Under scrutiny over conflict of interest, Trump dumps projects in Pune, Buenos Aires
With questions being raised about conflict of interest between his presidency and business, President-elect Donald Trump has cancelled his association with realty projects in several countries including one in India. A report in Fox News
With questions being raised about conflict of interest between his presidency and business, President-elect Donald Trump has cancelled his association with realty projects in several countries including one in India.
A report in Fox News quoted Trump lawyer Alan Garten as saying that the company would not continue "exploratory" talks over projects in Pune in India and in Buenos Aires.
The moves follow cancellations late last year of licensing deals for hotels in Brazil, Azerbaijan and the neighbouring country of Georgia as Donald Trump has come under pressure to separate from his business before assuming office.
The report added that discussions over the possible project in Pune were separate from two residential towers already built there that bear the Trump name. Trump also has his name on a residential tower in Mumbai.
The report also said that Trump has stakes in 500 companies in about 20 countries, some of which appear to be set up for tax or legal reasons.
Real estate developer Panchshil Realty said the plan for a second project with Trump Organization in Pune had been dropped long back. "We dropped the project long back.The environment in Pune is not conducive for sale of luxury projects. Nobody buys a Rs 20 crore flat here," Times of India quoted Atul Chordia, chairman, Panchshil Realty as saying.
He said the group has begun focusing more on commercial real estate.
In August 2014, impressed by the sample flat on the first floor of the 23-floor Trump Towers built by Panchshil Ralty in Kalyaninagar in Pune, Donald Trump had said his organisation could be open to future investments in the city.
"I don't know what happens now with so many questions raised. Yes, he was interested at that point. Now we don't know what will happen," said Sagar Chordia, Atul's brother and director of the group.
Trump is said to have stakes in approximately 500 companies across about 20 countries, according to his associates.
Soon after the election, the Trump Organization said that it was "in the process of vetting various structures" for the transfer of its management and portfolio to the president-elect's children, but there have been no details forthcoming since then.
While Trump has given no indication that he plans to sell his interest in his business, he has pledged to do "no new deals" while the president and to leave the management of his company to his two adult sons.