Deutsche Bank hands over Trump's financial records to court

Deutsche Bank hands over Trump's financial records to court
© Belga

The Deutsche Bank has already turned over details of loans it granted to companies run by Donald Trump before he became president of the United States to the Office of the Manhattan District Attorney, U.S. media reported this week.

According to a report in Thursday’s issue of The New York Times, the bank handed over the information in compliance with a subpoena it received last year from District Attorney Cyrus Vance, who has been investigating possible tax fraud by the Trump Organisation, and wants to examine his 2011-2018 tax returns.

Deutsche Bank, headquartered in Frankfurt, Germany, gave over two billion dollars in loans to Trump over the past two decades.

Since the 1970s, U.S. presidential candidates traditionally publish their tax returns. However, Trump has refused to declare his, fuelling speculation that his fortune may be less than he claims and that he may be guilty of conflicts of interest.

Vance’s request to obtain Trump’s tax returns has been at the centre of a legal battle. The U.S. Supreme Court ruled in his favour on 9 July but Trump’s lawyers indicated at a hearing before a federal judge a few days later that they would continue to fight to prevent the president’s tax records from being handed over to the District Attorney.

The Trump Organization was founded in 1923 by the parents of the current occupant of the White House. It is made up of 500 companies and is owned by Donald Trump. Since his election in 2016, the conglomerate has been run by his children.

The Brussels Times

Latest News

Copyright © 2021 The Brussels Times. All Rights Reserved.