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Dominican deal tests Trump pledge of no new foreign projects
Source: Associated Press
Dominican deal tests Trump pledge of no new foreign projects
By JEFF HORWITZ
Feb. 9, 2017 2:38 PM EST
WASHINGTON (AP) — The Trump Organization is returning to a long-dormant licensing deal involving a beachfront luxury resort in the Dominican Republic, testing the limits of Donald Trump's pledge to halt new international Trump-branded projects during his presidency.
The branding deal — signed in 2007 between Trump and a wealthy Dominican family with stakes in airports, education and media — stalled out amid the 2008 financial crisis and a later dispute over Trump's fees. The resort has not used the Trump name in publicity materials or discussed working with Trump in years.
But the Trump family's re-engagement surfaced unexpectedly last week, when Eric Trump, an executive vice president, was photographed touring the property Feb. 2 with brothers Ricardo and Fernando Hazoury, whom Eric Trump had accused of "textbook fraud" in a 2012 lawsuit over allegedly hidden property sales. In a press release, the Hazoury brothers called their relationship with Eric Trump "incredibly strong."
The Trump Organization's general counsel, Alan Garten, describes efforts to restart the development branding deal as very preliminary. The renewed pursuit of the project shows that the company believes it has latitude to carry on significant new activity overseas, despite the president's pledge to avoid new foreign development deals.
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By JEFF HORWITZ
Feb. 9, 2017 2:38 PM EST
WASHINGTON (AP) — The Trump Organization is returning to a long-dormant licensing deal involving a beachfront luxury resort in the Dominican Republic, testing the limits of Donald Trump's pledge to halt new international Trump-branded projects during his presidency.
The branding deal — signed in 2007 between Trump and a wealthy Dominican family with stakes in airports, education and media — stalled out amid the 2008 financial crisis and a later dispute over Trump's fees. The resort has not used the Trump name in publicity materials or discussed working with Trump in years.
But the Trump family's re-engagement surfaced unexpectedly last week, when Eric Trump, an executive vice president, was photographed touring the property Feb. 2 with brothers Ricardo and Fernando Hazoury, whom Eric Trump had accused of "textbook fraud" in a 2012 lawsuit over allegedly hidden property sales. In a press release, the Hazoury brothers called their relationship with Eric Trump "incredibly strong."
The Trump Organization's general counsel, Alan Garten, describes efforts to restart the development branding deal as very preliminary. The renewed pursuit of the project shows that the company believes it has latitude to carry on significant new activity overseas, despite the president's pledge to avoid new foreign development deals.
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Read more: http://bigstory.ap.org/article/90c95dfef76244e49dcce682960bcd0b/dominican-deal-tests-trumps-pledge-no-new-foreign-deals