A new report published by Forbes magazine stated that former President of the United States Donald Trump did not disclose a loan of $19.8 million from a company with historical ties to North Korea, when he was president of the United States.
Documents obtained by the New York attorney general, and reported by Forbes on Sunday, point to a previously unreported loan owed by Trump to South Korean giant Daewoo.
Daewoo was the only South Korean company allowed to operate business in North Korea during the mid-1990s.
And Forbes revealed that at one point, Daewoo partnered with Trump on a development project near the United Nations headquarters in New York City.
Trump and Daewoo continued to do business together, including using the Trump name on six South Korean-based properties from 1999 to 2007, according to the magazine.
The outlet stated that the debt in question “stems from an agreement Trump made to share some of his licensing fees with Daewoo.”
According to documents reviewed by Forbes, the balance of $19.8 million remained the same from 2011 to 2016. Five months into the Trump presidency, the balance had dropped to $4.3 million, according to paperwork showing Trump’s finances on June 30, 2017.
Shortly after, “Diwa was purchased from its website on July 5, 2017,” the documents said, without disclosing who paid the debt.
Forbes reported that although the loan was reported in internal Trump Organization documents, it was not disclosed in the former president’s public financial disclosure reports. Under disclosure laws, Trump was required to provide the documents to federal officials during his presidential campaign and after he became president.
And in 2016, Trump’s chief financial officer, Allen Weisselberg, said that all debts related to companies in which Trump owned a 100% stake had been disclosed.
And despite the apparent gap in the disclosures, Trump may not have broken any laws, religion might
constitutes a conflict of interest, according to Forbes.
Meanwhile, on Monday, jurors began deliberating in the Trump Organization tax fraud trial in New York, in which the company is accused of running a criminal scheme that allegedly involved fraud and tax evasion.
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