi-million-dollar renewable energy conglomerate it was on the day Ana
‘Matosantos was named to the FOMB.
% Exhibits 35 and 36
57 Exhibit 37:. Ricardo Cortes Chico and Joanisabel Gonzalez, “Entities impacted by PROMESA mandate” ET
‘Nuevo Dia, September 30, 2016.
5 Exhibit 33: Organic Power LLC Deed of Mortgage #2. September 16,2016. See page 5, Note (B) May 16, 2018
The Honorable Jeff Sessions
U.S. Attomey General
United States of America
The Honorable Paul Ryan
Speaker
U.S. House of Representatives
The Honorable Rob Bishop
Chairman
Committee on Natural Resources
USS. House of Representatives
Dear Sirs Sessions, Ryan and Bishop:
On April 9, 2018, the National Legal and Policy Center (NLPC) requested that Attomey
General Jeff Sessions open an investigation into Ms. Ana Matosantos, a member of the Puerto
Rico Financial Oversight and Management Board (FOMB) based on conflicts of interest we had
‘uncovered in the course of a one-year investigation.!
Since then, the FOMB wrote letters to your offices on May 8, insisting that no
investigations be conducted based on any of the evidence we referenced in our April 9 letter.
‘The FOMB’s letters included false, misleading and even contradictory claims that appear to
show the Board’s ethics officer acting not as an independent and unbiased watchdog, but as a
vigorous advocate for Ms. Matosantos” business interests. An objective reading of these letters,
which contain declarative and conclusive defenses of Ms. Matosantos’s business dealings
without citing nor attaching corroborating evidence of their claims, suggests the FOMB never
actually conducted an independent investigation but merely colluded with her to thwart one
being launched by you
Given these circumstances, NLPC respectfully restates its request for a U.S. Department
of Justice investigation into this matter, as well as a Congressional investigation of the facts and
evidence we have uncovered. Since our April 9 letter, we have uncovered a great deal more
evidence that has widened the scope of the conflicts Ms. Matosantos must explain, For this
reason, and the false and misleading affirmations in its letters to your offices, we also request
that the FOMB itself be investigated for its actions to cover up the scandal now engulfing
Matosantos and the FOMB.
In order to provide the most complete overview of the facts, Ihave attached a
comprehensive annex describing the complete results of our investigation, along with all of the
" Exhibit 4: NLPC Letter to U.S, Attomey General Jeff Sessions. April 9, 2018. exhibits of evidence we have obtained over the last year. I will add that NLPC has published this
full annex and all the exhibits on our website— www.nlpe.org ~ for the purposes of full
transparency and public serutiny.
In this letter, I will first provide an overview of the new information we have uncovered
since our April 9 letter to Attorney General Sessions. Then, I will review and explain each of the
false, misleading and contradictory affirmations that the FOMB made in its May 8 letters to your
offices, with references to the to the specific exhibits of the evidence we have obtained and
enclosed in the annex. It is our hope that the sum of the evidence we are providing here will
support a decision to open investigations and get to the truth, The future of Puerto Rico depends
on it, and the people of Puerto Rico deserve the truth.
New Evidence Implicating Ms. Matosantos in Suspicious Financial Transactions
‘The Matosantos Commercial Corporation (MCC) owns and operates a solar energy
generation farm in Vega Baja, Puerto Rico. The family has benefitted from a net metering
arrangement with the Puerto Rico Electric Power Authority (PREPA) since being connected to
the Island's power grid in 2015. This was never disclosed publicly until NLPC brought this to
the public’s attention, and was the basis for our original request to the U.S. Department of
Iustice.
In the preceding weeks, we had discovered that MCC is the beneficial owner of Organic
Power LLC, despite an elaborate scheme by the Matosantos family and a network of friends,
associates and employees to conceal or obscure this fact from the public, the Congress, U.S.
District Court Judge Laura Taylor Swain and the FOMB.*
Since the April 9 letter to you, our concems have only grown. Documents newly obtained
by NLPC can now confirm that in order to finance their renewable energy ambitions and other
expansions, the Matosantos family used MCC’s real estate arm, Gegloma Realty, to obtain tens
of millions in cash through two suspicious land deals involving the Puerto Rico goverment
agency, PRIDCO, an industrial park in Vega Baja, Puerto Rico, a massive tax windfall, and a
series of dubious mortgages, some of which were issued by one of the largest banks in Puerto
Rico just six days after Ana Matosantos’ name was publicly floated as a candidate for FOMB.
