Documents uncovered by the New York Attorney General’s Office reveal that Donald Trump concealed a $19.8 million loan from a company with ties to North Korea while he was President.
According to Forbes Magazine, Trump owed the South Korean company Daewoo $19.8 million while campaigning in 2016 and after his election. US election law requires candidates and presidents to disclose all debts in a financial disclosure filing.
Debt documents obtained by the New York Attorney General’s Office show that from 2011 to 2016, the debt balance remained constant at $19.8 million. As of June 30, 2017, five months into his presidency, the documents showing Trump’s financial picture show that the balance had dropped to $4.3 million, down $15.5 million from a year earlier. The documents do not specify who repaid the loan.
ONLY COMPANY DOING BUSINESS IN NORTH KOREA
He reported that the company had ties to North Korea and was the only South Korean company allowed to do business in North Korea in the mid-1990s.
During his presidency, Trump referred to North Korea as a rogue state and then established close ties with North Korean leader Kim Jong-un, meeting with him in Singapore and Vietnam. The company’s ties to North Korea and Trump’s foreign policy focus have been brought to the fore again.
DRAFT LAW TO BE DRAFTED
It is well known that the US Office of Government Ethics has neither the resources nor the power to investigate a president’s assets. That’s why Elijah Cummings, the Democrat who chairs the House Oversight and Reform Committee, requested additional materials from Trump’s accounting firm after reviewing Cohen’s documents. The review of these materials will help lawmakers identify loopholes and potentially draft legislation to close them.
Trump’s accounting firm Mazars has refused to hand over the documents without a subpoena.
