Trump tax returns: Deutsche Bank says it has financial records sought by Congress

German bank reveals it has tax returns that it would need to hand over if it complied with subpoenas, which Trumps are seeking to block

Brendan Pierson
Wednesday 28 August 2019 09:35
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Deutsche Bank has the tax returns requested by congressional Democrats looking into the financial records of Donald Trump and three of his children, the bank has disclosed in a court filing.

Two committees in the US House of Representatives subpoenaed Deutsche Bank in April to provide financial records belonging to the president and his children Donald Trump Jr., Ivanka Trump and Eric Trump.

Deutsche Bank’s filing, in the 2nd US Circuit Court of Appeals, revealed that it has the tax returns that it would need to hand over if it complied with the subpoenas, which the Trumps are seeking to block. It is not clear whose tax returns it has, because names were redacted from the filing.

A lawyer for the Trumps could not immediately be reached for comment. Deutsche Bank declined to comment.

The disclosure comes as Democrats on the House Ways and Means Committee are seeking to obtain Mr Trump’s personal and business tax returns, which the president has refused to turn over, from the Treasury Department.

Deutsche Bank has long been a principal lender for Mr Trump’s real estate business. A 2017 disclosure form showed that Mr Trump had at least $130m (£106m) of liabilities to the bank.

The subpoenas on Deutsche Bank, issued by the House Financial Services Committee and the Intelligence Committee, seek records of accounts, transactions and investments linked to Mr Trump and the three named children, their immediate family members and several Trump Organisation entities, including records of possible ties to foreign entities.

Deutsche Bank said in Tuesday’s filing that it also has tax returns for people who “may constitute ‘immediate family’” as defined by the subpoenas, without giving any names.

A lawyer for the Trumps last week urged the 2nd Circuit court to block the bank from handing over the records, saying Congress does not have the authority to demand them. The court has not yet ruled on the case.

Before Mr Trump, the custom for modern US presidential candidates was to reveal their income tax returns during their campaigns.

Reuters

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