Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Trump under fire over business plan  Join our daily free Newsletter

MENAFN - AFP - 11/01/2017
No. of Ratings : 0
Add to Mixx!

(MENAFN - AFP) Donald Trump said Wednesday he had handed complete control of his business to his adult sons but stopped short of a full divestment, earning a swift rebuke from the government ethics watchdog.

Trump, the wealthiest man ever to ascend to the US presidency, has until now run the Trump Organization whose network of hotels, golf clubs and luxury residences stretches across 20 countries but is not listed on the stock market, thus releasing no public statistics.

The 70-year-old billionaire has so far flouted recommendations that he sell off all his assets in a blind trust to avoid any suspicion of corruption or conflict of interest.

As he prepares to be sworn in as America's 45th president in nine days, Trump still refuses to release his tax returns, claiming they are under audit, meaning relatively little is known about the extent of his interests.

"My two sons, who are right here, Don and Eric, are going to be running the company," the president-elect told a news conference in New York. "They're not going to discuss it with me," he added.

Don Jr, 38, and Eric, 32, are Trump's eldest sons from his first marriage and are currently, with their sister Ivanka, executive vice presidents in the Trump Organization.

Trump said manila files covering a table next to the lectern were the signed documents "turning over complete and total control to my sons," before handing the stage to his lawyer, a Washington law firm partner.

The attorney, Sheri Dillon, defended the plan saying it would "completely isolate" Trump from the management of his business during his presidency and that no new foreign deals "whatsoever" would be made during his time in the White House.

- 'Not feasible' -

All pending deals -- more than 30 -- were canceled, causing a "financial loss of millions of dollars" to Trump and his children, said Dillon, a partner in the firm Morgan, Lewis & Bockius.

Under the plan, an ethics advisor would review and give written approval to any "new deals, actions, and transactions that can potentially raise ethics or conflicts of interest concerns," she said.

Longtime Tump associate Allen Weisselberg, currently the company's chief financial officer, will assist the Trump sons in running the business, according to Dillon.

Daughter Ivanka, whose husband Jared Kushner will be a special adviser to the president, will have no further involvement in the business.

Tackling head on why Trump would not divest, Dillon alleged that selling "would not eliminate possibilities of conflicts of interest. In fact, it would exacerbate them."

The president-elect "should not be expected to destroy the company he built," said Dillon. "Selling the entire Trump organization isn't even feasible," she added.

Instead the plan would "sever" the presidency from the Trump Organization and in addition Trump will donate all proceeds from any foreign officials to his hotels to the US Treasury, she said.

But the head of the Office of Government Ethics publicly criticized the plan, saying it fell short of the example set by commanders-in-chief for 40 years.

- Sub-standard -

"It doesn't meet the standards that the best of his nominees are meeting and that every president in the last four decades has met," said Walter Shaub, holding up secretary of state nominee Rex Tillerson, who stepped down as CEO of ExxonMobil, as a model to follow.

Shaub said the refusal to engage in new deals does not solve the problem of existing business interests, and called on Trump to divest fully.

"Nothing short of divestiture will resolve these conflicts," he said.

"This isn't the way the presidency has worked since Congress passed the ethics and government act in 1978 in the immediate aftermath of the Watergate scandal," he added.

According to PrivCo, which seeks to provide financial and business information on private companies, The Trump Organization employs about 22,000 people and had revenues of 9.5 billion in 2014.

Trump closed his press conference by joking that if his sons did a bad job, he would come back in eight years and tell them "'you're fired'" using his catchphrase from his reality TV show "The Apprentice."

"#nopressure," tweeted Don Jr shortly afterward.



  MENA News Headlines
 Feb 21 2017 - Clear Brine Fluids Market set to reach USD 1.4 billion by 2024.MENAFN Press
(MENAFN Editorial) Clear Brine Fluids Market size was valued at over USD 870 million in 2015 and will witness gains at 5% CAGR by 2024. Positive growth indicators in the oil & gas industry across ...

 Feb 21 2017 - Miss Malarkey's Lost Her Man is the story of an unglamorous apocalypseMENAFN Press
(MENAFN Editorial) iCrowdNewswire - Feb 20, 2017 Miss Malarkey's Lost Her Man A campaign raising money for the production of a 10-minute short film shot locally in Cornwall and created by ...

 Feb 21 2017 - Tel Aviv: Neomatix helps drivers and vehicle fleet operators save money on gas and tires while improving road safety and reducing CO2 emissionsMENAFN Press
(MENAFN Editorial) iCrowdNewswire - Feb 20, 2017 NeomatixThe company helps drivers and vehicle fleet operators save money on gas and tires while improving road safety and reducing CO2 emissions. ...

 Feb 21 2017 - The World Faces a 'Terrible Lack of Trust'MENAFN Press
(MENAFN Editorial) iCrowdNewswire - Feb 21, 2017 By IPS World Desk Antonio Guterres, UN Secretary General. Credit: UN Photo/Jean-Marc Ferré DUBAI/ROME, Feb 14 2017 (IPS) - The world ...

 Feb 21 2017 - Libya Gaddafi regime trial fell short of international standards UN reportMENAFN Press
(MENAFN Editorial) Libya Gaddafi regime trial fell short of international standards – UN reportThe report by UNSMIL and the UN Human Rights Office (OHCHR) analyses key aspects of the trial in light ...

 Feb 21 2017 - Joint FAO/UNICEF/WFP statement on famine in South SudanMENAFN Press
(MENAFN Editorial) Joint FAO/UNICEF/WFP statement on famine in South SudanThe heads of three UN agencies issued the following joint call for urgent action to allow aid to reach people facing ...

 Feb 21 2017 - Egypt - Women's Film Festival of AswanMENAFN Press
(MENAFN Editorial) Egypt - Women's Film Festival of AswanThe days dedicated to the Italian shorts will be presented by director Cristina Picchi, who is in Aswan to present the screening of her own ...

 Feb 21 2017 - Severe Food Shortages Hit Africa's Refugees Hard UNHCR and WFP WarnMENAFN Press
(MENAFN Editorial) Severe Food Shortages Hit Africa's Refugees Hard – UNHCR and WFP WarnUNHCR and WFP are concerned that sustained cuts to food assistance will have severe nutrition and ...

 Feb 21 2017 - Nearly 1.4 million children at imminent risk of death as famine looms in Nigeria, Somalia, South Sudan and Yemen UNICEFMENAFN Press
(MENAFN Editorial) Nearly 1.4 million children at imminent risk of death as famine looms in Nigeria, Somalia, South Sudan and Yemen – UNICEFThis year, UNICEF is working with partners to provide ...

 Feb 21 2017 - BMO Capital Markets to Host 26th Annual Global Metals & Mining ConferenceMENAFN Press
(MENAFN Editorial) Feb. 21, 2017 /PRNewswire/ -BMO Capital Markets will host its 26th annual Global Metals & Mining Conference from February 26 to March 1, 2017, in Hollywood, Florida. The ...






Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help