The newly uncovered documents reveal that in 2010, the family purchased the Vega Baja
industrial park from the Puerto Rico Industrial Development Company (PRIDCO) for $14.7
million? Nevertheless, on the same day they somehow obtained a mortgage for $24.3 million,
about $10 million above the sale price.® In addition, the family’s business took a massive $15
million tax windfall from PRIDCO the same year.” In all, thanks to PRIDCO, the Matosantos
‘group netted $25 million in financing practically overnight in what can only be termed a
sweetheart deal.
Exhibit 4: NLPC Letter to U.S. Attorney General Jeff Sessions. April 9, 2018.
Tid
“Tid
S Exhibit 17: Contract of Sale, PRIDCO and Gegloma Realty, September 30, 2010.
© Exhibit 24; Registration of Property, Puerto Rico Department of Justice. October 13, 2010,
7 Exhibit 38: 2011 Eurocaribe Packing Company Financial Statement, November 28, 2011. Page 4 ‘Then, in 2016, only six days after Ana Matosantos was publicly named as a candidate for
the FOMB, the family sold a portion of that industrial park to their secretly held energy asset,
Organic Power LLC, for $375,000.° But on the same day, Oriental Bank transferred $9 million
ina lump sum to Organic Power under a mortgage agreement. No collateral is shown to explain
the enormous gap between the value of the deal and the money wired to the company. The sale
documents and records obtained by NLPC are in disarray, suggesting a hasty and irregular
transaction with very suspicious timing.
Nothing about the financing of this land deal makes any sense, except that Oriental Bank
gave $9 million to a company secretly held by Matosantos Commercial Corporation in August
2016, six days after Ana Matosantos, a director of the company, surfaced as a candidate for the
FOMB. Then, in September 2016, Ms. Matosantos chaired the FOMB's analysis into what
aspects of the Puerto Rican Government would be considered a “covered entity.” The FOMB
described Matosantos’s engagement as “holistic” analysis, which the Board relied on in its
decision not to declare municipalities as a “covered entity” under PROMESA."° In doing so,
‘Ana Matosantos sheltered nearly $200 million in credit risk exposure for Oriental Bank'' in the
process from possibly being restructured under Title III.
‘As we mentioned in our previous letter, through the Matosantos family’s solar power
generation asset and its beneficial ownership of Organic Power LLC, Ms. Matosantos directly
benefits from the FOMB’s rejection of PREPA’s Restructuring Agreement (RSA), the decision
to take PREPA to Title III bankruptcy and subsequent push by the FOMB for the privatization of
PREPA and the establishment of micro-electric grids across Puerto Rico. It raises enough
additional questions to warrant a federal investigation into Ms. Matosantos for possible
violations of 18 USC 208 and PROMESA. But with the full evidence we have now uncovered,
‘we request the investigation into Ana Matosantos be broader, to include her roles as a director of
both Matosantos Commercial Corporation and Eurocaribe Packing Company, her financial
interest in Gegloma Realty, and her undisclosed business relationship with Oriental Bank
through her disclosed and undisclosed assets.
False and Misleading May 8 Letter from FOMB to Attorney General Sessions
In his letter to the Attomey General, on behalf of the FOMB, Jaime A. El Koury made
several affirmations that are contradicted by the evidence we have provided to you in the annex
and exhibits with this letter. I will now list and respond to each one, and make citations to the
exhibits in evidence I have provided:
1. “[FJrom the Board’s review, it appears that Ms. Matosantos and MCC have no
ownership interest in Organic Power.”
* Exhibit 28: Contract of Sale, Gegloma Realty to Organic Power LLC, August 3, 2016.
° Exhibit 29: Puerto Rico Department of Finance, Electronic Certification, Oriental Bank to Organic Power LLC.
4 Exhibit 37 Ricardo Cortes Chico and Joanisabel Gonzalez. “Entities impacted by PROMESA mandate” EI Nuevo
Dia, September 30, 2016.
