The bankruptcy filed by Grupo HIMA under Chapter 11 for reorganization is around $500 million. While these debts grew, politicians or members of their families were hired by the company.
Universal Properties Realty, which handled public nuisances in 22 municipalities, did not deposit the buyers’ money in an escrow account and is not responding to them now.
The Municipality of Caguas canceled the contract with Universal Properties Realty Government Services, LLC., after an internal investigation confirmed irregularities in the process of declaring public nuisances and their sale by that company in Caguas, said Mayor William Miranda Torres in an interview with the Center for Investigative Journalism.