South Korean company paid Trump $2 million amid trade investigation: NYT
The disclosure cited a “nonrefundable development fee” and drew conflict-of-interest questions as the Commerce Department investigates Korea Aluminum.
- Donald Trump’s holding company received a $2 million payment from Base Group, the South Korean parent company of an aluminum manufacturer currently fighting a U.S. government trade investigation.
- The transaction was disclosed as a "nonrefundable development fee" tied to a letter of intent in the president’s annual financial disclosure released in late June. Both the Trump Organization and Base Group assert the payment is related to a planned, unannounced golf course project in South Korea.
- The subsidiary, Korea Aluminium, is battling severe Department of Commerce penalties over allegations that it circumvented tariffs by routing Chinese-made aluminum products through South Korea before exporting them to the U.S..
- The Commerce Department recently issued a preliminary finding that would hit Korea Aluminium's exports with a 105% tax—nearly four times the current rate—with a final determination in the probe looming.
- While ethics experts warn the payment highlights massive conflict-of-interest risks, the White House and the Trump Organization have denied any wrongdoing. Officials maintain that trade investigations are run independently by statute and that no evidence suggests any political intervention took place.
15 Articles
15 Articles
Trump's holding company collected $2 million from an investor in an aluminium group – who had a trial before Trump's Department of Commerce at the same time. An analysis.
(Washington = Yonhap News) Correspondent Hong Jeong-gyu = A South Korean company in a trade dispute with the U.S. government [paid] $2 million (approximately 3 billion won) to President Donald Trump's holding company...
The main investor of a South Korean aluminum company that has challenged the sanctions imposed by the Department of Commerce on certain exports from South Korea to the United States, made a $2 million payment last year to President Trump’s parent company. The payment made by the parent company, Base Group, was first disclosed in Mr. Trump’s annual financial statement, published at the end of June. The document only provided a cryptic explanation…
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