Donald Trump’s business attracted so much scrutiny during his time in office that it would be easy to conclude that all information about its foreign entanglements must be out by now. It is not. Buried in a heap of recently released financial paperwork sits a surprising revelation: Donald Trump had a foreign creditor he failed to disclose while running for president in 2016 and after assuming office in 2017.
The documents, compiled by the Trump Organization and obtained by the New York attorney general, show a previously unreported liability of $19.8 million listed as “L/P Daewoo.” The debt stems from an agreement Trump struck to share some of his licensing fees with Daewoo, a South Korean conglomerate that partnered with Trump on a project near the United Nations headquarters in New York City.
Trump eliminated the debt five-and-a-half months into his tenure as president, according to the documents. He seems to have acted with some urgency to wipe the liability off his balance sheet. From 2011 to 2016, the documents show that the balance stayed static at $19.8 million. Paperwork capturing Trump’s financial picture as of June 30, 2017, five months into his presidency, appears to show that the balance had dropped to $4.3 million, $15.5 million less than it had been a year earlier. Trump got rid of the debt altogether shortly after that. “Daewoo was bought out of its position on July 5, 2017,” the documents say, without specifying who exactly paid off the loan.
Trump’s former chief financial officer, Allen Weisselberg, told the New York Times in 2016 that his boss disclosed all debt connected to companies in which Trump held a 100% stake on the documents. That was not true.
Full Story:https://www.forbes.com/sites/danalexand ... b5233ab30eThere’s little doubt that if the world had known about the debt while Trump was president, it would have sparked conflicts-of-interest concerns, perhaps heightened by Daewoo’s historical ties to North Korea. (In the mid-1990s, the firm was the only South Korean company permitted to operate a business inside the country.)
No wonder TOS had a bestie buddy love affair with Kim Jong-Un.