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Monday, January 24, 2022

House report: Trump’s DC hotel hid losses, foreign money when he was president

8th October (WNN) — Former President Donald Trump’s Washington, D.C., hotel suffered tens of millions of dollars in damage over the course of four years and tried to hide millions of dollars in payments from foreign governments, according to documents released Friday by Democratic House lawmakers.

The Democratic-controlled House Oversight and Reform Committee said documents released by the General Services Administration also showed Trump wildly increased the revenue of the Trump International Hotel during his tenure at the White House.

The panel said Trump claimed the hotel made more than $150 million in the period when it actually lost $70 million.

Committee chair Rep. Carolyn Maloney, D.N.Y., and Rep. Gerald Connolly, D-VA, said in a letter to the GSA that the information raises “disturbing” concerns about the hotel, which is housed in a historic building. situated at. Trump leases from the federal government.

The 27-page letter details how Trump’s business failed to disclose damages and debt in public filings and lease documents and highlighted conflicts of interest while Trump was presidency.

“Documents provided by the GSA raise new and troubling questions about former President Trump’s leasing with the GSA and the agency’s ability to manage the former president’s conflicts of interest during his tenure. , when he was effectively on both sides of the contract as landlord and tenant,” he said in the letter.

Maloney and Connolly said that because of the hotel’s direct ties to Trump, foreign and domestic interests spent money there to do favors with the US president.

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He said, for example, that documents show Deutsche Bank allowed Trump in 2018 to delay making principal payments on the hotel for six years.

“Without this delay, the hotel may be required to pay Deutsche Bank tens of millions of additional dollars at a time when it was already suffering huge losses,” Maloney and Connolly said in their letter.

“Trump did not publicly disclose this significant profit from a foreign bank while he was president.”

Both also said that foreign governments paid more than $3.7 million to the hotel between 2017 and 2021.

“Internal Trump Organization documents raise questions about how foreign government payments were accounted for by Trump Hotels,” he said. Instead of simply transferring profits to Trump Hotel’s parent companies for payments to the US Treasury, Trump Hotels used the money to offset Trump Organization intra-company debts.

The committee also noted that documents show that Trump accepted millions of dollars in undisclosed emoluments, hid hundreds of millions of debt from GSA when his company bid on the hotel building, and “demonstrated the leasing conflict for GSA.” made it impossible to properly enforce. – Interest restrictions by engaging in opaque transactions with other affiliated entities.”

“This new evidence raises a number of questions that require further investigation and action by the committee,” Maloney and Connolly said.

The Trump Organization did not immediately respond to the panel’s report on Friday.


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