Donald Trump, the former president of the United States, had million in unreported debt to a company with North Korea when he first ran for president back in 2016. According to shefinds.com, the Attorney General of New York City, Letitia James, discovered a debt of $19.8 million under the reign of the 76-year-old twice-elected former president back in 2016, when he was making his first run for the presidency. (Maria Pierides, 2022)
According to the documents that Letitia managed to get her hands on from the Trump Organization at the beginning of December, it was found that the debt was owed to Daewoo, a South Korean conglomerate that had partnered with Trump on a project in New York City. Because Daewoo was the only corporation that was allowed to run a business in North Korea in the middle of the 1990s, the company has a history of having ties to the communist nation. (Bess Levin, 2022)
Despite this, there is a possibility that the omission was within the bounds of the law. In spite of the fact that officials are required to report personal loans on their financial declarations, the inclusion of loans to their firms is not required by law unless the official is personally accountable for the debt.Â
Due to the fact that the paperwork pertaining to the Trump Organization does not state whether or not Donald Trump, who controlled 100% of the organizations liable for the debt, personally guaranteed the obligation, it is unknown whether or not he breached the law or just took advantage of a loophole. (Dan Alexander, 2022)
