According to the judge’s decision, Trump will not be allowed to run any business in New York State for 3 years (Reuters)
A report in the Swiss newspaper Le Tan highlighted what it described as the consequences that may befall former US President Donald Trump following the massive fine imposed on him by a judge in New York.
The report asked whether Trump - the Republican candidate and businessman - might face bankruptcy after he was sentenced to a fine of $355 million due to the inflated value of his real estate holdings. The report also raised other questions about political influence and the course of the trial.
What is the nature of the penalties?
Lotan's report by journalist Simon Pettit says that a US judge in New York imposed a fine of $355 million against Donald Trump for inflating the value of his real estate holdings.
It is estimated that the total fine - including interest - is $450 million. In addition:
Donald Trump will not be allowed to operate any business in New York State for 3 years, and his sons Eric and Donald Jr. for 2 years.
The heirs were fined $4 million each.
A judge ordered outside auditors to monitor the operations of the Trump Organization, which oversees the former president's real estate empire.
Will Trump go bankrupt?
According to the report, the White House candidate announced from his residence in Mar-a-Lago, Florida, that he would appeal the ruling. This procedure - according to Lotan - may take months or even years.
But this does not mean - according to the report - that Donald Trump will not have to pay the fine in the meantime. Rather, the amount of $83.3 million must be added to this amount - which represents more than 10% of the billionaire’s wealth - as a fine imposed on Trump due to his sexual assault on... Writer E. Jane Carroll in the 1990s and then defamed.
Despite these financial declines - says Simon Pettit - Trump and his real estate empire are not threatened with bankruptcy. The former president could still sell some of his many properties, luxury buildings and golf courses in the United States and around the world.
Thanks to this real estate power - the journalist adds - Trump can borrow money, but a judge in New York ruled that the Trump Organization will no longer be able to obtain loans in New York State for 3 years, which will complicate its operations.
The report considers that the most pressing risk for Donald Trump is the lack of cash, and in particular, paying his lawyer bills.
According to Federal Election Expenditure Oversight Commission data analyzed by the Associated Press, Donald Trump has spent $76 million over the past two years defending himself in court. These expenses were covered by appeals for donations launched by the candidate every time he was accused or convicted, according to the newspaper Lutan.
In addition, the report spoke about the political impact of this conviction, and said, “So far, the numerous convictions have strengthened Donald Trump’s standing within the Republican Party.”
The report added, "This conviction certainly affects the identity of the candidate who has always played on his image as a successful billionaire. But there is no reason why this latest legal setback should raise doubts among his supporters."
He added, "It is almost certain that Donald Trump will win the Republican Party nomination. However, the impact of the former president's legal problems is likely to be more negative on independent voters, who could tip the balance in the presidential election next November."
Source: Lotan