Former US president Donald Trump on Tuesday filed a $100 million lawsuit against his estranged niece, Mary Trump, and The New York Times, alleging they had engaged in “an insidious plot” to obtain his tax returns for the paper's Pulitzer Prize-winning investigation of his finances.
The lawsuit, filed in Dutchess County, New York, says that New York Times reporters Susanne Craig, David Barstow and Russ Buettner conducted “an extensive crusade to obtain Donald J Trump's confidential tax records".
“The defendants engaged in an insidious plot to obtain confidential and highly sensitive records which they exploited for their own benefit and utilised as a means of falsely legitimising their publicised works,” the lawsuit says, alleging they were “motivated by a personal vendetta.”
The New York Times and the three journalists won the Pulitzer in 2019 for their investigation of the Trump family's finances, which the Pulitzer Prize Board said “debunked his claims of self-made wealth and revealed a business empire riddled with tax dodges".
The newspaper's story claimed that Mr Trump had received more than $400m in today's terms from his father's real estate empire, much of it through fraudulent tax schemes.
Ms Trump was the daughter of the eldest Trump brother, Fred Trump Jr, who died in 1981 from complications due to alcoholism.
In her no-holds-barred 2020 memoir, Too Much and Never Enough: How My Family Created the World's Most Dangerous Man, she revealed that she was the primary source for The New York Times' investigation.
'Loser'
Mr Trump's 27-page lawsuit asserts that the New York Times reporters “relentlessly sought out his niece, Mary L Trump, and convinced her to smuggle the records out of her attorney's office and turn them over to The Times".
Times reporter Craig tweeted early on Wednesday: “I knocked on Mary Trump's door. She opened it. I think they call that journalism.”
The lawsuit claims that, by providing information, Ms Trump was in breach of a non-disclosure agreement signed in 2001 after a settlement over the estate of Donald Trump's father, Fred Trump Sr.
The former president is seeking $100m in compensation and damages, as well as all the proceeds from his niece's book.
In a statement quoted by NBC, Ms Trump called her uncle “a loser".
“It's desperation. The walls are closing in and he is throwing anything against the wall that he thinks will stick,” she said.
“As is always the case with Donald, he'll try and change the subject.”
The US Justice Department in August also ordered the Treasury to provide a congressional committee with six years of records that Mr Trump has long refused to make public.
US presidents are not required by law to release details of their personal finances, but every US leader since Richard Nixon has done so.
Mr Trump repeatedly said he would release them pending an audit but ultimately broke with the tradition.
“The Times' coverage of Donald Trump's taxes helped inform citizens through meticulous reporting on a subject of overriding public interest,” Danielle Rhoades Ha, a spokeswoman for the paper, said in a statement quoted by US media.
“This lawsuit is an attempt to silence independent news organisations and we plan to vigorously defend against it.”
Company%20profile
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Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Killing of Qassem Suleimani
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
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Results
57kg quarter-finals
Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.
60kg quarter-finals
Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.
63.5kg quarter-finals
Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.
67kg quarter-finals
Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.
71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0
Skoda Superb Specs
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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Results
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
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- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
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Ferrari 12Cilindri specs
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