Report: Russia Put $500M Into Deutsche Bank Subsidiary That Was Lending To Trump
A Russian owned state bank deposited at least half a billion dollars into Deutsche Bank Trust Company of the Americas (DBTCA) the same time the bank happened to be lending to Donald Trump, according to Forensic News.
According to exclusively obtained confidential bank records, Trump received loans from DBTCA which totaled over $360 million while Gazprombank sent $511 million in cash to the subsidiary to be dispersed however the Russian bank directed.
Deutsche Bank described that DBTCA’s relationship with Gazprombank is characterized as a “cash management” arrangement: “At no point has DBTCA ever received loans or a capital injection from Gazprombank or any other Russian bank,” a spokesman for Deutsche Bank said.
“A standard part of commercial banking needed by clients that operate internationally is the management of their cash in different currencies. Such cash balances show as liabilities on balance sheet, as that attributes the ownership of that cash to the client. Such liabilities are cash deposits, not loans,” the spokesman said.
A whistleblower named Val Broeksmit shared an extensively detailed and confidential Deutsche Bank spreadsheet last month and revealed that VTB Bank, another Russia state-owned bank, underwrote the Trump loans. Documents suggest that Russian banks pumped $3 billion into DBTCA, which in turn gave $1 billion back to VTB. This supports Broeksmit’s conclusion that DBTCA was using Russian cash to finance some of its American operations.
Gazprombank publicly admitted that DBTCA is their correspondent bank in America, which explains Russia’s disproportionately large share of capital in the subsidiary and why other banks are unwilling to manage their cash.
Donald Trump, at the time of his inauguration, his daughter Ivanka, and her husband Jared Kushner and companies under their control owed Deutsche Bank a combined $659 million to $699 million according to a Forensic News analysis.
The FBI continues to investigate Deutsche Bank in a criminal money laundering probe.