Hotel investor: Trump evaded taxes in Panama

Source: NBC News | June 4, 2019 | Associated Press

A court filing says the president’s company misrepresented salaries paid to employees and other financial records of the hotel to cut its tax bill.

The majority owner of a former Trump-branded hotel in Panama alleged in a court filing on Monday that President Donald Trump’s company misrepresented finances of the building to evade taxes in the country.

A filing in New York federal court by property owner Orestes Fintiklis alleges that Trump’s hotel management company evaded income and social security taxes when it managed the former Trump Ocean Club International Hotel & Tower.

The new accusations are part of protracted, bitter dispute between Trump’s company and Fintiklis, the majority owner of the 70-story, seaside, sail-shaped building.

The filing says that Trump’s company misrepresented salaries paid to employees and other financial records of the hotel to cut its tax bill on fees it was collecting for managing the hotel, slash its social security payments and hand over less to owner Fintiklis. The filing does not state how much in taxes the Trump company allegedly should have paid.

The Trump Organization said that it did not evade any taxes and, if anything, Fintiklis is to blame on tax matters.

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The dispute started in October 2017 after Fintiklis’ company, Ithaca Capital Group, took control of 202 of the hotel’s condos. Fintiklis then pushed to terminate Trump’s 20-year contract managing the building, alleging “gross negligence and potentially fraudulent conduct,” including “looted” bank accounts. The Trump Organization disputed its termination as illegitimate and refused to hand over the property.

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