Trump says he declined $2 bn business deal in Dubai

Trump's investments and business will be conveyed to a trust prior to January 20.


Less than 10 days before entering the White House, US President-elect Donald Trump, who has built a massive real estate empire, said that he declined a business deal worth $2 billion in Dubai even though he is not obliged to do so as president.

“Over the weekend, I was offered $2 billion to do a deal in Dubai with a very, very, very amazing man, a great, great developer from the Middle East, Hussein Damack, a friend of mine, great guy,” Trump said.

Trump announced through his attorney that he is turning over his business to his two sons - Don and Eric.

Trump asserted that he is doing all this even though under current law, he can run his business and be president as well.

“I didn’t have to turn it down, because as you know, I have a no conflict situation because I’m president. I didn’t know about that until about three months ago, but it’s a nice thing to have,” he said, adding that he does not want to take advantage of something.

“I have something that others don’t have, Vice President Pence also has it. I don’t think hell need it, I have a feeling he’s not going to need it. But I have no conflict of interest provision as president,” Trump said.

Trump said he does not like the way that looks, but he would be able to do that if he wanted to.

“I would be the only one to be able to do that. You can’t do that in any other capacity. But as president, I could run the Trump organisation, great, great company, and the country. I’d do a very good job, but I don’t want to do that,” he said.

Responding to questions, Trump refused to release his tax returns as they are under audit.

“I’m not releasing the tax returns because as you know, they’re under audit. The only one that cares about my tax returns are the reporters, OK? They’re the only ones who ask,” he told the reporter who asked the question.

In the news conference, Trump's lawyer Sheri Dillon also briefed reporters on details of how Trump’s businesses would be handled during his term as president.

“President-elect Trump wants the American public to rest assured that all of his efforts are directed to pursuing the people’s business and not his own,” she said.

Dillon said Trump's investments and business assets commonly known as the Trump Organisation, comprising hundreds of entities, have all been or will be conveyed to a trust prior to January 20. 

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The Dollar Business Bureau - Jan 12, 2017 12:00 IST