1 Exhibit 35 U.S. Securities and Exchange Commission, Form 10-K (2016) OFG Bancorp. “Credit Risk”, Page 18. ‘This misleading claim from the FOMB is made without citing or describing any
documents or public filings, or any testimony, questionnaire, deposition or affidavit that
indicates an actual “review” took place. If the FOMB conducted no actual investigation,
then the conclusion “would appear” to be true. But the voluminous evidence NLPC has
obtained and laid out in the annex to this letter indicates MCC, and by extension Ms.
Matosantos as a director of MCC, are the beneficial owners of Organic Power LLC, and
have made efforts to hide it from public view. However, the resolution by PRIDCO
granting permission to the family’s real estate arm, Gegloma, to sell part of the family’s
industrial park in Vega Baja to Organic Power spells out the financial interest directly,
stating that Organic Power “is of great strategic importance for the Matosantos group of
companies” and it “represents an investment of $10.7 million in capital.” According to
Puerto Rico Department of State files, Organic Power LLC was incorporated by Miguel
Perez Valdez on October 26, 2012.'? Mr. Valdez was also the Finance Director of
Matosantos Commercial Corporation and listed as Secretary of Gegloma Realty
Corporation on documents from the purchase of the family’s Vega Baja industrial park
where Organic Power now operates.'® With this misleading statement, the FOMB is
acting more like the family’s defense counsel rather than as a watchdog, looking more
deeply into what all the evidence clearly indicates is going on.
“The allegation that Organic Power’s CEO, Miguel Perez Valdez, is also presently an
MCC executive and a Secretary of Gegloma Realty is also mistaken. He is neither, and
itis the Board’s understanding that he has not had a position with either company
since October 2016.”
In this affirmation, the FOMB uses a misleading play on words to actually admit that Mr.
Perez was indeed the Finance Director of MCC and the Secretary of Gegloma Realty
until, at least, October 2016, nvo months afier Ms. Matosantos was appointed to the
FOMB. That means the FOMB is admitting he held these positions under the Matosantos
family at the same time he incorporated Organic Power LLC® and conducted business on
its behalf from October 2012 until October 2016'7. This also means Mr. Perez was still at
Gegloma when that company sold land to Organic Power in August 2016", six days after
Ms. Matosantos’ name was publicly mentioned as a candidate for the FOMB,'? which led
Oriental Bank to wire $9 million dollars to “his” company, Organic Power.” Moreover,
Mr. Perez was still at MCC, Gegloma and Organic Power in September 2016 when Ms.
Matosantos’ guidance to the FOMB led to the decision not to designate Puerto Rico's
municipalities as “covered entities.” Let us also not forget that Mr. Perez was listed as
"2 Exhibit 22: Resolution adopted by PRIDCO. February 18, 2016,
+3 Exhibit 15: Organic Power Incorporation. October 26, 2012.
\ Exhibit 16; Compilation of public corporate listings indicating Miguel Pere2" position at Matosantos Commercial
Corp.
15 Exhibit 17; Contract of Sale, PRIDCO and Gegloma Realty. September 30, 2010
6 Exhibit 15
7 Exhibit 18
18 Exhibit 31: Purchase and Sale Agreement. Organic Power LLC, Gegloma Realty and Oriental Bank. August 3,
2016.
'° Exhibit 27: Control Board Watch, July 28, 2016. “Ana Matosantos”.
2 Exhibit 29 representing the Matosantos family at the inspection of the family’s solar energy farm,"
through which they would sell energy to PREPA in the form of credits under net
metering rules. Therefore, the FOMB has admitted that Mr. Perez indeed had a very
central role on behalf of the Matosantos family in every one of these entities involved in a
number of suspicious schemes dating back to 2010 that enriched them by millions of
dollars. .
3. “MCC and Gegloma Realty do not presently have business or financial relationships
with PREPA, other than as general electricity customers. Indeed, based on the
information the Board has collected and reviewed, there is no evidence that MCC sells
electricity to PREPA, has any surplus energy to sell to PREPA, or has any plans (or
capacity) to do so in the foreseeable future.”
‘This is false, As with its entire letter, the FOMB cites no “information” that it allegedly
had “collected and reviewed” to make this claim, But NLPC has obtained the
documentation indicating that MCC obtained $1 million from the Green Energy Fund
(PRIDCO-PREAA)” and paid all the expenses of building a 999kW solar energy farm at
the family’s industrial park in Vega Baja. But the MCC subsidiary, Burocaribe Packing
Company, signed the interconnection agreement with PREPA,™ through which power
‘was to be sold to PREPA in the form of credits under Puerto Rico’s net metering rules.”
