Trump Organization gets out of projects in three countries.
President-elect Donald Trump and his business Trump Organization will not lend their name to a proposed residential high rise in Pune, Maharashtra, along with other projects in Brazil and Argentina.
Trump’s lawyer Alan Garten said Wednesday that the company has canceled a “memorandum of understanding” to continue discussions with local partners over possible office towers in Rio de Janeiro. He also said the company won’t continue “exploratory” talks over projects in Pune and Buenos Aires, reported the Associated Press.
The moves follow cancellations late last year of licensing deals for hotels in Brazil, Azerbaijan and the neighboring country of Georgia as Trump has come under pressure to separate from his business before assuming office. Federal ethics rules do not require presidents to sell off their business or investments, but critics argue that Trump should do so because his global holdings present unprecedented conflicts of interest.
Trump has stakes in 500 companies in about 20 countries, though some of those appear set up for tax or legal reasons and do not have any underlying business operations. Trump shut down four such “shell” companies in Delaware last year that appeared tied to Saudi Arabia but had no operations, reported AP.
Discussions over the possible project in Pune were separate from two residential towers already built there that bear the Trump name. Trump also has his name on a residential tower in Mumbai.
The Times of India reported real estate developer Panchshil Realty said the plan for a second project with Trump Organization in Pune had been dropped long back.
“We dropped the project long back. The environment in Pune is not conducive for sale of luxury projects. Nobody buys a Rs. 20 crore flat here,” said Atul Chordia, chairman, Panchshil Realty. He said the group has begun focusing more on commercial real estate.
In August 2014, impressed by the sample flat on the first floor of the 23-floor Trump Towers built by Panchshil Realty in Kalyaninagar in Pune, Trump had said his organization could be open to future investments in the city.
“I don’t know what happens now with so many questions raised. Yes, he was interested at that point. Now we don’t know what will happen,” said Sagar Chordia, Atul’s brother and director of the group.
Soon after Trump’s election, the Chordias, along with long-time Trump associate Kalpesh Mehta, visited Trump at Trump Towers in New York City.