International
New York judge in civil fraud case fines Trump $350 M, depleting available cash in election year
New York, Feb 17 (IANS) A local judge has dealt a blow to Donald Trump’s purse and ego, hitting him with a massive fine of over $350 million, depleting available cash in an election year and barring the billionaire real estate developer from doing business in New York State for three years.
State Supreme Court Justice Arthur Engoron imposed the penalties on Friday on the leading candidate for the Republican Party’s presidential nomination after having found him guilty of fraud in a civil case brought by the state’s Attorney General, Letitia James, a Democrat.
She said that the fine and the interests on it amount to $450 million and will continue to increase until the fine is paid.
Engoron said that the conduct of Trump and his associate in the case “borders on the pathological” because of their lack of remorse.
Trump hit back posting on the social media Truth Social that the ruling was “an illegal, unAmerican judgment against me, my family, and my tremendous business.”
State Attorney General’s position is an elected office and James, a Democrat, called the verdict “a tremendous victory for this state, this nation, and for everyone who believes that we all must play by the same rules — even former Presidents.”
A day earlier, in another blow to Trump, a New York Supreme Court ordered Trump’s trial in criminal fraud trial to start on March 25, in the middle of the campaign and in the week before the primaries – intraparty elections to select the Republican Party’s presidential nominee – in New York and four other states with 17 more to go.
In that case he is accused of criminally falsifying business records to cover up hush money paid to a porn star to silence her claims she had had an affair with Trump.
With his assets amounting to billions tied up in real estate, the huge fine and the interests could wipe out Trump’s available cash as he campaigns for the party nomination, which he has virtually been assured of, and prepares to battle the Democratic Party’s presumptive nominee President Joe Biden in less than nine months.
(Forbes, which dropped him from the list of the 400 richest, still estimated his wealth to be $2.6 billion last year, down from $3.2 billion the previous year when he made the roster.)
But Trump may not be wanting for campaign funds as his supporters rally around him – with more likely to join in if he wins the party nomination.
His campaign raised $118.3 million last year according to its filings with the Federal Election Commission and ended the year and $33 million remained at year’s end after expenses.
Having boasted about his business acumen that made him add billions to his inherited wealth, being barred from doing business in the state from where his real estate empire took off is a blow to his basic identity that goes to the root of his claims to being super-rich.
The case was centred on the real extent of his wealth, which the prosecution said was vastly exaggerated when he applied to banks for business loans and that constituted business fraud.
James took it upon herself to file the case even though the banks that lent him the money based on what the prosecution said were fraudulent documents, did not complain and even made a profit from the transactions.
The prosecution said that because he exaggerated his wealth, he received the loans on favourable terms and $168 million in the fine are the amount he saved due to lower interests.
(When banks make loans, they base the interest rate on the risks and the assumption is that higher assets lessen the possibility of a default making the loans less risky and hence, eligible for lower interests.)
Engoron also ordered a three-year extension of the term of the independent monitor he had appointed to oversee the Trump Organisation in another humiliation for Trump.
Engoron also hit Trump’s two adult sons, who are his business partners, with $4 million in fines and also barred them from running businesses for two years.
(Arul Louis can be contacted at arul.l@ians.in and followed at @arulouis)
–IANS
arul/kvd
International
Lee Hsien Yang seeks refuge in United Kingdom
Lee Hsien Yang, the youngest son of Singapore’s founding father, the late Lee Kuan Yew, announced on Tuesday that he is now a political refugee in the United Kingdom after seeking asylum from the British government “as a last resort.”
“I remain a Singapore citizen and hope that someday it will be safe to return home,” Lee stated in a Facebook post, as reported by Channel News Asia (CNA).
Citing what he described as the Singapore government’s “attacks” against him, Lee, who is the younger brother of former Prime Minister Lee Hsien Loong, revealed that he sought asylum protection in 2022.
Lee Hsien Yang and his late sister, Lee Wei Ling, who passed away earlier this month, have been in conflict with their brother Lee Hsien Loong over the fate of their father’s home following his death in 2015, resulting in a public dispute that has estranged the siblings.
In an interview with the UK-based newspaper The Guardian, Lee alleged that a “campaign of persecution” compelled him to seek asylum in Britain.
In response to his claims, the Singapore government stated that there is “no basis” for his allegations of “a campaign of persecution” or other assertions regarding political repression in the country.
“Singapore’s judiciary is impartial and makes decisions independently. This is why Singaporeans have a high level of trust in the judiciary,” a government spokesperson remarked.
The spokesperson added that there are no legal restrictions preventing Lee and his wife, lawyer Lee Suet Fern, from returning to Singapore. “They are and have always been free to return to Singapore,” the spokesperson said.
Lee and his wife have been outside of Singapore since 2022, having opted not to attend a scheduled police interview regarding potential offenses related to providing false evidence in judicial proceedings concerning their father’s will and the family home.
