Report: Financing Of Toronto’s Trump Tower Linked To Bank Once Led By Putin

DOD photo by U.S. Air Force Staff Sgt. Jette Carr/CC BY 2.0

A Financial Times report suggests the Kremlin might have been indirectly involved in financing Trump's Toronto hotel.

According to an investigation by the Financial Times, evidence suggests a previously unreported link between President Donald Trump’s Toronto hotel and the Kremlin.

Via Business Insider:

> The FT claims it has seen documents suggesting that the Kremlin may have been involved in indirectly financing the project. There is no suggestion that Trump knew.

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> The Trump International Hotel and Tower Toronto was financed by Russian-Canadian businessman Alex Shnaider. The FT said it has seen documents showing that Shnaider paid a $100 million "commission" to middlemen representing Kremlin interests who helped facilitate the sale of Shnaider's stake in a Ukrainian steel mill. The sale of the stake for $850 million was financed by Russian bank VEB, which was chaired by Vladimir Putin at the time.

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> The FT said that some of the money from the sale may have been used to help finance the construction of Trump Toronto. Shnaider earmarked $40 million for the project shortly after the sale.

Read more here.

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