Donald Trump received incentives from Deutsche Bank to ease lending to Trump International Hotel during his tenure and did not disclose the source of $ 3.7 million in claims for assets generated by foreign governments According to a report released by the Parliamentary Commission, Friday.
In a letter to the General Procurement Department manager on Friday, two top Democrats on the House Commission on Surveillance and Reform, Carolyn Maloney and Gerald Connolly, said a hotel in Washington, DC, where the former president lost money. He accused him of providing “misleading information”. He hides hundreds of millions of dollars in his own debt, not just his finances.
Five-star hotel opened in September 2016 — weeks later Playing cards Accepted Republican Presidential Nomination — Permanent Target Accusation of conflict of interest During his tenure. Critics claim that large-scale reservations were intended to favor the president on behalf of Saudi Arabia and other foreign governments-this is what Trump denied.
Mr. Maloney, chairman of the supervisory committee, and Mr. Connolly, who heads the government administration subcommittee, are in a deal with the former president with Deutsche Bank, which became one of his biggest lenders after other banks shunned him. He said he had obtained a document that shed new light. Number of bankruptcies.
NS Trump Organization He accused the report of being “intentionally misleading, irresponsible, and clearly false.”
“The company has never received any incentives from any lender,” he added, especially for German loans.
German lenders also disagreed with the Commission’s conclusions, saying that “the letter makes some inaccurate statements regarding Deutsche Bank and its loan agreements.”
In 2018, the bank allowed Trump to delay the principal repayment of a $ 170 million loan of personally guaranteed real estate by six years, according to the Commission’s findings. According to an account submitted by Trump and quoted by the Commission, Deutsche Bank seemed to allow these payments to be postponed until 2024, when the full loan was due to expire.
“Without this postponement, the hotel might have had to pay Deutsche Bank an additional charge of tens of millions of dollars when it was already facing a sudden loss,” the report said. Foreign banks when he was president. “
The loan in question was always an interest-only facility until maturity, according to those familiar with the matter. Principal repayments were only required if the value of the building fell below a certain percentage of the debt known as a “loan-to-value” contract, he said.
Trump never broke the deal, and the accountants of the Trump organization explained the terms of the deal incorrectly, he added.
The committee has been investigating the hotel for five years. The report was based on a document passed by the GSA, which granted the Trump Organization a 60-year lease to develop the historic assets of Pennsylvania Avenue in 2012.
Trump advertised the success of the 263-room hotel, but the commission found that he had lost more than $ 70 million during his tenure, and the Trump organization injected an additional $ 24 million into real estate to support it. Did.
Trump has been trying to sell the hotel, but their high asking price and Covid-19 pandemic seem to be hampering their efforts.
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