Connect with us

Economic

Trump Inc. Initiates Defense Case in Criminal Tax Fraud Trial By Reuters

Avatar

Published

on


© Reuters. Former US President Donald Trump announced that he would run again for US President in the 2024 US presidential election during an event at his Mar-a-Lago home in Palm Beach, Florida, US, on November 15, 2022. REUTERS/Jonathan Ernst/

By Luke Cohen

NEW YORK (Reuters) – The real estate company once owned by former U.S. President Donald Trump went on defense on Monday in its criminal trial on charges including tax fraud after prosecutors dropped their case, questioning an outside accountant the Trump Organization says should have arrested a senior official. Executive fraud on taxes.

Prosecutors at the Manhattan district attorney’s office called five witnesses over the course of three weeks, including their star witness Allen Weisselberg, the company’s former chief financial officer who pleaded guilty in August to charges including grand theft and tax fraud.

The Trump Organization, which operates hotels, golf courses and other properties around the world, is accused of concealing executive privileges from tax authorities for more than 15 years and falsely reporting bonuses as compensation for non-employees. The company, which has pleaded not guilty, could face up to $1.6 million in fines for three counts of tax fraud and six more charges it faces, if convicted. Trump himself has not been charged.

Advertisement

The first witness called by the defense was Donald Bender, the Mazars accountant who handled Trump Organization taxes. Bender was granted immunity from prosecution for his testimony before the grand jury that convicted the company and Weisselberg.

The company’s attorneys told jurors in opening statements Oct. 31 that Weisselberg acted on his own and that Bender should have found out about the CFO’s actions.

In Bender’s more than two-hour cross-examination on Monday, defense attorney Susan Nechelis sought to show that he was concerned about upsetting Weisselberg, who was responsible for appointing Mazars as CFO. Bender said he prepared tax returns for Weisselberg and his family members for free as “housing.”

“Mr. Weisselberg is the person who approved Mazars’ fees?” Nechelles asked.

Bender replied, “Yes, ma’am.”

Advertisement

Binder also testified that Weisselberg once asked him to compare his potential tax liability if he received all of his wage income against what he would owe if he received some self-employment income.

Weisselberg, who has worked with the Trump family for nearly five decades and is currently on paid leave, admitted to improperly receiving additional payments as non-employee compensation as well as hiding from tax authorities various payments from the company for his rent and car rentals. and other personal expenses.

Bender is expected to continue to testify on Tuesday.

Mazars dropped the company in February as a client and said it could no longer stand behind a decade of Trump’s financial statements.

During his three-day testimony last week, Weisselberg said he worked with the comptroller of the Trump Organization to falsely report his and others’ income on the company’s tax forms, allowing the company to save on payroll payments as well as payroll taxes. The latest witness for the prosecution was Makila Rabio, an auditor with the New York State Department of Tax and Finance.

Advertisement

Trump, a Republican who last week launched another bid for the presidency in 2024, has called the accusations politically motivated. Alvin Bragg, the current Manhattan district attorney, is a Democrat, as is the representative who brought the charges last year, Cyrus Vance.

The criminal case is separate from a $250 million civil lawsuit that the New York attorney general filed against Trump, three of his adult children and his company in September, accusing them of exaggerating his asset values ​​and net worth to obtain favorable bank loans and insurance coverage.

US Attorney General Merrick Garland on Friday appointed a special counsel to oversee Justice Department investigations into Trump, including his handling of sensitive government documents after leaving office and efforts to overturn the 2020 election.

Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Economic

Georgieva of the International Monetary Fund to discuss the economy and Covid with Chinese authorities via Reuters

Avatar

Published

on


© Reuters. International Monetary Fund Managing Director Kristalina Georgieva attends a press conference following a meeting at the Federal Chancellery in Berlin, Germany on November 29, 2022. REUTERS/Michel Tantosi

NEW YORK (Reuters) – International Monetary Fund Managing Director Kristalina Georgieva said on Thursday that she will travel to Beijing next week with heads of other international institutions to discuss China’s economic outlook and COVID-19 policies with the country’s leadership.

“This is the first time, and we hope we can sit down together and discuss the very pressing issues facing China and the world,” Georgieva told the upcoming Reuters conference.

Source link

Advertisement
Continue Reading

Economic

Dutch minister defends trade relations with China

Avatar

Published

on

A senior Dutch minister has defended the country’s deepening trade ties with China and vowed not to overreact on high-tech exports as the Biden administration pushes its European partners to harden their stance on Beijing.

