Base Group Paid Trump Company $2 Million as Affiliate Fought U.S. Aluminum Penalties
Updated
Updated · The New York Times · Jul 14
Base Group Paid Trump Company $2 Million as Affiliate Fought U.S. Aluminum Penalties
1 articles · Updated · The New York Times · Jul 14
Summary
$2 million paid by South Korea’s Base Group to Trump’s holding company was disclosed in Trump’s late-June annual financial filing, with the payment described only as a letter-of-intent and nonrefundable development fee.
Base Group and the Trump family said the money was tied to an unannounced golf course project, but the investor’s corporate affiliate, Korea Aluminium, has been challenging Commerce Department penalties on certain South Korean aluminum exports.
Base Group has spent nearly a decade cultivating Trump ties, including exclusive sales of Trump-branded wine in South Korea and a February visit by Eric Trump to its Seoul headquarters.
That February meeting included discussion of boosting U.S.-South Korea trade, as Korea Aluminium had already curbed U.S. exports after Commerce concluded some South Korean companies evaded duties on Chinese-made aluminum.