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Companies part of Trumps network accused with tax evasion

Two Trump companies are being accused in a Manhattan court of tax avoidance.

The Panamanian registered companies were reported to be part of a fraudulent scheme for tax avoidance.

The 12.5 % due tax for which the companies are being persecuted is related to management fees of a Panamanian hotel, which according to the claim were withheld taxes that the organisation simply kept.

The new owners of the property are looking to get the Trump Organisation to pay the due amounts.

This incident is one more issue related to the True Organization which now adds to issues with projects in Canada, Mexico, India, Azerbaijan and Russia.

The new owners are looking for $17 million in damages and include a number of misrepresentations made by officials of the Trump Organisation which induce to error the investors.

As part of the misconduct, the Trump Network Companies failed to make appropriate financial disclosures.

The investors claim that if they would have been aware of the tax and social security issues of the company, they would not have taken the hotel in the first place.

Source

https://www.riskscreen.com/kyc360/news/trump-companies-accused-of-tax-evasion-in-panama/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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