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Deutsche Bank Says Records Sought in Trump Congressional Investigation Include Tax Returns

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NEW YORK: Financial records related to the President of the United States Donald Trump and three of his children that congressional Democrats have requested from Deutsche Bank AG include tax returns, the bank revealed in a court filing on Tuesday.

Two committees in the U.S House of ordered Deutsche Bank in April to provide financial records belonging to the president and his children Donald Trump Jr., Ivanka Trump and Eric Trump.

The bank’s filing, in the 2nd U.S. Circuit Court of Appeals, disclosed that it had tax returns that it would need to hand over if it complied with the subpoenas, which the Trumps are looking to block. It was not clear whose tax returns it had, because no names were mentioned from the filing.

A lawyer for the Trumps could not be reached soon enough for comment. Deutsche Bank declined to comment too.

The declaration comes while Democrats on the House Ways and Means Committee are trying to obtain Trump’s personal and business tax returns, which the president has rejected to turn over, from the Treasury Department.

Deutsche Bank has been a long-term principal lender for Trump’s real estate investments. A 2017 disclosure form indicated that Trump had at least $130 million of liabilities to the bank.

Issued by the House Financial Services Committee and the Intelligence Committee, the subpoenas on Deutsche Bank seek records of accounts, transactions and investments connected to Trump and his three named children, their immediate family members and many other Trump Organization businesses, including records of possible links to foreign institutions.

Deutsche Bank said in Tuesday’s filing that it additionally had tax returns for individuals who “may comprise ‘immediate family’” as stated by the subpoenas, without specifying any names.

Last week, a lawyer for the Trumps urged the 2nd Circuit to block the bank from giving away the records, saying Congress did not have the authority to demand them. The court is yet to rule on the case.

The Trumps are also looking to block another subpoena served by the Financial Services Committee on Capital One Financial Corp seeking records related to the Trump Organization’s hotel business.

Capital One insisted in a court filing on Tuesday that it did not possess any tax returns related to the subpoena. The institution failed to respond immediately to a Reuters request for comment. 2nd Circuit judges had asked both banks to reveal whether they had tax returns last week.

Before president Trump, the custom for contemporary U.S. presidential candidates was to disclose their income tax returns during their campaigns.

Source Link: https://www.reuters.com/article/us-usa-trump-banks/deutsche-bank-says-records-sought-in-trump-congressional-probe-include-tax-returns-idUSKCN1VH2BE

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Ezra Ondara

Ezra Ondara

Ezra Ondara is a freelance writer and journalist with a keen interest digital marketing, finance, real estate and insurance. He has a nose for news in these key areas and is determined to keep online readers and enthusiasts up to date with real stories as they happen from all around the globe. When he’s not poking his nose into the business world, he will be watching the Premier League over the weekend or out of town with his family.

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