[Asia Economy Reporter Eunju Lee] Former U.S. President Donald Trump has been accused of receiving a loan from the Daewoo Group and failing to disclose it.
On the 4th (local time), the U.S. business magazine Forbes reported that former President Trump had a debt of $19.8 million (approximately 26 billion KRW) with Daewoo but did not disclose it during his presidency. According to the report, documents obtained by the New York Attorney General revealed an undisclosed debt listed as 'L/P DAEWOO (Daewoo)' in the Trump Group records.
The debt amount reportedly remained at $19.8 million (approximately 26 billion KRW) from 2011 to 2016, then decreased to $4.3 million (approximately 5.7 billion KRW) in June 2017, five months after Trump took office. The relationship between Trump and Daewoo appears to have begun in 1997 when Daewoo participated in the Trump World Tower development project in New York. Forbes analyzed that "Trump's debt originated from an agreement to share part of the licensing fees related to the Trump World Tower project with Daewoo."
This debt was omitted from the financial disclosures Trump submitted during the presidential campaign and after taking office. Forbes pointed out, "The fact that a former president was able to conceal debt for such a long time reveals how vulnerable government ethics are."
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