The Trump name makes way for Marriott
The Litany of the failed operations carrying the Trump name continues to grow with the former Trump Hotel and Ocean Club in Panama the latest to hit the courts.. It was opened wiith great fanfare with the attendance of Donald Trump and his sons
The private equity manager Orestes Fintiklis and the company he directs, Ithaca Capital Partners, yesterday extended a lawsuit in the federal court of Manhattan, United States, stating that two Trump companies did not pay taxes related to the management of the defunct Trump Ocean hotel Club, in Panama.
The information was published Monday, June 3 by ProPublica, a nonprofit press room based in New York. Donald Trump has always said that Fintiklis' accusations are false.
According to the report, it was assumed that the entities under the Trump stamp had to retain money advanced and pay it to the Government, regardless of whether the property was profitable or not. Instead, the publication alleges, the Trump companies kept the money, "thus intentionally evading taxes."
In March 2018 Orestes Fintiklis took control of the then Trump Hotel, located in Punta Pacifica.
The project was not owned by, Donald Trump, but it bore his name as a result of an agreement reached with the promoters, who were to pay the magnate $1.2 1.2 million, in addition to a commission of 4% on the sales of the units. hotel, residences, offices, and shops.After the failure to commercialize the property, the promoter, Newland International Properties reached an agreement with Ithaca Capital to sell 202 of the 369 hotel rooms. In October 2017, Fintiklis, the main owner of the hotel, sent Trump Hotels a notice of breach of their duties and filed an international arbitration to terminate the administration contract.