Lee and his late sister, who had been living at the property, alleged they felt threatened while trying to fulfill their father’s wish to demolish the house. They also accused their elder brother, former Prime Minister Lee Hsien Loong, of abusing his governmental influence to advance his personal agenda.
International
Indo-Russian ties are stronger than ever before at BRICS
Kazan, Russia: Prime Minister Narendra Modi held a bilateral meeting with Russian President Vladimir Putin on the sidelines of the 16th BRICS Summit.
During the meeting, President Putin remarked, “I recall our meeting in July, where we had productive discussions on various issues. We’ve also spoken over the phone several times. I am very grateful you accepted the invitation to come to Kazan. Today, we will attend the BRICS Summit’s opening ceremony, followed by dinner.”
PM Modi responded by expressing his appreciation, saying, “I sincerely thank you for your friendship, warm welcome, and hospitality. It’s a great pleasure to visit such a beautiful city as Kazan for the BRICS Summit. India shares deep historical ties with this city, and the opening of our new embassy here will further strengthen these connections.”
International
Laos seeks to enhance nutrition amid climate change concerns
Vientiane (Laos), Aug 22 (IANS) Representatives from the Lao government and development partners have attended a conference here titled “Climate Change and Nutrition in Laos: Intersections and Interventions” to discuss the impact of climate change on nutrition in the Southeast Asia country and potential solutions.
Speaking at the conference, deputy director general of the Department of Hygiene and Health Promotion under the Lao Ministry of Health Viengkhan Phixay, said, “We gather to address a critical and interwoven issue: the impact of climate change on nutrition and how we can work together to tackle these challenges,” Xinhua news agency reported.
The Lao government is actively engaged in this endeavor, with numerous policies and initiatives aimed at addressing both climate change and nutrition, Lao National Television reported on Thursday.
“By leveraging the Scaling Up Nutrition network in Laos, which is led by the government, and supported by civil society, donors, and the United Nations, we have a robust platform to tackle the negative impacts of climate change while improving nutrition and overall health for everyone in Laos,” Viengkham said at the conference held on Monday.
The conference featured a series of presentations that not only detailed evidence-based research but also introduced innovative tools for measuring and enhancing nutrition under the impact of climate change.
The conference stressed the critical need for integrated approaches to tackle the intertwined challenges of climate change and nutrition, and setting the stage for impactful future collaborations.
–IANS
int/psd
International
One killed, seven injured in shootout in Iraq
Baghdad, Aug 22 (IANS) A civilian was killed while seven others were injured on Thursday in a tribal shootout in Iraq’s holy Shiite province of Najaf, according to a local security source.
The shootout erupted in the early hours between armed men from the local tribe in the al-Zarga area in northern Najaf, some 160 km south of Baghdad, a local police officer told Xinhua on condition of anonymity.
The clash resulted in the killing of an Iraqi civilian and the injury of seven others, including three Iranian Shiite pilgrims, the source added.
A joint force from the Interior Ministry’s emergency response division and Najaf provincial police arrested 53 gunmen from both sides of the shootout and seized weapons and ammunition, the Interior Ministry said in a statement.
It added that search operations are ongoing to locate additional gunmen and weapons, with more details to be released later.
The incident took place as numerous pilgrims traveled to the city of Karbala to observe Arbaeen, which marks the end of a 40-day mourning period for the killing of Imam Hussein, the grandson of Prophet Muhammad, in the Battle of Karbala in 680 A.D.
Typically, these pilgrims also visit Najaf as part of their journey to Karbala.
–IANS
int/jk/arm
International
Bangladesh seeks $1 billion budget support from World Bank
Dhaka, Aug 22 (IANS) Bangladesh’s interim government has sought $1 billion from the World Bank as budgetary support.
The call came from the country’s Power, Energy and Mineral Resources Adviser Muhammad Fouzul Kabir Khan’s meeting with Abdoulaye Seck, the World Bank’s Country Director for Bangladesh and Bhutan, in Dhaka on Wednesday.
He made the plea as the ministry owes more than 2 billion dollars to suppliers in import costs of power and energy, Xinhua news agency reported.
Khan mentioned that the interim government, which was formed with many pressing mandates, is due to settle a $2 billion debt left by the previous government in the power sector.
He said they have already suspended activities under the much-criticized Quick Enhancement of Electricity and Energy Supply Act 2010 and abolished the government’s power to set energy prices without any public hearing.
On August 5, the former Prime Minister of Bangladesh, Sheikh Hasina, was ousted from her country and power, ending her rule since January 2009.
This event was seen as a massive escalation, with what initially started as student’s protests and resulted in a major crisis in Bangladesh.
Earlier on August 8, Nobel laureate Muhammad Yunus took oath as the head of Bangladesh’s interim government.
–IANS
int/jk/as
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