‘The FOMB letter, in this case, never acknowledges that the MCC subsidiary, Eurocaribe,
was inexplicably the signatory of the PREPA agreement despite playing no role in
building or financing the solar power farm. But perhaps this omission by the FOMB in
its letter was deliberate. It is clear, however, from a swom affidavit signed by Manual
Matosantos”* that Eurocaribe is a subsidiary of MCC, and therefore, MCC has the net
metering relationship with PREPA.
4. “[T]he Board is not aware of any evidence that Ms. Matosantos stands to realize or
suffer any tangible, pecuniary gains or losses as a direct and/or predictable result of
any vote or decision concerning PREPA because of her holdings in MCC and Gegloma
Realty.”
‘This is an alarming statement coming from a body that claimed to have investigated this
matter, that they are “not aware of any evidence” of the clear connections between Ana
Matosantos, MCC's solar power farm and PREPA laid out in the exhibits we have
provided. It lends further weight to the belief that the FOMB conducted no investigation
of these matters at all, and its letter is premised on a falsehood.
2 Exhibit 14: Green Energy Fund Inspection Form, March 12, 2015,
2 Exhibit 8: Green Energy Fund Reservation Agreement between PRDCO-PREAA and Matosantos Commercial
Comp. June 4, 2013.
® Exhibit 12: Installation invoice in full paid by MCC. February 11, 2015.
% Eshibit 3: Puerto Rico Electric Power Authority (PREPA) Interconnection Agreement with Eurocaribe Packing
Company. February 13, 2015
% Eghibit 9: U.S. Department of Energy. “Puerto Rico ~ Net Metering” https:/www.energy gov/savings/puerto-
rico-net-metering
2 Exhibit 10: Matosantos Commercial Corp. Sworn Affidavit by Manuel Matosantos. March 11, 2015. “Ms, Matosantos has been transparent concerning her financial interests, and the
charges levied against her in the Letter are premised in part on information she
disclosed on her financial disclosure forms which the Board has published on its
website.”
‘The FOMB has once again made a conclusive affirmation but not provided any of the
evidence or information to reach that conclusion, NLPC concurs that our investigation
has been premised in part on the information in Ms. Matosantos’ financial disclosure
forms”” published on the FOMB’s website. But that was the start of our investigation —
indeed, Exhibit 1 — which led us to the comprehensive annex and other exhibits enclosed
with this letter. It seems, however, that her financial disclosure forms were the end of the
FOMB?s “investigation”. This is a serious dereliction of its duty to investigate and
account for conflicts of interest we have seriously substantiated with the evidence
provided here, and grounds for an investigation of the FOMB itself.
False and Misleading May 8 Letter from FOMB to Chairman Bishop and Speaker Ryan
Koury, in response to a letter sent to both officials by the group, Taxpayer Protection Allian
In his letter to Chairman Bishop and Speaker Ryan, on behalf of the FOMB, Jaime A. El
citing NLPC’s investigation makes several affirmations here that are contradicted by the
evidence we have provided to you in the annex and exhibits with this letter. I will now list and
respond to each one, and make citations to the exhibits in evidence provided:
L
“I]t is unclear on what basis the Letter concludes that MCC “secret[ly] own[s]”
Organic Power and Organic Fuel, but whatever the case, the allegations appear to be
‘false. From the Board's review, it appears that Ms. Matosantos and MCC have no
‘ownership interest in Organic Power or Organic Fuel.”
As stated above, NLPC has already provided ample evidence to substantiate the claim
that MCC, and by extension in her role as a director, Ana Matosantos, are beneficial
‘owners of Organic Power. The FOMB states that “the allegations appear to be false,” but
again does not cite the evidence they have to reach this conclusion. This misleading
statement around the “appearance” of no ownership interest, as in the letter to the
Attorney General, suggests no definitive investigation or review took place and they are
going merely on appearances, As I have explained in this letter, with ample evidence in
the annex, MCC's beneficial ownership of Organic Power was meant to be hidden;
therefore, it would not “appear” without an investigation. NLPC conducted one, and the
FOMB did not.
