Business Daily Kenya:
The director of the US Office of Government Ethics has criticised Donald Trump’s plan to hand control of his business empire to his sons before his inauguration on 20 January. “The plan does not match the “standards” of US presidents over the last 40 years,” Walter Shaub said.
A Trump lawyer said earlier the brand-new trust would certainly face “severe restrictions” on brand-new deals. nevertheless Mr Shaub said the plan would certainly not remove conflicts of interest. “Every president in modern times has taken the strong medicine of divestiture,” he said, referring to a process whereby Mr Trump would certainly sell off his corporate assets as well as put the profits into a blind trust run by an independent trustee.
At a news conference on Wednesday, lawyer Sherri Dillon said of which management of the Trump Organization would certainly be transferred to a trust controlled by Mr Trump’s sons Don as well as Eric as well as chief financial officer Allen Weisselberg.
The Trump Organisation is usually an umbrella company for Donald Trump’s hundreds of investments in real estate, brands as well as different businesses. Outlining a structure designed by her as well as colleagues at the law firm Morgan, Lewis & Bockius, Ms Dillon said President-elect Trump wanted Americans to have no doubt of which he was “completely isolating himself by his business interests”.
“The trio in charge will make decisions for the duration of the presidency without any involvement whatsoever by President-elect Trump”, she said. –BBC
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Ethics chief slams Trump handover