Exclusive: Developer Of Trump Tower Moscow Received Loan From Sanctioned Sberbank
This is a piece from Scott Stedman--he's a journalism student but has been doing some absolutely gangbusters independent investigative reporting that's been picked up by others.
FWIW, Stedman was one of the first to report on the Konstantin Rykov confession to helping the Trump campaign.
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https://medium.com/@ScottMStedman/exclusive-developer-of-trump-tower-moscow-received-loan-from-sanctioned-sberbank-three-weeks-after-df582c22eb72
Exclusive: Developer Of Trump Tower Moscow Received Loan From Sanctioned Sberbank Three Weeks After Signing Letter Of Intent
IC Expert Investment Company Owners Include Two Mystery LLCs Located In Cyprus And The Marshall Islands; Chairman Was Charged With Negligent Homicide In 2011.
By: Scott Stedman and Erin Lankau
The developer of Trump Tower Moscow received a non-revolving line of credit from the U.S. sanctioned Sberbank three weeks after signing a Letter of Intent (LOI) with Trump Acquisitions LLC. A letter of intent describes the details of a real estate transaction before it is finalized. The agreement was signed by Donald Trump on October 28th, 2015, four months into his presidential run.
A non-revolving credit line is typically in the form of an installment loan, which is given in a lump sum and then paid back over regular installments with interest assessed. This means that money was being borrowed by IC Expert from the state-owned Sberbank. Previously, Trump Organization Lawyer Michael Cohen claimed that the deal fell through in January 2016, after he lost confidence that the firm could secure financing.
An analysis of banking, financial, and tax records shows that IC Expert received a non-revolving line of credit from Sberbank on November 18th, 2015. Exact terms of the line of credit are unknown; However, the company pledged 100% of its equity to secure the credit line, indicating a level of significance.
The records have also uncovered the shadowy owners behind IC Expert — a complex web of both Russian and offshore shell companies whose frequent changes of ownership, directors, company names and addresses effectively obfuscates their financial dealings. The company’s current ownership is registered to three LLCs, with 85% of the ownership shared between two offshore companies located in Cyprus and Marshall Islands.
(More at link)
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