55138
Donald Trump
World Economy

Trump Closes Four Saudi-Related Firms

President-elect Donald Trump shut down some of his companies in the days after the election, including four that appeared connected to a possible Saudi Arabia business venture, according to corporate registrations in Delaware.
News of the move comes days before Trump was expected to describe changes he is making to his businesses to avoid potential conflicts of interest as the US president, AP reported.
The Trump Organization’s general counsel, Alan Garten, described shutting down the four companies as routine “housecleaning,” and said there was no existing Trump business venture in Saudi Arabia. The four Saudi-related companies were among at least nine companies that Trump filed paperwork to dissolve or cancel since questions were raised after the election about how he would conduct business while in the White House.
Trump operates branded hotels and resorts in a handful of countries around the world, though he and his executives have talked about expanding more globally. Last year, Ivanka Trump, his daughter, singled out the Middle East and Saudi Arabia as potential locations.
“Dubai is a top priority city for us. We are looking at multiple opportunities in Abu Dhabi, in Qatar, in Saudi Arabia, so those are the four areas where we are seeing the most interest,” Ivanka Trump told the publication Hotelier Middle East in May 2015 while attending the Arabian Hotel Investment Conference. “We haven’t made a final decision in any of the markets, but we have many very compelling deals in each of them.”
Trump for years has routinely named corporate entities after the projects to which they were connected. Companies set up as part of licensing or management deals in Indonesia and India bear the names of the cities where those projects are located. The same is true for some of his companies connected to properties and business ventures in the United States.
Four of the companies recently dissolved included Jeddah, a major Saudi city. The entities were established three months after Ivanka Trump’s comments, during the presidential campaign. Four more businesses similarly named were also set up around the same time then closed a few months later.
Garten said Friday that the dissolution of the companies, which occurred last month, was part of a periodic process to shed corporate entities that were no longer needed or were set up for ventures that did not materialize. Garten said he did not know why the companies were set up last year or whether they involved a business ventures in Saudi Arabia that didn’t happen.

Short URL : https://goo.gl/6cSnk8
  1. https://goo.gl/rZaBTt
  • https://goo.gl/Qquk0a
  • https://goo.gl/yFkfZQ
  • https://goo.gl/LYi9Gt
  • https://goo.gl/kq3j0p

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
European businesses say it has become harder to do  business in China over the past year.
European companies complain they still face a tough business...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
South Korea to Grow 3 Percent
The Organization for Economic Cooperation and Development has...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus