Trump tower opening draws scrutiny
Vancouver complex in global spotlight as news organizations probe potential conflicts of interest
On the day of Donald Trump’s inauguration as the 45th president of the United States last month, Vancouver-based CEO of Holborn Properties Joo Kim Tiah posted several photos on Instagram.
One is a collage of mementoes: a welcome letter from “Thomas J. Barrack Jr., chairman, 58th Presidential Inaugural Committee,” a ticket to the official inauguration ceremonies as well as a pass to the main evening soiree, the Liberty Ball. There is a photo of Tiah looking dapper under an imposing and official, navy-andwhite banner, marking his presence as a guest at the day’s official events in Washington, D.C.
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Tiah has a modest number of followers on his Instagram account (only 102 as of Thursday) but his posts have drawn attention as major media outlets in the U.S. and Europe turn to the grand opening of Holborn’s Trump International Hotel and Tower in Vancouver on Feb. 28. It will be the first Trump-branded property to open since Trump’s inauguration on Jan. 20. Two of President Trump’s sons, Donald Trump Jr. and Eric Trump, are confirmed to attend events in Vancouver.
The $360-million Vancouver tower has long been under scrutiny even before Trump took office. There was public outcry by local residents and a demand by Mayor Gregor Robertson to remove the Trump name. After Inauguration Day, it was the site of a large women’s march in protest against Trump.
But now, it’s also part of a string of Trump-related properties outside of the U.S. that are being examined closely for what they might reveal about possible or perceived conflicts of interest.
As reporters at major American newspapers work feverishly over President Trump’s dealings with Russia, some have also been quietly reaching out to Postmedia in a bid to share and build on each other’s research, literally with the hope of pooling together information about the ownership of individual units at Trump properties around the world.
“The Vancouver development ... highlights the potential for conflict for a sitting president who has refused to sever ties with his still-expanding business empire,” wrote London’s Financial Times this week.
“Like some of Mr. Trump’s other properties, the Vancouver development raises the risk of violating the emoluments clause in the U.S. Constitution prohibiting elected officials from receiving benefits from foreign governments. The hotel also invites scrutiny of his business partners such as the elder Mr. Tiah, who was convicted of providing a false report to the Kuala Lumpur stock exchange,” according to the FT.
Joo Kim Tiah oversaw the tower’s construction via Vancouver-based Holborn Properties, which has been backed by TA Enterprise, the Kuala Lumpur-based company of his father, Tony Tiah Thee Kian, one of Malaysia’s wealthiest businessmen.
Like many Trump properties outside the U.S., the Trump Organization provides branding and manages the property, but does not retain a stake in the development. It does, however, charge licensing fees and offers “incentive fees” if certain financial targets are reached,” according to the FT.
Sales from the Trump Vancouver property represented the lion’s share of TA Global profits in 2015, according to the FT. TA Global said it earned 46 million Malaysian ringgit, or about US$10 million, in profit, “amounting to nearly 58 per cent of the group’s profit,” the FT reported.
Tiah told the FT he has not invited any politicians to the opening party, “though two Trumps are on the guest list Donald Jr. and Eric. ‘I don’t want it to be misinterpreted. It’s a business event.”