A Detailed Tracking Of Trump’s Web of Conflicts – All Of them . . . In One place!

Business Interests at Home and Abroad . . . Outstanding Debts . . . Ongoing Government Actions

By Michael Keller, Blacki Migliozzi, Caleb Melby and Mira Rojanasakul

Published: December 1, 2016 | Last updated: January 26, 2017

Donald Trump’s sprawling business ties raise questions about how his personal interests could influence the policies he’ll pursue as president. His business interests at home and abroad, outstanding debts and ongoing government action against him and his companies have already complicated the transition and could be a recurring problem for his presidency. On Jan. 11, Trump announced he would step down from his positions at the Trump Organization but that he will not divest his ownership. The organization, which will be managed by his sons Eric and Don Jr. and chief financial officer Allen Weisselberg, will terminate pending deals and not seek new international business, among other efforts to avoid possible conflicts. Walter Shaub, director of the Office of Government Ethics, disagrees with the Trump team’s lawyers that these measures solve the problems his businesses present, calling them “meaningless.” The Trump Organization declined to comment about its investments or potential conflicts. Here’s what we know about Trump’s interests around the world.

He has business interests in about 20 countries. The Trump Organization has said it has ended some deals since the election.

trump Brand Around The World

Trump has earned millions of dollars plastering his name on hotels and condominium towers that were built or are owned by international partners, some in countries that are political flashpoints. Although he will be stepping down from his position, Trump could still be accused of violating the emoluments clause of the Constitution, which bans gifts to U.S. officials from foreign governments, experts say. Trump could run afoul of this provision through the process of obtaining permits or through dealings with business partners who often have ties to foreign governments. In January, Trump Hotels announced it wanted to triple its number of U.S. hotels, raising new questions about how his business interests could conflict with his presidency.

  • Argentina

    Buenos Aires


    A project to build a tower was under development with partners Felipe Yaryura and Moses Yellati of the YY Development Group. The men are close with the Trumps, and Yaryura attended the election night party in New York. On Jan. 3, a Trump Organization spokeswoman said there are no plans to build) in Buenos Aires. The city government declined to authorize the project’s permit in November, according to Reuters.

    See also:

    ◦ Trump’s Lack of Transparency Again Exposed by the Routine Openness of a Foreign Leader

  • Azerbaijan


    Trump International Hotel & Tower

    Licensed his name for a hotel-condo tower under development with Garant Holding. Its chairman, Anar Mammadov, is the son of the country’s transport minister who has been suspected by U.S. diplomats of laundering money for Iran, according to the Associated Press. Construction of the hotel is finished, but it is not yet open. On Dec. 14 the Azerbaijani embassy hosted an event at Trump’s Washington hotel. The following day, Trump Organization general counsel Alan Garten said the company has ended this licensing agreement.

    See also:

    ◦ Tale of Trump and partner in Azerbaijan real estate project

    ◦ For a President Trump, global real estate deals present unprecedented gray areas

    ◦ A Look Inside Trump’s Global Deals Exposes Trouble in Many Spots

  • Brazil

    Rio de Janeiro


    Licensing deal for five office towers in Brazil currently under development by Bulgarian partner MRP Group. Brazil is investigating investment irregularities in the project. A top Trump Organization official said on Dec. 15 that the company has ended this agreement.

    See also:

    ◦ Brazilian authorities launch criminal probe into Trump-branded office project in Rio

    ◦ Trump’s Ecstatic Brazilian Partner Sees Big Deals in His Future

    Rio de Janeiro

    Trump Hotel

    Licensing deal on a beachfront hotel with Brazilian partner LSH Barra. The property officially opened prior to the Olympics, but some portions of it are still under construction. Brazilian authorities have opened a criminal investigation into the hotel’s investments. On Dec. 14, Trump’s hotel management and development company said it would remove its name from the property.

    See also:

    ◦ Trump’s Hotel Company Takes Name Off Rio de Janeiro Property

    ◦ Potential Conflicts Around the Globe for Trump, the Businessman President

  • Bermuda


    Trump lists a company on his FEC filing possibly related to business in Bermuda: DJ Aerospace (Bermuda) Ltd..

  • Canada


    Trump International Hotel & Tower

    Licensing and management deal for a hotel-condo tower under development in Vancouver with the Holborn Group owned by Joo Kim Tiah, the son of one of Malaysia’s wealthiest real estate investors.