“It is the Board’s understanding that MCC’s “hidden” net metering agreement with
PREPA has not been in effect since August 2017. Additionally, MCC never received
“payments from PREPA in the form of credits,” as alleged in the Letter. Instead,
MCC's net metering agreement with PREPA provides only for a one-to-one offset on
MCC's energy utilization — an arrangement we understand to be standard for these
agreements.”
2 Exhibit 1: Ana Matosantos Financial Oversight and Management Board Financial Disclosures. ‘The FOMB misleads by omission and obfuscation in this statement. First, it is true that
the interconnection agreement for MCC's solar power farm was signed, inexplicably, by
its subsidiary Eurocaribe Packing Company,”* which played no role in its building ot
financing. But the details of this agreement were not publicly known, nor disclosed by
Ms. Matosantos, until NLPC made them public. Secondly, by attempting to state that net
metering does not result in MCC selling power to PREPA in the form of credits, they are
contradicting the U.S. Department of Energy’s description of these “arrangements”,
stating in black and white that under net metering, “excess credits will be purchased by
PREPA.”® By using a play on words, the FOMB says a one-to-one offset is somehow
different from a credit, but the USDOE shows they are simply obfuscating on Ms.
‘Matosantos’ behalf. Lastly, the FOMB claims the net metering agreement was no longer
in effect in August 2017. But this was a full year after Ms. Matosantos was appointed to
the FOMB, after Ms. Matosantos testified in March 2017 before the U.S. House of
Representatives Natural Resources Committee, where she advocated for changes to
PREPA to allow for private power generation in Puerto Rico, after the FOMB vote
rejecting the PREPA RSA and after the Board voted to take PREPA to Title IIT.
Nowhere in any of her disclosures did she report this relationship with PREPA, and if it
ended in August 2017, it does not exonerate Ms. Matosantos for the conflict it presented
for a full year beforehand. To suggest otherwise is yet another reason the FOMB should
be investigated.
3. “Significantly, MCC has not received an offset under the agreement since August 2017
and may never benefit from the agreement in the future. That is because, although
MCC has solar panels that were previously connected to PREPA’s grid, the Board
understands that those solar panels were severely damaged as a result of Hurricanes
Irma and Maria, have since been disabled, and may not be repairable, As a result,
MCC does not presently have any business or financial relationships with PREPA,
other than as a general electricity customer. Indeed, based on the information the
Board has collected and reviewed, there is no evidence that MCC sells electricity to
PREPA, has any surplus energy to sell to PREPA, or has any plans (or capacity) to do
so in the foreseeable future.”
This statement from the FOMB contradicts, at least in spirit, the claim that MCC never
benefitted from selling energy to PREPA in the form of credits. In fact, this statement
fiom the FOMB affirms our investigation that Matosantos and MCC did financially
benefit from PREPA, only interrupted by Hurricanes Irma and Maria. Therefore, by
implication, the FOMB is admitting that the conflict of interest existed only for her first
year as a Board member, may never be restored, and is not currently benefitting. This
does not exonerate Ms. Matosantos for either the intent to withhold material information
showing a conflict of interest from the day of her appointment until August 2017. Again,
this was almost a full year after Ms, Matosantos was appointed to the FOMB, after Ms.
‘Matosantos testified in March 2017 before the U.S. House of Representatives Natural
Resources Committee, where she advocated for changes to PREPA to allow for private
power generation in Puerto Rico, after the FOMB vote rejecting the PREPA RSA and
2 Exhibit 3
» Exhibit 9 after the Board voted to take PREPA to Title II. The FOMB letter concludes by urging
“the U.S. House of Representatives decline to investigate this matter”, again in the
manner of a defense counsel for the Matosantos family rather than a collegial body
charged with investigating possible violations of federal law by a public official.
Mr, Attorney General, Speaker Ryan and Chairman Bishop, we call upon the U.S. Department of
Justice and the U.S. House of Representatives to conduct a full investigation into Ms.
Matosantos concerning her roles as a director of both Matosantos Commercial Corporation and
Eurocaribe Packing Company, her financial interest in Gegloma Realty, her family’s beneficial
ownership of Organic Power LLC, and her undisclosed business relationships with PREPA and
Oriental Bank through her disclosed and undisclosed assets.
