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Trump owes lenders at least US$315m, disclosure shows

Saturday, June 17, 2017 - 08:57

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President Donald Trump had personal liabilities of at least US$315.6 million to German, US and other lenders as of mid-2017, according to a federal financial disclosure form released late on Friday by the US Office of Government Ethics.

[WASHINGTON] President Donald Trump had personal liabilities of at least US$315.6 million to German, US and other lenders as of mid-2017, according to a federal financial disclosure form released late on Friday by the US Office of Government Ethics.

Mr Trump reported income of at least US$594 million for 2016 and early 2017 and assets worth at least US$1.4 billion.

The 98-page disclosure document posted on the office's website showed liabilities for Mr Trump of at least US$130 million to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG.

For example, Mr Trump disclosed a liability to Deutsche exceeding US$50 million for the Old Post Office, a landmark historic property in downtown Washington that he recently redeveloped into a hotel located near the White House.

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Mr Trump reported liabilities of at least US$110 million to Ladder Capital, a commercial real estate lender with offices in New York, Los Angeles and Boca Raton, Florida.

The largest component of Mr Trump's income was US$115.9 million listed as golf-resort related revenues from Trump National Doral in Miami. His assets probably exceeded US$1.4 billion because the disclosure form provided ranges of values.

The document showed Mr Trump held officer positions in 565 corporations or other entities before becoming US president. His tenure in most of those posts ended on Jan 19, the day before his inauguration, and in others in 2015 and 2016.

Most of the entities involved were based in the United States, with a handful in Scotland, Ireland, Canada, Brazil, Bermuda and elsewhere.

Mr Trump has refused to release his tax returns, which would give a much clearer indication of his wealth and business interests. But he has submitted federal forms disclosing his and his family's income, assets and liabilities.

"President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form," the White House said in a statement, adding that the form was "certified by the Office of Government Ethics pursuant to its normal procedures."

An Office of Government Ethics spokesman declined to comment on the contents of the report, other than to say that it was certified by the office, which is an ethics watchdog for federal government employees.

Mr Trump released a disclosure form in May 2016 that his campaign at the time said showed his net worth was US$10 billion. Some critics disputed that figure as overblown.

Before taking office in January, Mr Trump was a New York real estate developer and television celebrity.

REUTERS

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