President-elect Donald Trump will hand over “complete and total control” of his global business enterprise to his sons and would turn over any profits his hotels earn from foreign governments to the US Treasury to avoid any conflicts of interest, his lawyer said Wednesday.
“The President-elect will have no role in deciding whether the Trump Organization engages in a new deal,” said Sheri Dillon, adding that Trump’s order to terminate more than 30 pending deals has already cost the family “millions” of dollars.
“As you can well imagine, that caused an immediate financial loss of millions of dollars, not just for President-elect Trump but also for Don, Ivanka and Eric,” she said
at a press conference with the president-elect at the Trump Tower.
Dillon said Trump could use a blind trust to divest but that could prove to be impractical.
“President Trump can’t un-know he owns the Trump Tower,” she said, noting that it would be “impossible” to find a “competent” trustee to control all of the sprawling company’s assets.
“President-elect Trump should not be expected to destroy the organization he built,” Dillon said.
The Trump Organization also would no longer negotiate foreign deals and would appoint an ethics adviser to keep track of domestic deals and raise concerns about potential conflicts, she said.
Trump’s company has interests in about 500 companies around the world.
During the press conference, Trump also knocked down reports he had business deals or loans in Russia and revealed he dumped a mega-deal in Dubai.
“Over the weekend I was offered $2 billion to do a deal in Dubai with an amazing developer in the Middle East,” he said. “I turned it down. I didn’t have to turn it down, but as you know I have a conflict situation as president.”
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