Sincerely,
Peter Flaherty EXHIBIT 1
Ana Matosantos Oversight Board Financial
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Pavog jusmaSeueyy pur s4BIsi040 [ePUEUTY OoRY O}INg EXHIBIT 2
Office of Management and Budget,
Commonwealth of Puerto Rico
(OGPE), Certification of Photovoltaic
System Installation, for “Matosantos”.
January 13, 2015. CCERTIFICAGION DE INSTALACION SISTEMA FOTOVOLTAICO
DATOS DE LOCALZACION
‘Op user le emecien supiishage oo sok moa eacn da rsalandn Jester Plvotsbos Comers rdo
‘Plowontiao a stom de Auiad de Energie Eaten
Nebr: Malang ‘cur en: cosine @azeaa Oe,
Dacor Fises, Cobo Cake IndusinL Par ASteehLcl23 Latins oghs CUE} 1B 27.05/65. 220
‘esa a, Puno ico
DATOS DE LOS oUPOS,
“To de Eqips: iis Fotis Tee Egos nesses
ane itt cheese
Noe zy ‘ec ST 2ccor us 8 ne gam ue
oATOS DEL PROVECTSTA .
“Gniicade poring. Ange R. Zaye ueheone, US 7180
DATOS DE LA NSTALAGION
Tnsniasor Ing. Angel ©, varouse Tee, 2203 ‘Goto de magus rafal: $3, 204.878.00,
Tipo de Cerfeactn: Pamananto Foot ramiedn- 25 de osu de 204
Nb de Gran: ARE-PV.OR
Division NFRAESTRUCTURA
Los sg requrnarts y vecomendocaruscrespendan ls Dvn de nest
‘Atos e Energie Eto: CASO NOM: AEE-13-018, CAPACIOAD EVAWUADA: GBB KWAC 007 8514NV OG
Wego dei exuactn dob sold se deine quo ssama Inareanaten de Generar Ditibdo (6D) papune
‘ars ao eres ogi pon pons nroaen a. Se Pea nema ste sabi
‘Slaton dopootionee gatas sobre ot tombs en coin del 90. our. 2046
DUISION EDIFICARILIDAD
{Los eens requrieion y ecomerdoconesconeaponden ala Dv de Edt:
Deter carp con ls reqlstosyfacorendocenes mangas pe a oddad do Eryn Eckert car de
50 ge cole de 2014, a! camo Regimrios, Chagos, -ayenEnttlesy Fedele Sogn epkguen
CONDICIONES CENERALES
sta reomeniacn es aplcable lamest as stuscén do hechosy dst eogin rosea y eusinds port» CGP,
Enron tis lees yrejamorioe opiobes ruriple, essa, aac ietyondo 6 loa ome yFequsimiento
‘laa a cequndad acipmsonal, concen, eectitaay we passe aor.
CONDICIONES EEPECIALES
Bajo ningina ceansanc, dobersbtepredr aue ea recomendcin fava Imlique Srohaien de metic de
eae ort wn proven de constusan aoe 98 ab ice mou Seay fo cosanon de cee Sg, a re et
‘Snesponsiets prise ce coniveli de reqverse,
Fimas Selioe
Fecha do expeditsn
‘Widemnends 2015 con
Porat
‘dyar: | sBiun2g [ sjooy | sseoay NT | MIA
weyshS Ad |
eIOJSWLUOD SO}UBSO}e|\| Soin in
coca Ra teres rwerre nee
“CERTIFICACION DE INSTALACION SISTEMA FOTOVOLTAICO
DATOS DE LOCALIZACION
nc
De acrerdo ee nfornostn roninseosa o oso crzarn co wetacn 2 tena folcacme Coneria: Pade
Forconecd tom dos Auosdad do Enero Ets
embassies ore Scie enn arenas,
Nome MA cate ntti AStest Lot Z3 Taonga) 18 208.2820
espa. rao Ba
DaToe 96.03 EaUIpOS
“once Equpos bcos Floss “Ton de Eat rveaaee
Stee saarn fines
Noses Nodes Ah SIP 2007s 8 ch STP GOONS
708 DEL PROVESTISTA
‘otflens png Ange. Zan Dichowne, Ue 18100
DATOS DE LAINSTALACION
Instatdr ng. Angel. vee Toe, Ue. 24288 Comodo eansseon esos: 32018700
‘eos Gotkcacr Parmar Pera Matai 2s ecb de ate
‘Ni de Curler: AAEV.O098
DIVISION INERAESTRUCTURA
Toe sigs vequerrontonyormandadoes caesponden le Disn de inet:
pt De Enea fea, CASO NUM: AEE-.019; CAPACIDAD EVALUADA: 000 HAC 00716 KDC
coage cle uncn dace odoinn ue sisson de Gen Dino (3)
oe anc decyl pom promos do reteenexn apm Socorro or oes
Care ee clones onenes soe ookssbtoras en cra el 0 cb octatre d 2044,
DIVISION EDIFICABILIDAD
ow sigur eqerniniceyrcomerdaciowe Coverpondo 2a Den de Eceabiiad
Cae aere im requsceyrcnmedaderes menceraec po: a Aue do Ene cea ecari cata
ee si como ve Rogiamarion, Coden, Leyos Ean Fcersies sg —HIR2E7.
