By Inti Pacheco, Manuela Andreoni, Alex Mierjeski and Keenan Chen
In late 1997, Donald Trump was beginning to bounce back from near financial ruin. Two years earlier, his financial losses had totaled $916 million following a string of bankruptcies at Trump casinos and other properties earlier in the decade, according to tax records published in late 2016. But then, Trump stumbled upon a deal that would change the course of his real estate business.
In Seoul, South Korea, a proposed tower on the banks of the Han River needed a name to convey luxury to prospective buyers. The project’s developer, the Daewoo Group, wanted to pay Trump for the use of his name, nothing more. Under the arrangement, Trump would receive a branding fee and a percentage of the building’s annual revenue, a strategy that is common among international hospitality brands.The cases involved velopers or investors who have faced criminal allegations, an investigation by Univision and Columbia Journalism Investigations has found. In 25% of the projects a background check would have alerted the Trump Organization of the allegations that their partners faced before signing the contract.
The cases involve development company principals, the companies themselves, a broker for the Trump brand or a major investor being targeted by law enforcement action.
Univision and Columbia Journalism Investigations spoke by phone with Trump-lawyer, Alan Garten, in January seeking comment for this report. Upon his request, detailed questions were submitted by email. At the time of publication Garten had not responded, despite several follow-up phone calls and emails.
Eight projects involved a principal from a development company, a brand broker or an investor who was convicted of a crime. Seven other projects involved participants investigated by foreign governments.