Trump has not disclosed $19.8 million loan as president, documents show donald trump

Donald Trump has failed to disclose a $19.8 million loan from a company with historical ties to North Korea while he was US President, according to a new report.

Documents obtained by New York’s Attorney General on Sunday and reported by Forbes point to a previously unreported loan Trump owes to South Korean conglomerate Daewoo.

Daewoo was the only South Korean company allowed to do business in North Korea in the mid-1990s.

Forbes revealed that Trump’s relationship with Daewoo is at least 25 years old. At one point, Daewoo was working with Trump on a development project near the United Nations headquarters in New York City, Trump World Tower.

Trump and Daewoo continued to do business together, including using Trump’s name on six South Korea-based properties from 1999 to 2007, according to the magazine.

The outlet reports that the debt in question “rose from an agreement Trump made to share some of his royalties with Daewoo.”

According to documents reviewed by Forbes, the balance remained the same at $19.8 million from 2011 to 2016. Five months into Trump’s presidency, the balance fell to $4.3 million, according to documents showing Trump’s finances as of June 30, 2017.

Shortly thereafter, “Daewoo was bought out of its position on July 5, 2017,” the documents said, without disclosing who paid off the debt.

Forbes reports that while the loan was listed in the Trump Organization’s internal documents, it was not disclosed in the former president’s public financial reports. Under disclosure laws, Trump was required to show the documents to federal officials during his presidential campaign and after he became president.

In 2016, Trump’s chief financial officer, Allen Weisselberg, said Trump disclosed all debt related to companies in which Trump owned 100 percent.

Despite the apparent disclosure gap, Trump may not have broken any laws, although the existence of the debt could still have posed a conflict of interest.

As president, Trump boasted about his relationship with North Korean dictator Kim Jung Un, saying in 2018, “He likes me, I like him. We understand each other” and that “we fell in love”.

The two leaders met in person, but the relationship fell apart.

Meanwhile, jurors on Monday began deliberations in the Trump Organization’s tax fraud trial in New York, which accuses the company of operating a criminal scheme that allegedly involved fraud and tax evasion.

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