‘CONDICONES GENERALES.
cata ecomendarib os apple sourerte ae atvagondarerios y doa rin presets yevuaee pore O07
Enea rocomepdalon oy ole ptctine rnp, ext, oer uyedo a 98 Momma Y requcint
carpet oe ecovouraconabucln, secon y do monde omblole-
eae aaa poo went iin equon ies, acoso els toma a naan > caine
Ngan geri Pe epi denen Everson oa Gs de Gwenn ce Pama, cout 2 wosee man
moana te La enna Oo Sonar by Stmros De Enna Renova’ 7 EI Raganoto
Se eb Renioos Par Caras De Gonsiasio ¥ Urs Oe Terence
CONDICIONES ESPECIALES,
ee argue ccaran, Gobo paar qu ea fecunendacn evo impiaw » asain de ai
ae cms ss ric ac Obs do conn cls 08s tb et
‘Sretpnctone perso de conse de raqueree.
Fema Selos
Fecha de expasiton
‘demon d02016 Instrucciones para Acceso a MA
Produccién de Sistemas Instalados gvelop
1. Entrar al enlace de eGauge Systems para Matosantos Commercie! PV System, provisto abajo
{no requiere aoceder@ ninguna cuenta ya que e! mismo es un enlace sirecto al proyecto}:
Eniace:ho//58 8835761
[ira cata eg
Soo Matosantos Commercial PV System
‘Yi LAW Azese Tol | eag ap
2. Ver datos y estadisticas de produccién por periodo de tiempo (dias, semanas, meses, etc.) y en
base al rango de produccion en KW, segdn su preferencia,
| coup Matosantos | Commercial PV System |
i Mr | ea at aon ia
‘Nota: De tenor alguna pregunta no duden en comunicarse con el Sr. José Colom 21 787.918.2043 6 via corrao electrénico a
leataveloncom RATED FOR, i
1000 VDC & 600. ¥ DC
Detign fl bility.
“Nooo Dc & éao ve sangre BEC
cleo DC etn oh eh ed
: sa Guided orden
+t ay mde haven ote
*Rityincat reyes
+ Opie Gib Pook PFT
SUNNY TRIPOWER
12000TL-US / 15000TL-US / 20000TL-US / 24000TL-US
The ultimate solution for decentralized PV plants
‘The wodd’s bes selling trae-phase PY inverter the SMA Sunny Tpower TLUS, icing the bar for decerivlized commercial
PY systems. This throe-phove, orsformesass inverter is UL lited for up to 1000 V DC maximum system vooge end has
peak ficiency above 98 percent, while OpiTrac Globo! Peck minimizes he eflect of shade for maximurn energy proction.
The Sunny Tripower delivers ftuee proof solution with fl grid management functionality, cating edge communications end
‘edvanced monitoring. The Sunny Tinower ico equipped with ll pole ground ful protecton and itegrotad AFCIfor a sae,
reliable soltion, toes unmatched lextilty with @ wide inputvollagerange-end two independent MPP nockors. Sutcbl for
both 600 V DC ond 1,000 DC applications, he Sunny Tipower allews for flexible design and alowerlevalized cost cFenergy.
tonnes ope (OC)
Na alte Daca’ A}
ent
© povatoy ° . soaveetoy. |
| BalsoV-leo0y so yEToDON |
RV] Wey 1s0V/t08V. :
ea ee IgM] Sega
TESMA/IA | 6BATA SATIN” USANA
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