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According to a Source, Donald Trump Neglected to Disclose a $19.8 Million Loan When He Was President

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According to a recent revelation, Donald Trump did not declare a $19.8 million loan from a South Korean firm with ties to North Korea when he was president of the United States.

According to Forbes, the documents seized by the New York attorney general revealed an undeclared liability due by Mr. Trump to the South Korean corporation Daewoo.

Mr. Trump owed the corporation millions of dollars while competing for president in 2016 and paid it off barely five months into his term, according to the filings.

He did not identify the debt in his financial disclosure filings, as candidates are required to do, and appeared to act in hurry to wipe the loan off his balance sheet, according to the investigation.

Daewoo first collaborated with Mr. Trump in 1997 on a project near the United Nations offices in New York City for the development of the Trump World Tower, and they worked together for at least 25 years.

He did not identify the debt in his financial disclosure filings, as candidates are required to do, and appeared to act in hurry to wipe the loan off his balance sheet, according to the investigation.

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Daewoo first collaborated with Mr. Trump in 1997 on a project near the United Nations offices in New York City for the development of the Trump World Tower, and they worked together for at least 25 years.

During the mid-1990s, it was the only South Korean corporation permitted to conduct business in the competitor’s neighboring country of North Korea.

The debt “arose from a deal Trump made to share some of his license fees with Daewoo,” according to the newspaper.

Trump - latest news: Trump 'failed to disclose loan from North Korea-linked  company' while running for president | The Independent

From 1999 through 2007, the company worked with Mr. Trump to build six homes in South Korea under the Trump name.

It became a creditor to the Trump Organization at some point during their connection, when the former president began enterprises with a $24 million loan for projects in Saint Vincent and the Grenadines, Brazil, Florida, Arizona, Canada, and Chicago.

According to papers dated June 10, 2017, Mr. Trump owed the company $19.8 million from 2011 to 2016, with the sum down to $4.3 million just five months into his presidency.

Because the government only required presidential candidates and presidents to identify personal debts, failing to disclose debts to the Office of Government Ethics was not necessarily criminal.

Also Read: According to Experts, the Evidence in Two Investigations Justifies Charging Trump

However, the then-financial president’s responsibility to a foreign corporation with historical ties to North Korea could have created a conflict of interest.

Mr. Trump was outspoken and actively sought good relations with the North Korean government led by dictator Kim Jong-un during his presidency. In 2018, he exclaimed, “He likes me, and I like him.” We got along” and “fell in love.”

The two leaders met in person three times and presided over a historic meeting between North and South Korea.

It comes as jurors in the Trump Organization’s criminal tax fraud trial began deliberately on Monday, evaluating claims that his company helped executives avoid personal income taxes on perks including Manhattan homes and expensive cars.

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