Toronto's Trump Hotel now major part of Russia probe
The Trump International Hotel and Tower on Adelaide Street continues to dominate Toronto's skyline thanks to its spire and new light installation. Although all is not bright at this downtown skyscraper.
According to the Wall Street Journal, Russian-Canadian Alexander Schnaider used money from a deal brokered by the Russian bank Vnesheconombank (VEB) to help fund 65-storey building, which at the time was facing financial troubles.
"Mr. Shnaider sold his company’s share in a Ukrainian steelmaker for about $850 million in 2010, according to S&P Global Market Intelligence. According to two people with knowledge of the deal, the buyer, which hasn’t been identified publicly, was an entity acting for the Russian government," writes the Journal.
The Journal reports that American investigators are currently looking into connections between Trump (and any of his associates) and Russian financial institutions. "The Toronto deal adds a new element to the list of known connections between Mr. Trump's associates and Russia," says the Journal.
Trump, of course has stressed that he only licenses his name and manages the day-to-day operations of the hotel.
Back in March, the Toronto building was sold for nearly $300 million to its main debt holder JCF Capital.
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