Trump didn’t disclose a $19.8M loan from North Korea-tied company
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Trump failed to disclose a $19.8 MILLION loan from a company with ties to North Korea when he ran for president in 2016, a damning report claims
- Former President Donald Trump failed to disclose a $19.8 million loan from a company linked to North Korea as a candidate in 2016, Forbes reported.
- Documents compiled by the Trump Organization and obtained by the New York attorney general show unstated liability with the South Korean firm Daewoo.
- In the mid-1990s, Daewoo was the only South Korean company capable of doing business inside North Korea, Forbes noted.
- Daewoo and Trump began working together in 1997, when the Korean firm signed on as a partner in the construction of Trump World Tower.
- At some point in the business relationship, Daewoo became a creditor of the Trump Organization, and the Trump company borrowed $25 million.
- The government only requires the inclusion of an individual’s personal debts and business loans if they are personally responsible for them.
- It is not clear if Daewoo’s debt fell into the second category.
- Trump expressed his desire to get along with the rogue nation of North Korea and met Kim Jong Un three times during his administration.
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Former President Donald Trump did not disclose a $19.8 million loan from a North Korea-linked company when he ran for the White House in 2016.
Forbes reported on Sunday that documents compiled by the Trump Organization and obtained by the New York attorney general show a previously unstated liability to the South Korean firm Daewoo for almost $20 million.
In the mid-1990s, Daewoo was the only South Korean company capable of doing business inside North Korea, Forbes noted.
Daewoo and Trump began working together in 1997, when the Korean firm joined as a partner in the construction of Trump World Tower, the Trump-branded skyscraper adjacent to the United Nations campus in New York.
They continued the partnership from 1999 to 2007, with Daewoo using the Trump name on six properties built in South Korea.
Former President Donald Trump failed to disclose a $19.8 million loan from a North Korea-linked company when he ran for the White House in 2016, Forbes reported Sunday.
At some point in the business relationship, Daewoo became a creditor of the Trump Organization, Forbes reported, and the now-former president’s business began with a $25 million loan for projects in St. Vincent, the Grenadines, Brazil, Florida, Arizona, Canada. . and chicago
From 2011 to 2016, the Trump Organization owed Daewoo $19.8 million.
But a document from June 30, 2017, five months into his term, showed that the balance had been reduced to $4.3 million.
The rest was paid out shortly after that, Forbes said.
The debt was not reported on disclosure forms Trump filed with the Office of Government Ethics while he was a candidate in 2016 and as president in 2017.
The move was not necessarily illegal because the government only requires an individual’s list of personal debts and business loans if they are personally responsible for them.
Trump (left) has been outspoken about pushing for a good relationship with the rogue nation of North Korea during his time in office. He photographed meeting Kim Jong Un (right) in the DMZ in June 2019.
It is unclear if this was the case for the $19.8 million.
A Trump spokesman did not respond to DailyMail.com’s request for comment.
Trump has been outspoken about pushing for a good relationship with the rogue nation of North Korea during his time in office.
He met North Korean leader Kim Jong Un three times during his four-year term, including a historic meeting at the DMZ, or demilitarized zone, between North and South Korea.
Kim also wrote ‘love letters’ to Trump, the US president said.
The disappearance of some of those letters after Trump left office sparked the investigation by the National Archives and later the Justice Department that led to the FBI raid on Mar-a-Lago in August.