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Stock Market & Financial Investment News

News Breaks
May 15, 2014
12:15 EDTDRLDoral Financial says Hacienda claims it has no right to refund of overpaid taxes
Earlier today, Doral Financial disclosed the following: Doral Financial Corporation, the holding company of Doral Bank, with operations in Puerto Rico and the U.S., called upon the Government of Puerto Rico, and Puerto Rico Department of Treasury, Hacienda, to honor its obligations, as it repeatedly committed to do in communications with the financial community since January of 2013. Contrary to these commitments, on May 14, Doral received a letter wherein Hacienda unilaterally decided that the 2012 Closing Agreement is null and that Doral has no right to a refund of its overpaid taxes. Doral is evaluating its legal options in connection with this letter and anticipates taking appropriate action to protect its legal rights. Over the last few weeks, Doral has attempted to provide options to the Government to assist in the repayment of its debt to Doral. Instead, Hacienda has sent a letter claiming that its previous agreement with Doral was now null. This unilateral action raises serious questions as to whether the Government will make good on its promises and honor its legal agreements. In midday trading, shares of Doral Financial are down almost 20% to $2.64.
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