    Trump Tower

    Licensing and management deal with Talon International for a tower, which was placed into receivership by a bankruptcy judge. The building has been subject to investor lawsuits. Trump’s partners on the project were firms associated with Russian-born billionaire Alex Shnaider and others.

    See also:

    ◦ Trump Hotel in Toronto Nears Auction After Default By Developer

  • China

    Companies, possible development

    In October, Trump Hotels CEO Eric Danziger told Chinese media that he plans to open locations in 20 to 30 Chinese cities, plus more under the Trump Organization’s new Scion brand. Industrial & Commercial Bank of China Ltd., the world’s largest lender, is a tenant of Trump Tower in Manhattan. Trump lists multiple companies on his FEC filing possibly related to business in China: THC China Technical Services Manager Corp., THC China Technical Services LLC, THC Services Shenzhen LLC, THC Services Shenzhen Member Corp., THC Shenzhen Hotel Manager LLC, THC Shenzhen Hotel Manager Member Corp. The Trump Organization has used similar naming conventions for companies associated with previous international licensing deals.

  • Cuba

    Possible development

    Trump Organization executives have traveled to Cuba for years. Asked on CNN in March if he’d be interested in opening a hotel there, Trump said: “I would, I would—at the right time, when we’re allowed to do it. Right now, we’re not.” In July he told a Miami TV station that “Cuba would be a good opportunity [but] I think the timing is not right.” At a Dec. 1 event, Miguel Fluxa, CEO of Spanish hotelier Grupo Iberostar, said the Trump Organization had been looking to buy hotels in the country within the last six months. “In the last 12 months, many major competitors have sought opportunities in Cuba,” Amanda Miller, vice-president of marketing at the Trump Organization, said in an e-mailed statement in response to Fluxa’s comments. “While it is important for us to understand the dynamics of the markets that our competitors are exploring, we do not intend to expand into Cuba nor have we ever done any business there.”

    See also:

    ◦ Trump Considered Buying Hotels in Cuba, Iberostar Chief Says

    ◦ Did Donald Trump’s Executives Violate the Cuban Embargo?

  • Egypt


    Trump lists two companies on his FEC filing possibly related to business in Egypt: Trump Marks Egypt and Trump Marks Egypt LLC.

  • Georgia

    Tbilisi and Batumi

    Trump Tower and resort project

    Trump lists two companies on his FEC filing possibly related to business in the Republic of Georgia: Trump Marks Batumi and Trump Marks Batumi Member Corp. In 2011, he signed a licensing deal to use his name on two projects, developed by the Silk Road Group, in the former Soviet state: a tower in the capital of Tbilisi and a casino resort in Batumi, on the Black Sea. Then-President Mikheil Saakashvili sought out Trump to develop the project and attended the signing ceremony at Trump Tower in New York. Once on hold, the project appeared to be moving forward following Trump’s win. The Trump Organization and the Silk Road Group have since said that they’ve decided “to formally end the development of Trump Tower, Batumi.” The Silk Road Group will continue the tower project on its own.

    See also:

    ◦ Trump’s Doomed Black Sea Tower Might Happen After All

    ◦ Trump Signs Deal to Develop Two Towers in Georgia, the Former Soviet State

  • India

    Mumbai, Pune and Kolkata

    Trump Towers and companies

    Licensed his name for two projects in development in India – one in Mumbai with Lodha Group and another with Panchshil Realty for two towers in Pune. Trump recently met with his project partners, who also have ties to the Indian government, raising questions of a potential conflict. On his FEC filing, he lists two companies possibly related to a project in Kolkata: DT Tower Kolkata LLC and DT Tower Kolkata Managing Member Corp.

    See also:

    ◦ Donald Trump Meeting Suggests He Is Keeping Up His Business Ties

    ◦ Trump’s Presidency and His Business: Drain That Swamp

  • Indonesia

    Lido and Bali

    Trump International Hotel & Tower

    Trump Hotels has plans to open two properties in Indonesia in Indonesia with MNC Group, a Jakarta-based media company. He received up to $5 million in royalties for each property last year, according to his personal financial disclosure.

    See also:

    ◦ Trump’s Indonesia Projects, Still Moving Ahead, Create Potential Conflicts

    ◦ Trump Disclosure Shows New Roles at Companies Amid Campaign

  • Ireland


    Trump International Golf Links

    Trump bought Doonbeg Golf Club in Ireland in 2014 and promised to invest €45 million ($47.6 million). The annual report for that year, the most recent available, shows the course losing money. Trump has scaled back plans to build a sea wall after officials raised concerns over potential damage to dunes and a snail habitat.

