A New York court fined former US President Donald Trump $464 million in a wealth-inflating fraud case. Trump’s lawyers said on Monday that their client does not have the cash to pay the huge fine. In such a situation, the Republican leader is at risk of confiscating assets.
It is now almost certain that Trump will compete in the US presidential election to be held in November. Last February, a New York court fined Trump $355 million on charges of fraudulently inflating the value of his assets for lenders. Interest must also be paid. In total, he will have to pay a fine of 46 million dollars.
The judge of the court said that Trump inflated the value of his own and business assets to the bankers in order to get a large loan.
The former US president plans to appeal the verdict. Before that, he must either pay the fine into the Appellate Court account or sign a bond to pay the amount to a company on his behalf.
But according to Trump‘s attorneys, their client had made 30 requests for assistance. However, not one of them concurred.
ย Trump claimed in a statement on Monday night that the case was set up to put him in the wrong.
Meanwhile, if Trump fails to pay the fine, the New York state authorities can start seizing his assets as soon as next Monday. An exception can only be made if the court known as the ‘Fast Department of the Appellate Division’ agrees to delay the process.
source: AFP
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