Trump com­pa­nies owe US$650 mil­lion: ‘NY Times’

The Myanmar Times - - International Business -

COM­PA­NIES be­long­ing to Don­ald Trump have at least US$650 mil­lion in debt, more than twice the amount shown in public fil­ings made by his pres­i­den­tial cam­paign, The New York Times has re­ported.

The paper em­ployed a prop­erty in­for­ma­tion firm to search pub­licly avail­able data on more than 30 US prop­er­ties con­nected to the Repub­li­can can­di­date, in­clud­ing of­fices and golf cour­ses.

In ad­di­tion to the $650 mil­lion li­a­bil­i­ties, “a sub­stan­tial por­tion of his wealth is tied up in three pas­sive part­ner­ships that owe an ad­di­tional $2 bil­lion to a string of lenders”, the Times said about debt that could sig­nif­i­cantly af­fect Mr Trump’s wealth.

The bil­lion­aire ty­coon cam­paigns on what he says is his spec­tac­u­larly suc­cess­ful real es­tate record, claim­ing to be worth around $10 bil­lion and cit­ing his busi­ness acu­men as one of his ma­jor qual­i­fi­ca­tions for the US pres­i­dency.

How­ever, he has dis­missed mount­ing pres­sure even from within his own party to dis­close his tax re­turns or al­low an in­de­pen­dent val­u­a­tion of his as­sets.

Mr Trump’s cam­paign fil­ings show his busi­nesses owed at least $315 mil­lion, the Times noted, say­ing they ap­pear to be ac­cu­rate and that he was not re­quired to dis­close all of his busi­ness ac­tiv­i­ties.

Al­though the paper does not ac­cuse him of any wrong­do­ing, the in­ves­ti­ga­tion un­der­scored how much of Mr Trump’s busi­ness re­mains shrouded in mys­tery.

His lenders in­clude one of the largest banks in China – which the Repub­li­can can­di­date ac­cuses of be­ing a US eco­nomic foe – and the in­vest­ment bank Gold­man Sachs, which he says in­flu­ences his White House ri­val Hil­lary Clin­ton.

As pres­i­dent, the Times said, Mr Trump would be able to make de­ci­sions that would have a ma­jor in­flu­ence on his busi­ness em­pire and net worth. –

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