According to a devastating study, Trump failed to declare a $19.8 million loan from a corporation with ties to North Korea while he was campaigning for president in 2016.
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When he was running for president in 2016, former president Donald Trump failed to declare a $19.8 million loan from a business connected to North Korea.
According to a story published on Sunday by Forbes, papers produced by the Trump Organization and obtained by the attorney general of New York reveal a nearly $20 million obligation that had not previously been disclosed to the South Korean company Daewoo..
According to Forbes, Daewoo was the only South Korean company that could conduct business inside of North Korea in the middle of the 1990s.
In 1997, Daewoo and Trump entered into a business partnership for the development of Trump World Tower, the skyscraper bearing the Trump trademark that is located close to the United Nations complex in New York.
From 1999 through 2007, they kept up their collaboration, with Daewoo using the Trump name on six homes built in South Korea.
according to Forbes, Daewoo joined the business partnership at some point and began lending money to the Trump Organization for projects in Saint Vincent and the Grenadines, Brazil, Florida, Arizona, Canada, and Chicago. The loan totaled $25 million.
The Trump Organization owed Daewoo $19.8 million between 2011 and 2016.
Five months into his term, however, a document dated June 30, 2017, revealed the balance had fallen to $4.3 million.
After that, according to Forbes, the remaining balance was settled.
The debt was not disclosed on disclosure forms that Trump submitted to the Office of Government Ethics in 2016 and 2017 when he was a presidential candidate.
The government only mandates the declaration of personal debt – and loans to an individual’s firm if they are personally liable for them, so the action wasn’t technically criminal
Throughout his four-year administration, he had three meetings with North Korean leader Kim Jong Un, one of which took place in the DMZ, or demilitarized zone, between North and South Korea
Trump said that Kim sent him “love letters” as well.
Some of those letters vanished after Trump left office, sparking an investigation by the National Archives and later the Justice Department that resulted in the FBI raiding Mar-a-Lago in August.
Trump did not close the $19.8 loan?
Loan while president documents show Trump did not close the loan.
As a candidate in 2016, according to Forbes, former President Donald Trump failed to declare a $19.8 million loan from a corporation connected to North Korea.
An undeclared debt to the South Korean company
Daewoo is revealed in documents produced by the Trump Organization and obtained by the attorney general of New York.
What is According to Forbes?
Daewoo was the only South Korean company able to conduct business in North Korea in the mid-1990s.
Daewoo and Trump first collaborated ?
on a project to build the Trump World Tower in 1997.