The fact that Trump is the owner of a huge business empire with many projects abroad makes many people worry about conflicts of interest if he is elected president.
During Donald Trump's first campaign and four years in the White House, his foreign business dealings have come under intense scrutiny for potential conflicts of interest.
Now that Trump's chances of becoming the Republican presidential nominee are wide open, all eyes are once again on the expanding overseas business empire he heads.
Former US President Trump at a campaign rally in New Hampshire in December 2023. Photo: AFP
By the time Trump announced his presidential bid in 2015, his company had expanded significantly overseas, with projects in India, Ireland, the Philippines, and other countries in Asia, Europe, and South America. Projects were also planned in countries such as Israel and Saudi Arabia. These assets included hotels, golf courses, resorts, and condominiums.
During his years in the White House, the Trump Organization decided not to move forward with projects it was considering in places like Israel, Saudi Arabia and the Philippines.
But since 2021, the Trump Organization has resumed its global expansion efforts, with the company embarking on a second golf course in Scotland and inking branding deals with residential projects in India and resort developments in Indonesia.
In late 2022, the Trump Organization agreed to manage and brand a $1.6 billion golf course and resort project in Oman in partnership with Saudi Arabian real estate company Dar Al Arkan. Trump reported more than $5 million in income from that partnership in his 2022 financial disclosure. He also has golf courses, hotels, resorts, condominiums, and other business ventures in more than 10 countries on four continents.
The Trump Organization's current portfolio includes at least 17 residential projects, 12 golf courses, and 12 hotels or resorts.
Trump has long denied that he has used his power for personal gain. He and other family members have stressed that the Trump Organization was involved in global real estate projects and overseas business operations long before he entered politics.
Eric Trump, the former president's son and executive vice president of the Trump Organization, said that after Trump left the White House, he was no longer subject to legal and ethical regulations related to the president, so the company continued to look for new projects.
“We’ve been in real estate for four generations,” Eric Trump said. “Are we supposed to sit back and refuse to work?”
Trump’s lead in the Republican race raises questions about whether he will commit to ending foreign business deals if re-elected, a source close to the Trump Organization said.
But Trump's business empire is expected to continue to pose problems for him for other reasons. The Trump Organization was convicted in late 2022 of tax fraud in a case brought by the Manhattan district attorney.
Trump now faces trial in a civil lawsuit filed by New York Attorney General Letitia James, accusing him of inflating the value of his personal assets for financial gain. Trump denies the charges, accusing prosecutors of being politically motivated.
The former president still owns a majority stake in many of the entities under the Trump Organization. However, the day-to-day operations of the company are run by his sons, Eric and Donald Trump Jr.
Critics say that during his presidency from 2017 to 2021, Trump did not make a serious effort to separate his leadership power from his business interests, and they fear the same will happen if he is re-elected for a second term.
“It’s incredibly dangerous to have an American president who is influenced by foreign money in power,” said Richard Painter, the White House ethics lawyer under President George W. Bush. “If they were serious about avoiding conflicts of interest, they would have sold the entire Trump empire.”
Painter also said Trump's foreign dealings since leaving the White House raise questions about whether, if re-elected, his decisions as president would be influenced by expectations about business performance.
Kathleen Clark, a law professor at Washington University in St. Louis, points out that governments of countries like Indonesia, India or Oman could use their power over Trump Organization projects in those countries to influence US policy under the Trump administration.
“The decision not to undertake new projects to address concerns about conflicts of interest is not sufficient,” she said.
Democrats and some ethics experts have also accused Trump of receiving unconstitutional financial benefits during his first term through his ownership of Trump Organization businesses, such as the Trump International Hotel in the Old Post Office building in Washington, during which foreign officials, lobbyists and influencers stayed at the hotel or spent money at his other businesses.
Eric Trump affirmed that the Trump Organization complies with all provisions of the Constitution, closely monitors the money received from foreign countries and will not keep any profits from this business.
“At the end of the year, we write a big check to the Treasury,” he said.
Former US President Trump (right) and his three children Donald Trump Jr., Ivanka Trump, Eric Trump. Photo: Reuters
Recently, internal financial records obtained by House Democrats show that multiple countries spent heavily at Trump properties, worth at least $7.8 million, during his time in office.
The documents stem from a lawsuit over whether Trump violated the emoluments clause, which prevents US officials from accepting anything of value from foreign countries without congressional approval.
Eric Trump said the Trump Organization's recent overseas expansion is no different from deals being pursued by other major hotel, resort and real estate companies.
“Those are places that mean something to us as a five-star brand,” he said.
Vu Hoang (According to AFP, Reuters, WSJ )
Source link
Comment (0)