Trump releases financial disclosure for 2016 | News | DW | 17.06.2017
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United States

Trump releases financial disclosure for 2016

US President Donald Trump has released his financial disclosure for 2016, providing the first snapshot of his finances since becoming present. The document reveals that Trump owes at least $130 million to Deutsche Bank.

The US president on Friday voluntarily submitted his latest financial disclosure to the Office of Government Ethics, revealing the earnings and liabilities of his business empire from January 2016 to this spring.

The disclosure showed that Trump reported an income of at least $594 million (530.5 million euros) for 2016 and assets worth at least $1.4 billion.

Read more: Democrats want Deutsche Bank info on Trump accounts

The White House said in a statement that "President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form," adding that the form was "certified by the Office of Government Ethics pursuant to its normal procedures."

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Overall, Trump held officer positions in 565 corporations or other entities before he took office.

When he became president, Trump turned over the reins of his business empire to his two sons and a senior executive and placed his assets in a trust controlled by the executive and Donald Trump Jr.

The disclosure has added importance because Trump has broken with presidential tradition by refusing to release his tax returns, which would provide a more complete breakdown of his finances.

Revenues for Trump's empire show growth

The 98-page document shows that Trump's newly opened Washington hotel took in almost $20 million in revenue during its first months of operation, which coincided with Trump's election victory and inauguration.

Meanwhile, Trump's Mar-a-Lago resort in Florida, where he has played host to several foreign dignitaries since becoming president, saw a major boost in revenue, taking in about $37 million, around $7 million more than it had reportedly taken in the previous year.

While it appeared from the disclosure that Trump's presidency had done no damage to his reported income, the findings could provide evidence for a series of lawsuits that argue that the president is violating the Constitution's "emoluments" clause, which bans foreign gifts and payments.

$315 million in liabilities

The disclosure also revealed that Trump has personal liabilities amounting to at least $315 million. The largest proportion of debt - at least $130 million - is owed to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG.

More than $50 million of Trump's liability comes from the president's purchase of the Old Post Office, a landmark historic property in downtown Washington, which he recently redeveloped into a hotel.

Trump also owed a similar amount to Ladder Capital Finance, a New York-based real estate investment trust.

dm/cmk (AP, Reuters, AFP)

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