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Dublin: 8°C Saturday 15 May 2021

Donald Trump is to walk away from his multi-billion dollar empire

The US President-elect will pass the organisation onto his children.

Nakheel Gala Introducing Trump Hotel and Tower Dubai Arrivals Donald Trump yells his trademark You're Fired! as he poses next to his daughter Ivanka Trump. (File, 2008) Source: AP/Press Association Images

US PRESIDENT-ELECT Donald Trump has said that he will be leaving his businesses “in total” so he can “fully focus” on the job of running the country.

In a series of tweets this morning, the billionaire president of The Trump Organization said that he will announce details of his plans at a press conference with his children next month.

Trump has previously stated that he would pass the running of his company onto his children if he became president. His latest statement appears to go further, saying that he will step completely away from his group of companies.

Concerns have already been raised during the transition process about conflicts of interests involving Trump, his children and the corporation.

For example, the office of the President of Argentina was forced to deny a report that Trump had spoken to President Mauricio Macri about the stalled planning permission for a Buenos Aires Trump tower during a congratulatory call between the two.

Donald Trump’s daughter Ivanka also raised eyebrows when her company sent journalists details of the branded jewellery she wore during a TV interview. The jewellery in question was from Trump Fine Jewelry, a company founded by Ivanka.

Elsewhere, it’s been confirmed that Goldman Sachs executive Steven Mnuchin will be Trump’s Treasury Secretary while financier Wilbur Ross will lead the Commerce Department in Trump’s administration.

Ross is best known in Ireland as the man who led a group of five investors that acquired a 35% stake in Bank of Ireland in 2011 for the knock-down price of €1.1 billion.

After selling off his shares in two tranches, Ross is believed to have made more than €500 million from his investment in Bank of Ireland.

Read: ‘A wonderful evening’: Mitt Romney had a cosy dinner last night with Trump, the man he labelled a fraud >

Read: Taoiseach Goes Stateside: ‘If Enda does meet Trump, he shouldn’t go cap in hand’ >

About the author:

Rónán Duffy

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