  • Israel


    Trump lists two companies on his FEC filing possibly related to business in Israel : Trump Drinks Israel LLC, Trump Drinks Israel Member Corp.

  • Panama

    Panama City

    Trump Ocean Club International Hotel & Tower

    Licensing deal on hotel-condo tower currently in operation developed by local partner Newland International Properties Corp.

  • Philippines


    Trump Tower

    Licensing deal on a luxury residential tower under development with Century Properties Group, whose shares surged 20 percent the day after Trump was elected. The country’s new special envoy to the U.S., Jose E.B. Antonio, is the CEO of Century Properties. President Rodrigo Duterte has repeatedly threatened to distance himself from U.S. policy in favor of stronger ties with Russia and China. Although he’s signaled a willingness to work more closely with Trump, many of Trump’s immigration and trade policies could hurt the country’s exports and remittances.

    See also:

    ◦ Duterte Call With Trump Seen Warming U.S. Ties After China Tilt

    ◦ Duterte and Trump’s Similarities Don’t Guarantee a Lasting Bond

    ◦ Trump’s ‘Unpredictable Starting Now’ Foreign Policy Is Here

    ◦ How Donald Trump’s Business Ties Are Already Jeopardizing U.S. Interests

    ◦ Trump’s Business Partner Will Be Manila’s Man in Washington

    ◦ Trump’s Presidency and His Business: Drain That Swamp

  • St. Martin


    Trump lists two companies on his FEC filing registered in St. Martin, French West Indies: Excel Venture I LLC and Excel Venture I Corp. The companies are tied to residential rental properties, according to the disclosure.

  • Taiwan


    Possible development

    A Trump representative recently visited Taiwan to explore building a luxury hotel on a government-backed development near the Taipei airport, according to the mayor of Taoyuan, Cheng Wen-tsan. The Trump Organization said it is not planning any developments in Taiwan but did not dispute that an employee assigned to promote hotel sales in Asia visited Taipei on a work-related trip in October, according to the New York Times. Trump recently spoke by phone with Taiwan’s president, Tsai Ing-wen, breaking decades of diplomatic protocol and upsetting Chinese officials. China does not recognize Taiwan as a sovereign state, and the U.S. has not had diplomatic ties to the island since the 1970s.

    See also:

    ◦ China Treads Carefully as Trump’s Taiwan Call Jolts Ties

  • Turkey


    Trump Towers

    Licensing deal to use his name on two currently operating luxury towers, one commercial and one residential, for which he received as much as $5 million last year, according to his latest financial disclosure. Shares in Dogan Sirketler Grubu Holding, his partner on the project, surged almost 11 percent after Trump’s victory. Trump said in an interview with Breitbart News that “I have a little conflict of interest, because I have a major, major building in Istanbul.” In a move that potentially puts pressure on Trump, a Dogan representative, Barbaros Muratogl, was recently jailed on allegations of keeping ties to a U.S.-based Islamic preacher, Fethullah Gulen. Erdogan has accused Gulen of planning this summer’s failed coup and reiterated calls for Gulen’s extradition in his congratulatory message to Trump.

    See also:

    ◦ The Next Showdown Is Trump the Brand vs Trump the President

    ◦ How Donald Trump’s Business Ties Are Already Jeopardizing U.S. Interests


    Trump Home

    Licensing deal with Dorya International to manufacture Trump-branded furniture. Dorya President and CEO F. Doruk Yorgancioglu was quoted saying that the line sells well in places like Dubai, Istanbul, China and Russia.

    See also:

    ◦ Why Turkey’s Islamist Leader Is So Happy About Trump

  • Saudi Arabia



    Trump lists companies on his FEC filing possibly related to a development project in Jeddah, Saudi Arabia’s second-biggest city, located outside Mecca: DT Jeddah Technical Services Manager LLC, DT Jeddah Technical Services Manager Member Corp., THC Jeddah Hotel Manager LLC and THC Jeddah Hotel Manager Member Corp.

    See also:

    ◦ Trump’s Saudi Business?

