Foreign luxury resorts collide with diplomacy
By ANITA KUMAR 07/01/2019 04:31 PM EDT
SEOUL, South Korea — ... even as he pushed American interests, a partner of Trump’s namesake company is aggressively expanding plans to build luxury Trump-branded resorts in Indonesia — and the project involves a construction company partly owned by the South Korean government ...
The project in question got more complicated, ethics-wise, when the developer of a Trump luxury resort signed a previously unreported $120 million contract last September with a construction company — partly owned by the South Korean government — to build a six-star hotel, an 18-hole golf course and theme park that has been compared to Disney World. A company statement announcing the contract with Posco said financing would come from KEB Bank and IBK Securities, a state-owned bank of Korea.
The developer, MNC Land, inked an agreement with Posco E&C Indonesia to build what is being billed as “Trump Community” in Lido City, Indonesia. Posco also expects to build a second Trump resort in Bali, Indonesia, a company official said in a previously reported statement.
“In addition to the new town development project in Lido, we expect to receive orders for the Bali Trump Resort Project,” a Posco E&C official said in the statement ...
https://www.politico.com/story/2019/07/01/trump-resort-south-korea-government-1390736
