A congressional investigation has revealed that Donald Trump, former US president, “grossly exaggerated” the profit of his Washington DC hotel.

He also appeared to be hiding “potential conflict of interests”.

The Trump International Hotel lost over $70m (£51.3m) during his term, though Mr Trump had previously claimed it earned at least $150m during that time.

Trump Organization denied any wrongdoing, calling the report “misleading”.

The House of Representatives Committee on Oversight and Reform stated that the General Services Administration (GSA), which monitors federal spending, had provided documents that showed Mr Trump “grossly exaggerated” the hotel’s financial condition.

According to the committee, Mr Trump’s holding firm had to pay at least $24m for the help of the failing hotel. The building is just blocks from the White House.

According to the report, Trump appeared to have “concealed possible conflicts of interest” in relation to the ownership of the hotel as well as his role of lender to the third-party loan guarantor.

According to the committee, new documents have shown that $3.7m was paid to the hotel by foreign governments. This is enough money to pay 7,400 rooms on an average daily basis.

According to the lawmakers, concerns were raised about possible violations of Constitutional Regulations aimed at protecting federal officials from foreign influence.

According to the oversight report, Trump received significant financial benefits from Deutsche Bank during his four-year tenure.

This allowed Trump to defer making payment on a $170m loan over six years. The Democrat-led Committee also stated that Trump did not disclose the benefit received from a foreign bank during his presidency.

The GSA has requested additional documentation from lawmakers on the hotel. This includes information on loans and foreign payments.

Trump Organization released a statement to the media calling the report “intentionally confusing, irresponsible & unequivocally false”, and described it in terms of “political harass”.

After Donald Trump’s acceptance of the Republican Party nomination, the hotel opened to the general public in September 2016.

Trump quit his businesses in 2017 and put them into a trust that would be managed by his sons.

The Office of Government Ethics stated at that time that Trump’s plan did not “meet” the standards of previous presidents. A GSA internal watchdog stated that in 2019, the agency “ignored” the Constitution by allowing Trump Hotel to continue its lease.

Since 2019, the Trump Organization is looking for potential buyers for its 263-room hotel, but so far has not been able to sell it.

Continue reading at BBC.com

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