Top US Senate Democrats have asked the Trump Organisation to explain its ties to China, it was reported on Thursday. This follows a Report in the New York Times that US President Donald Trump’s company had a secret bank account in China.
Bloomberg points out, the senate minority leader Chuck Schumer (Chuck Schumer), senator Ron Wyden (Ron Wyden), Sherrod Brown (Sherrod Brown), senate Democrats wrote to trump group attorney Alan Garten, required to provide the name of the Chinese financial institutions involved, and since 2013, trump’s bank account and detailed record of all transactions made between Chinese.
The senators asked for more information about the company, Trump International Hotels Management. The New York Times said the company paid $188,561 in taxes to China between 2013 and 2015.
Senators asked for more information about the company’s revenues in China and other countries, bloomberg reported.
Democrats say Congress must understand President Trump’s financial entanglements in China, especially since he has refused to publicly release his tax returns.
Mr Trump has denied any wrongdoing and said his Bank account in China had been closed for years.
“I closed my account before I even ran for President, let alone after I became President,” Mr Trump said in the last presidential debate this month.
In response to the bank account issue, Mr. Trump said he was not making money from China. He also said he considered doing business in China but decided against it.
A lawyer for the Trump Organization told the New York Times that the trump Organization’s bank account is still open, but the company’s Offices in China have been vacant since 2015.
“It now appears that in 2017, immediately after President Trump took office, Trump International hotels reported an extraordinary $17.5m increase in reported revenues,” the senators said in the letter. President Trump then reportedly withdrew $15.1 million from the company’s capital account.”
Senators say it is not clear where the money will come from or how it will be spent.
Lawmakers also asked for more information about trademarks approved by the Chinese government for entities owned by Ivanka Trump, the President’s daughter and a White House aide. Lawmakers asked whether the President had any connection to the accounts that held the trademarks.
During the October 22 presidential debate, former Vice President Joe Biden again urged Trump to release his tax returns. Biden asked Trump: “What are you hiding? Why not announce it?”
“Release your tax returns or stop talking about corruption,” biden said. Mr Trump has said he will release his tax returns after completing an audit.
House Speaker Nancy Pelosi has lashed out at Trump over new reports of an undisclosed bank account in China, calling it a serious “national security issue.”
The United States will hold a presidential election on November 3. Polls show Democrat Joe Biden in the lead, but the race will be tighter in swing states that could determine the outcome of the election.
Mr Biden still leads by 7.9 percentage points in national polls, according to RealClearPolitics, a polling aggregator, but Mr Trump is gaining ground in the battleground states of Georgia and Michigan.