The Netherlands remains “very positive” about its relationship with China, Micky Adriansens, the economy minister, said, saying Dutch companies operating there are providing a boost to innovation and trade.

As the United States presses its partners to tighten controls on exports of high-end semiconductor equipment to China, it has insisted that the Netherlands and Europe “must have their own strategy.”

“We have to think about this through – what are the risks of doing business with China in terms of certain products and value chains,” she told the Financial Times. “In general, we in the Netherlands are very positive and always have good relations with China. We do a lot of business with China. There are a lot of Dutch companies operating.”

Advertisement

China accounts for 11 percent of Dutch imports, second only to Germany, and about 5 percent of exports.

The minister said that the relationship “gives a real boost to innovation and trade which is fundamental for Europe. We must cherish that as well.”

The remarks appear to contradict those of US Secretary of State Antony Blinken this week, who said he has seen “growing rapprochement” between the US and its allies on China. Blinken’s comments follow the US decision in October to impose strict export controls aimed at slowing China’s development capacity and preventing it from obtaining advanced semiconductors that could be used for military purposes.

The Netherlands is home to ASML and ASM International, two world-leading manufacturers of chip equipment.

The United States is now trying to persuade the Netherlands and Japan, another big player in the global chip industry, to strike a three-way deal that would further limit China’s access to chip-making tools.

Advertisement

US sanctions, which prevent companies from sending many US-made products to China, have already hurt Dutch industry. ASMI He said This week they will affect about 40 percent of sales to China, which accounts for 16 percent of the group’s revenue.

Adriaansens declined to comment on the possible time frame in the semiconductor talks, saying it’s “not a simple yes or no,” but a matter of examining many aspects of a very complex production process. “You have to be very clear about which aspect of the production process is the most important issue for China,” she said.

“The Netherlands and Europe should have their own strategy,” she said, when asked about the US talks. At the same time, they needed to be aware of the risks associated with “specific technologies”. She added, “You don’t want to overdo it, but on the other hand, you don’t want to open your doors where safety is the number one issue — it’s a balancing thing.”

She also warned that it may not be possible to prevent China from acquiring advanced technology. “The development cycle is going very fast in China. We must not be naive.”

Adriaansens said the US’s separate actions to provide massive green technology subsidies to local businesses are troubling The Hague.

Advertisement

The European Union said that a large part of the $369 billion in tax breaks and tax support in the United States Inflation Reduction Act discriminatory and violates global trade rules, and is in talks with Washington.

“The law to reduce inflation has an impact on industry and the economy in the Netherlands and the EU as a whole,” said Adriaansens. Combined with lower energy prices, it would deter investors and hurt European business competitiveness.

The minister added that the West should have a level playing field and “the same set of rules”. I compared it to the upcoming World Cup match with the United States. “We would like to have the same goal size and the same lines on the field in both halves.”

Source link

Advertisement
Continue Reading

Economic

Brazil’s Economy Grows Less Than Expected In The Third Quarter, But Still At A Record High By Reuters

Avatar

Published

on


© Reuters. FILE PHOTO: Containers to be loaded at a cargo terminal at the Port of Santos in Santos, Brazil on September 16, 2021. REUTERS/Carla Carnel

BRASILIA (Reuters) – Brazil’s economy slowed in the third quarter, with growth less than expected but still enough to put it at the highest level in the chain since its inception in 1996.

The country’s gross domestic product rose 0.4% in the three months through September, state statistics agency IBGE said on Thursday, less than the 0.7% growth expected by economists polled by Reuters.

It was the fifth consecutive quarter of expansion, again boosted by the services sector, which put Latin America’s largest economy 4.5% above the level recorded before the pandemic, in the last quarter of 2019.

However, the loss of strength highlights the challenges ahead as the central bank’s aggressive monetary tightening to fight inflation began to overshadow activity further, overshadowing government stimulus ahead of the presidential election in October this year that helped boost demand.

Advertisement

The performance in the third quarter was mainly driven by 1.1% growth in the dominant services sector, while manufacturing grew 0.8% and agriculture fell 0.9%.

On the demand side, investment rose 2.8%, government spending grew 1.3%, and consumer spending increased 1.0%.

Brazil’s GDP expanded by 3.6% compared to the third quarter of 2021, while economists expected an increase of 3.7%.

IBGE also revised its second quarter result to expand 1.0% sequentially from the 1.2% previously reported. But growth in the first quarter has now picked up to 1.3% from 1.1% previously.

Source link

Advertisement

Continue Reading
Advertisement

Trending