The former president of the Dominican Association of Business Lawyers (ADAE) has criticized the government for handpicking a New York firm for its legal counsel for the sovereign bonds issue. Luis Julio Jimenez said the government should have held a tender to choose its legal counsel, the brokers, and auditing firms for the bonds. Marcos Peña, president of the ADAE, urged that the sovereign bond bill now before Congress stipulate the specific use of the bonds and include certain guarantees for fulfillment. Fernando Langa, vice president of the ADAE, commented that several of the projects the government is proposing to pay for with the bonds have already had funds allotted to them in the National Budget, which would leave the government with discretionary power over the surplus income that would result.
