According to a new report, Donald Trump didn't disclose a $19.8 million loan from a company with historical ties to North Korea.
Documents obtained by the New York attorney general and reported by Forbes show a previously unreported loan owed by Trump to Daewoo, the South Korean conglomerate.
During the mid- 1990s, Daewoo was the only South Korean company allowed to operate a business in North Korea.
According to Forbes, Trump's relationship with Daewoo is at least 25 years old. At one point, Daewoo partnered with Trump on a development project near the United Nations headquarters in New York City, Trump World Tower.
From 1999 to 2007, Trump and Daewoo were together doing business, including using Trump's name on six South Korea-based properties.
The debt in question stems from an agreement Trump struck with Daewoo, according to documents reviewed by Forbes. The $19.8 m balance remained the same from 2011 to 2016 according to documents reviewed by Forbes. The balance dropped to $4.3 m five months into Trump's presidency, according to paperwork that showed Trump's finances as of June 30, 2017.
The documents said that Daewoo was bought out of its position on July 5, 2017, without disclosing who satisfied the debt.
Even though the loan was reported on the Trump Organization's internal documents, it was not disclosed on the former president's public disclosure reports, according to Forbes. Under disclosure laws, Trump was required to submit the documents to federal officials during his presidential campaign and after he became president.
In 2016, Allen Weisselberg, Trump's chief financial officer, said Trump had disclosed all debts related to companies that Trump had a 100% stake in.
Despite the apparent gap in disclosures, Trump may not have violated any laws, even though the existence of debt could have posed a conflict of interest.
Trump bragged about his relationship with North Korean dictator Kim Jung Un, saying in 2018 he likes me, I like him. We get along and that we fell in love. The two leaders met in person, but the relationship came to nought.
On Monday, jurors began deliberating in the Trump Organization tax fraud trial in New York in which the company is accused of operating a criminal scheme that allegedly involved fraud and tax evasion.