FINANCE

According to the report, Trump received help from Deutsche Bank for the hotel


Donald Trump received preferential treatment from Deutsche Bank for facilitating ease for his Trump International Hotel, and failed to disclose the source of the সরকার 3.7 million bill of lading property produced by the foreign government on Friday.

In a letter to the General Services Administrator’s administrator on Friday, Caroline Maloney and Gerald Connolly, two top Democrats on the House Committee on Supervision and Reform, accused the former president of giving “misleading information” about the Washington DC hotel to lose money, as well as hundreds of dollars.

The five-star hotel, which opened its doors in September 2011 – just weeks after Trump accepted the Republican nomination for the presidency – was the subject of a series of allegations of conflict of interest while in power. Critics claim that the large-scale bookings on behalf of Saudi Arabia and other foreign governments were intended to please the president যা which Trump has denied.

Maloney, chairman of the oversight committee, and Conley, who heads the subcommittee on public affairs, said they had received documents that shed new light on the former president’s dealings with Document Bank, which became one of his biggest lenders after other banks abandoned him. The number of bankruptcies.

The Trump administration dismissed the report as “deliberately misleading, irresponsible and unequivocally false.”

Regarding the Deutsche loan, in particular, it added: “At no time has the company received any preferential treatment from any lender.”

The German banker also criticized the decision of the lender committee, saying that “the letter contained a number of misrepresentations regarding Deutsche Bank and its loan agreement”.

According to the committee’s findings, in 2018 the bank allowed Trump a six-year delay in repaying the principal of a m 1m million loan for a personally guaranteed property. According to Trump’s filing and the committee’s citations, Deutsche allowed the repayment to be made in 20224, when the entire loan was due to mature.

“Without this suspension, the hotel may need to pay Deutsche Bank a few million extra dollars when it was already facing severe losses,” the report said.

According to a person familiar with the matter, the question in maturity has always been one of interest. The principal is required to pay only if the value of the building falls below a certain percentage of the debt, known as the “loan-to-value” agreement, the individual said.

Trump never violated the agreement, and the way the Trump organization’s accountants described the terms of the agreement was wrong.

The committee has been investigating the hotel for five years. The report is based on documents handed over by the GSA, which in 2012 granted a 60-year lease to the Trump administration to develop the Trump Historic Property on Pennsylvania Avenue.

Although Trump spoke of the success of the 263-room hotel, the committee suffered more than 70 70 million in losses while in office, forcing the Trump organization to inject another 24 24 million into the property.

Trump is trying to sell the hotel, although their high asking price and the Covid-1 pandemic epidemic seem to be hampering that effort.



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button