    ◦ Middle East Tries to Divine the Unknowable After Trump’s Shock

  • South Korea

    Busan and Daegu

    Trump World

    Six luxury condominum towers in Seoul, Busan and Daegu erected in 2007 by Daewoo Corp., which paid Trump for use of his name. Daewoo had previously built Trump World Tower in Manhattan.

  • United Arab Emirates


    Trump Golf courses

    The Trump Organization has a licensing and management deal in Dubai with Damac Properties Dubai Co. for a golf course and luxury villas currently under construction. Another Trump-branded golf course, designed by Tiger Woods, is under development with Damac nearby.

    See also:

    ◦ Trump’s Face Pulled From Dubai Luxury Golf Course Project

  • United Kingdom

    Turnberry, Scotland

    Trump Turnberry

    Trump bought Turnberry, one of Scotland’s most iconic golf courses, in 2014 for about £41 million ($51 million). It lost £8.4 million in 2015.


    Trump International Golf Links Scotland

    He built from scratch a course north of Aberdeen against opposition from environmentalists. It, too, has failed to make a profit, losing £1.1 million in 2015. Also in that year, Trump lost a years-long fight with Scottish lawmakers to halt the construction of an offshore wind project being built near the golf course. Trump told the New York Times that he “might have brought it up” in a conversation with Nigel Farage, the former leader of the right-wing U.K. Independence Party, whom Trump has recommended for an ambassador position to the U.S

    See also:

    ◦ With a Meeting, Trump Renewed a British Wind Farm Fight

    ◦ Trump may have just flatly and openly admitted to a conflict of interest

  • United States

    New York

    Trump Tower

    The state-controlled Chinese bank, Industrial & Commercial Bank of China Ltd., leases space in Trump Tower and is due to renegotiate its lease in 2019. This presents a possible conflict under the Constitution’s emoluments clause, which bars gifts from foreign governments.

    See also:

    ◦ When Chinese Bank’s Trump Lease Ends, Potential Conflict Begins

    Washington D.C.

    Post Office Hotel

    Trump’s lease of a hotel near the White House has raised questions of whether stays by foreign governments violate the Constitution‘s emoluments clause, which bars gifts from foreign officials. According to the Washington Post, the Trump Organization held an event there one week after the election pitching the venue to foreign diplomats. In December, the Azerbaijani Embassy and the government of Bahrain held events there. The government of Kuwait also recently switched the location of its February national-day celebration from the Four Seasons to Trump‘s hotel.

    See also:

    ◦ For foreign diplomats, Trump hotel is place to be

    ◦ Kuwaitis Chose Trump Hotel, But Not After Pressure: Ambassador

    ◦ Bahrain to host event at Trump‘s D.C. hotel, raising ethical concerns

    ◦ Embassy of Azerbaijan to co-host event at Trump’s D.C. hotel

    Palm Beach, Florida

    Mar-a-Lago Previous update ↑

    Following Trump’s election, his Florida resort doubled its initiation fee to $200,000. During the campaign, Trump held fundraisers at Mar-a-Lago and has visited twice since the election, calling it the “Winter White House.” Ethics experts say membership could be seen as a way to buy proximity to the president or curry favor.

    See also:

    ◦ Mar-a-Lago membership fee doubles to $200,000

    ◦ ‘It Is Unacceptable’: Ethics Doubts Swirl as Trump Club Doubles Fee

    ◦ Trump Hotels, Amid Calls to Divest, Instead Plans U.S. Expansion

  • Uruguay

    Punta del Este

    Trump Tower

    Licensing deal to develop a residential tower with Aetos SA, a company affiliated with YY Development, which is also Trump’s partner in Argentina.

He has debts to lenders

Trump’s businesses held at least $630 million of debt as of July, owed to international lenders such as Deutsche Bank and UBS. Vornado Realty Trust, the majority owner of two towers in which Trump also has a stake, owes money to Goldman Sachs and Bank of China. Trump has refused to disclose his tax returns, so it’s impossible to know if he has additional debts not tied to his businesses.

  • Bank of China

    Bank of China holds part of a $950 million loan on an office building, 1290 Avenue of the Americas, in Manhattan. Trump has a 30 percent stake in the project.

    See also:

    ◦ China Bank for Trump

  • Deutsche Bank

    Deutsche Bank is Trump’s biggest lender. The German company owns about half of the billionaire’s outstanding debt in loans tied to Trump’s hotel in Washington and Doral, a Miami golf resort. Unrelated to its loans to Trump, the bank reached a $7.2 billion settlement with the Department of Justice in December over an investigation of its sale of mortgage-backed securities. They are being investigated separately for a “systemic” failure to prevent money laundering.

