Ivanka 'proposed lowering $3billion net worth requirement for Trump' in loan
Ivanka Trump proposed to lower a $3billion net worth requirement needed for her dad to take out a loan, a court was told.
The former president’s elder daughter, who has been in his inner circle in both business and politics, took the stand in New York following Donald Trump on Monday, and her brothers Eric Trump and Donald Trump Jr last week.
Unlike her dad and brothers, Ivanka is no longer a defendant in New York Attorney General Letitia James’ lawsuit. It alleges that Donald Trump’s asset values were fraudulently pumped up for years on annual “statements of financial condition” that helped him get loans and insurance.
Before leaving the company to go with her father to the White House, Ivanka Trump was the point person in establishing a lending relationship with Deutsche Bank’s private wealth management arm. It eventually extended the company hundreds of millions of dollars in loans, with terms that required Donald Trump to submit his financial statements each year.
READ MORE: We're being cooked alive' - inside 100F jail cells where prisoners are dying
Donald Trump's scandalous The Apprentice sacking and his unexpected replacement
The former president's daughter was a witness (Getty Images)“I wasn’t involved in his statement of financial condition,” Ivanka Trump, a former executive vice president at the family’s Trump Organisation, told the court during even-tempered testimony that provided a counterpoint to her father’s caustic turn on the stand.
The loan terms are key as the attorney general alleges that Trump’s falsified financial statements allowed him to obtain better loan rates. An agreement for the Deutsche Bank loan required Donald Trump, as the guarantor, to have a minimum net worth of $2.5 billion. However, Ivanka Trump tried to change the net worth requirement to $2billion, in an email shown in court. Trump's net worth on his statement of his financial condition in 2011 was $4.2billion..
Ivanka was an upaid advisor to the former president (Anadolu Agency via Getty Images)Ivanka testified that her husband, Jared Kushner, introduced her to a banker as the Trumps were seeking financing to buy and overhaul the Doral golf resort near Miami. Ivanka was an executive vice president at the Trump Organisation before becoming an unpaid senior adviser in her father’s White House. Her brothers are still Trump Organization EVPs, and they became trustees of a trust set up to run the company when their father went to the White House.
The sons also have professed minimal knowledge of their father’s annual financial statements. Donald Trump Jr. testified that he dealt with the documents only in passing; Eric Trump said he relied completely on accountants and lawyers to ensure the documents’ accuracy.
Ivanka said she didn’t recall ever having provided asset valuation information for the statements or having reviewed them before they were finalised. She recalled being shown “a few documents and correspondence that referenced financial statements, but that was not something I was involved in.”
“Those were not things that I was privy too,” she testified while being asked about financial statements referencing some apartments that she had options to buy in a Trump-owned building on New York’s Park Avenue.
Read more similar news:
Comments:
comments powered by Disqus
