Deutsche-Russia

Dragged Into Trump Investigation

Deutsche Bank in Russland
Democrats want to know whether Deutsche Bank's relationship with Trump extended to Russia. Picture source: DPA.

Democrats of the US House Financial Services Committee have sent a letter to Deutsche Bank Chief Executive John Cryan asking about whether any of President Donald Trump’s accounts with the lender show links to Russia, news agency Reuters reported on Wednesday.

The letter, which had been sent on Tuesday, asks for details of internal reviews to determine whether any of Mr. Trump’s loans have been backed by the Russian government, Reuters reported.

“Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia,” the news agency quoted from the letter. “It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews.”

The move is part of a slew of investigations into Mr. Trump and his campaign team over alleged ties to the Russian government and its potential meddling in the presidential elections, a scandal currently rattling the United States.

Deutsche Bank has lent as much as $2.5 billion to Mr. Trump’s businesses over a two-decade relationship, according to the Wall Street Journal. Among other projects, Germany’s largest lender has financed the conversion of Washington’s former Post Office Pavilion into the 263-room Trump International Hotel and has provided financing for the Trump National Doral Miami, a luxury golf resort and spa in the heart of Florida’s famous city of glamour.

Financial filings have shown the president still has more than $350 million in outstanding loans with Deutsche Bank, for example over the Trump International Hotel in Washington DC.

Media reports in February said that Deutsche Bank had initiated an internal review of Mr. Trump’s accounts for any possible financial ties to Russia. Two sources back then told the British Guardian that no such ties were found at the bankPressure is now growing on the bank to launch an independent audit to verify the results of the internal review, with House Democrats calling for the review to be turned over to the committee “as soon as reasonably practicable.”

Handelsblatt Global was unable to reach a Deutsche Bank spokesperson for comment on the report.

Tina Bellon is an editor with Handelsblatt Global. To contact the author: T.Bellon@extern.vhb.de

We hope you enjoyed this free article.

Subscribe today and get full access to market-moving news in Europe's leading economy.