Trump Pays 140 Million Won Fine for Obstructing Tax Investigation in New York State

[Image source=Yonhap News]

[Asia Economy Reporter Seungjin Lee] Former U.S. President Donald Trump, who is engaged in legal battles over real estate issues, has ultimately paid a fine of $110,000 (approximately 140 million KRW) imposed by the New York State prosecutor for obstructing a tax investigation.

According to foreign media on the 20th (local time), Letitia James, New York State Attorney General, announced that former President Trump paid the fine for 11 days, amounting to $10,000 (approximately 12.73 million KRW) per day, which was imposed for failing to respond to a subpoena related to the investigation of his business the day before.

The New York State prosecutor's office, led by Democratic Attorney General James, has been tracking the Trump family's real estate issues for nearly three years. The prosecutors launched an investigation on suspicion that the Trump family undervalued real estate assets to pay less tax while inflating asset values during the process of obtaining bank loans.

In recent months, former President Trump has been engaged in legal battles, claiming he would not cooperate with the investigation. At the end of last year, prosecutors sent subpoenas to former President Trump, his eldest son Trump Jr., and eldest daughter Ivanka for questioning. In response, former President Trump requested the court to block the prosecutor's interrogation, alleging that Attorney General James was conducting an unfair investigation for political reasons.

However, the court ruled in favor of the prosecutors, and despite appeals from the Trump family, the prosecutors demanded the submission of tax and accounting documents from the Trump Organization by March 31. When the Trump family refused again, the prosecutors asked the court to impose a daily fine of $10,000 on former President Trump for contempt of court and to require payment of the fine.

The court recognized former President Trump's contempt of court and ruled to impose a daily fine of $10,000 until the documents were submitted. As a result, a total fine of $110,000 was imposed over 11 days, and former President Trump eventually paid the fine.