On the same day Paul Manafort stepped down as the campaign chairman for Donald Trump’s White House run last August, he formed a shell corporation and took out loans worth $13 million from Trump-connected businesses, The Hill reported today.
It’s the newest revelation in a string of reports about Manafort’s complex financial transactions and six-figure loans. The federal government announced that it is probing some of Manafort’s dealings — including offshore accounts in Cyprus — but it’s not clear whether these loans are part of that inquiry.
Manafort acquired millions of dollars worth of real estate over roughly the last decade — purchased in cash — and has taken out sizable loans against them. One of his properties is a prized condo in Trump Tower in New York.
He has long insisted that he has done nothing improper, in both his investments and his foreign lobbying work.
“There is nothing out of the ordinary about them and I am confident anyone who isn’t afflicted with scandal fever will come to the same conclusion,” Manafort told the New York Times. Read more at The Hill.