AFP, New York :
Donald Trump said Wednesday he had handed complete control of his business to his adult sons but stopped short of a full divestment, earning a swift rebuke from the government ethics watchdog.
Trump, the wealthiest man ever to ascend to the US presidency, has until now run the Trump Organization whose network of hotels, golf clubs and luxury residences stretches across 20 countries but is not listed on the stock market, thus releasing no public statistics.
The 70-year-old billionaire has so far flouted recommendations that he sell off all his assets in a blind trust to avoid any suspicion of corruption or conflict of interest.
As he prepares to be sworn in as America’s 45th president in nine days, Trump still refuses to release his tax returns, claiming they are under audit, meaning relatively little is known about the extent of his interests.
“My two sons, who are right here, Don and Eric, are going to be running the company,” the president-elect told a news conference in New York. “They’re not going to discuss it with me,” he added.
Don Jr, 38, and Eric, 32, are Trump’s eldest sons from his first marriage and are currently, with their sister Ivanka, executive vice presidents in the Trump Organization.
Trump said manila files covering a table next to the lectern were the signed documents “turning over complete and total control to my sons,” before handing the stage to his lawyer, a Washington law firm partner.
The attorney, Sheri Dillon, defended the plan saying it would “completely isolate” Trump from the management of his business during his presidency and that no new foreign deals “whatsoever” would be made during his time in the White House.
All pending deals-more than 30 — were canceled, causing a “financial loss of millions of dollars” to Trump and his children, said Dillon, a partner in the firm Morgan, Lewis & Bockius.
Under the plan, an ethics advisor would review and give written approval to any “new deals, actions, and transactions that can potentially raise ethics or conflicts of interest concerns,” she said.
Donald Trump said Wednesday he had handed complete control of his business to his adult sons but stopped short of a full divestment, earning a swift rebuke from the government ethics watchdog.
Trump, the wealthiest man ever to ascend to the US presidency, has until now run the Trump Organization whose network of hotels, golf clubs and luxury residences stretches across 20 countries but is not listed on the stock market, thus releasing no public statistics.
The 70-year-old billionaire has so far flouted recommendations that he sell off all his assets in a blind trust to avoid any suspicion of corruption or conflict of interest.
As he prepares to be sworn in as America’s 45th president in nine days, Trump still refuses to release his tax returns, claiming they are under audit, meaning relatively little is known about the extent of his interests.
“My two sons, who are right here, Don and Eric, are going to be running the company,” the president-elect told a news conference in New York. “They’re not going to discuss it with me,” he added.
Don Jr, 38, and Eric, 32, are Trump’s eldest sons from his first marriage and are currently, with their sister Ivanka, executive vice presidents in the Trump Organization.
Trump said manila files covering a table next to the lectern were the signed documents “turning over complete and total control to my sons,” before handing the stage to his lawyer, a Washington law firm partner.
The attorney, Sheri Dillon, defended the plan saying it would “completely isolate” Trump from the management of his business during his presidency and that no new foreign deals “whatsoever” would be made during his time in the White House.
All pending deals-more than 30 — were canceled, causing a “financial loss of millions of dollars” to Trump and his children, said Dillon, a partner in the firm Morgan, Lewis & Bockius.
Under the plan, an ethics advisor would review and give written approval to any “new deals, actions, and transactions that can potentially raise ethics or conflicts of interest concerns,” she said.
