Leaked documents have revealed that former US President Donald Trump has been embroiled in a new financial scandal, as he covered up a $19.8 million loan from South Korean giant Daewoo Engineering and Construction Company during his tenure.
Documents obtained by the New York Attorney General and reported by Forbes magazine indicate that this loan had not previously been disclosed and was not included in the former president’s public financial disclosure reports.
Under financial disclosure laws, Trump was required to provide all documentation of loans, debts, and financial reports to federal officials during his presidential campaign and after he became president.
Trump’s chief financial officer
In 2016, Trump’s chief financial officer Alan Weisselberg said the former president had disclosed all debts related to companies in which he owned a 100% stake.
And “Forbes” revealed that Trump’s relationship with the company “Daewoo” spans more than 25 years. In 1997, Daewoo collaborated with the former president on the development of the “Trump World Tower” near the United Nations headquarters in New York City.
Daewoo has continued to do business with Trump, and has used his name on six luxury properties the company built in South Korea between 1999 and 2007, according to the magazine, which reported that the loan in question, which it was not disclosed,” stems from an agreement Trump entered into an agreement with Daewoo to share some of its licensing fees.
Trump presidency
According to the documents, the debt of $19.8 million remained the same from 2011 to 2016, and after five months of Trump’s presidency it was down to $4.3 million.
Interestingly, the jury began deliberating on Monday in the Trump Organization tax fraud case in New York, in which the company was accused of “tax fraud and evasion.”
And last month, Trump officially announced his candidacy for the 2024 presidential election, and the former president said in an interview with his supporters at his Florida residence, “To make America great again, tonight I am announcing my candidacy for President of the United States,” indicating that he wants to prevent current President Joe Biden from becoming president for a new presidential term.