    See also:

    ◦ Trump May Have a $300 Million Conflict of Interest With Deutsche Bank

    ◦ Trump Is Richer in Property and Deeper in Debt in New Valuation

    ◦ Trump’s Empire: A Maze of Debts and Opaque Ties

  • Ladder Capital

    Ladder Capital is Trump’s second-biggest lender. The New York-based firm has issued loans against Trump’s older real estate assets, including Trump Tower and 40 Wall St., an office tower, in Manhattan.

  • Government agencies have been reviewing his businesses

    Before he was elected, Trump, his businesses and his financial partners were involved with several federal agencies. With billions of dollars, and possible criminal charges, at stake, he’ll now oversee and appoint people to lead these same agencies.

    He held millions in stock but says he ‘got out’

    Trump faced criticism over how his personal investments could influence his policies as president. He held millions of dollars in banking and energy holdings and stood to benefit from policies that would weaken financial regulations or increase oil and gas development. On Dec. 6, Jason Miller, a spokesman for Trump, said the president-elect had sold all his stock in June. Miller did not provide documentation that verified the sale, and none of Trump’s stakes was large enough to require disclosure. Some of his stock holdings seem related to actions he’s taken as president-elect. His FEC disclosure listed a small stake in United Technologies, with which Trump recently brokered a $7 million deal in state tax breaks and other incentives to keep about 800 jobs in the U.S. These are the industries Trump was most heavily invested in according to his May FEC filing.

    Up to $38 Million

    • Banking – $10,474,009

      • Top companies:

      • Royal Bank of Canada
      • JPMorgan Chase
      • Citigroup
      • Wells Fargo
      • Toronto Dominion Bank
      • Bank of Nova Scotia
    • Technology – $5,413,013

      • Top companies:

      • Apple
      • Alphabet (Google)
      • IBM
      • Microsoft
      • Intuit
      • Salesforce
      • NXP Semiconductors
      • Cognizant Tech Solutions
      • Cisco Systems
      • Broadcom
    • Oil, Gas & Coal – $3,900,010

      • Top companies:

      • Chevron
      • Total Capital
      • Occidental Petroleum
      • Phillips 66
      • Halliburton
      • Exxon Mobil
      • EOG Resources
      • Schlumberger
      • Energy Transfer Partners
    • Finance – $2,472,007

      • Top companies:

      • Morgan Stanley
      • American Express
      • Visa
      • Discover
      • Ameriprise Financial
    • Automotive – $2,065,000

      • Top companies:

      • Ford
      • Toyota
      • Borg Warner
    • Consumer Products – $1,895,015

      • Top companies:

      • Pepsico
      • Kraft-Heinz
      • Mead Johnson Nutrition
      • Procter & Gamble
      • Conagra
      • JM Smucker Company
      • Jarden
    • Machinery – $1,617,002

      • Top companies:

      • John Deere
      • Caterpillar
      • Parker Hannifin
    • Health Care – $1,505,005

      • Top companies:

      • Thermo Fisher Scientific
      • McKesson
      • Express Scripts
      • HCA Holdings
    • Insurance – $1,160,000

      • Top companies:

      • Berkshire Hathaway
      • Prudential
    • Media – $1,155,005

      • Top companies:

      • Comcast
      • Walt Disney
      • Twenty First Century Fox
    • Telecom – $1,128,003

      • Top companies:

      • AT&T
      • T-Mobile
    • Commercial Services – $1,100,000

      • Top companies:

      • Ecolab
    • Biotech & Pharma – $1,090,010

      • Top companies:

      • Gilead Sciences
      • Johnson & Johnson
      • Celgene
      • Merck
      • Medivation
      • Pfizer
      • Shire
    • Metals & Mining – $1,030,000

      • Top companies:

      • BHP Billiton

    Stock data from Trump’s May 2016 FEC filing show industries with up to $1 million or more invested

    Source: Data compiled by Bloomberg, Trump’s May 2016 FEC filing, Trump.com (accessed November 30), The Trump Organization

    Additional reporting: Max Abelson, Stephanie Baker, Ben Brody, Hui-yong Yu and David Voreacos

    Link to this story:

    Bloomberg.com – Tracking Trump’s Web of Conflicts