Connect with us

World

Donald Trump’s Organization found guilty of tax fraud

Published

on

Two The Trump Organization companies have been found guilty on multiple charges of criminal tax fraud and falsifying business records connected to a 15-year scheme.

The Trump Corp. and Trump Payroll Corp — the two companies — are owned by former United States President Donald Trump.

Juan Merchan, the justice who presided over the trial in state court in New York on Monday, said the Trump Organization — which operates hotels, golf courses, and other real estate outfits around the world — was found guilty on all charges of tax fraud.

The case centred on charges that the company paid personal expenses like free rent and car leases for executives — including Allen Weisselberg, former chief financial officer — without reporting the funds.

Trump was not charged in the case.

However, according to testimony during the four-week trial, the former president had a hand in the fraud as he reportedly signed bonus checks annually, paid private school tuition for Weisselberg’s grandchildren, authorised the lease for his luxury Manhattan apartment and approved a salary deduction for another executive.

While the company is not at risk of being dissolved, the charges could impact its ability to do business such as obtain loans or contracts.

“This was a case about greed and cheating,” said Alvin Bragg, Manhattan’s district attorney.

“The Trump Corporation and the Trump Payroll Corporation got away with a scheme that awarded high-level executives with lavish perks and compensation while intentionally concealing the benefits from the taxing authorities to avoid paying taxes.

“Today’s verdict holds these Trump companies accountable for their long-running criminal scheme.”

World

41 passengers killed as bus plunges off bridge in Pakistan

Published

on

By

At least 41 people have been killed after a passenger bus fell into a ravine in Lasbela, Pakistan on Sunday morning.

A ravine is a narrow steep-sided valley that is larger than a gully and smaller than a canyon.

Hamza Anjum, Lasbela’s assistant commissioner, told Dawn, a local news site, that the bus caught fire after it crashed into the ravine.

Nearly 48 passengers were on board, he added.

“Due to speeding, the coach crashed into the pillar of a bridge while taking a U-turn near Lasbela. The vehicle subsequently careened into a ravine and then caught fire,” Dawn quoted Anjum as saying.

“It is feared that the driver may have fallen asleep,” News18, another news site, quoted the commissioner as saying.

Anjum said the bodies were charred beyond recognition, adding that DNA tests would be used to determine the identity of the remains which had been “badly mutilated”.

“We will investigate the causes of the accident,” he said.

Three people, including a child and a woman, had earlier been rescued alive. However, one of the injured persons died from injuries on the way to the hospital.

Anjum said the number of casualties could further increase to 48, adding that a rescue operation was ongoing.

Continue Reading

World

US imposes visa ban on Nigerians complicit in undermining recent election

Published

on

By

The United States says it has imposed visa ban on certain individuals in Nigeria for “undermining democracy” in the country.

In a statement on Wednesday, Antony Blinken, US secretary of state, said the actions were taken after it was observed that some persons were found found complicit in undermining democracy in Nigeria.

The most recent elections in Nigeria were the Ekiti and Osun governorship polls.

According to Blinken, the bans were a show of commitment and support to strengthening democracy in Nigeria.

“Today, I am announcing visa restrictions on specific individuals in Nigeria for undermining the democratic process in a recent Nigerian election,” the statement reads.

“Under Section 212(a)(3)C) of the Immigration and Nationality Act, these individuals will be found ineligible for visas to the United States under a policy to restrict visas of those believed to be responsible for, or complicit in, undermining democracy in Nigeria.”

The ban may also affect certain family members of the affected individuals.

Blinken also said the restrictions were not targeted at the general populace of the country or the government, but that it was aimed at curbing corruption.

“The visa restrictions announced today are specific to certain individuals and are not directed at the Nigerian people or the Government of Nigeria,” the statement reads.

“The decision to impose visa restrictions reflects the commitment of the United States to support Nigerian aspirations to combat corruption and strengthen democracy and the rule of law.

“Additional persons who undermine the democratic process in Nigeria—including in the lead-up to, during, and following Nigeria’s 2023 elections—may be found ineligible for U.S. visas.”

Continue Reading

World

Adani Group, owned by world’s third richest man, has been accused of account manipulation

Published

on

By

The shares of the Indian conglomerate Adani Group plummeted on Wednesday morning after activist investing company Hindenburg Research accused it of fraud.

Hindenburg Research said that Adani Group companies, which are owned by the world’s third-richest person Gautam Adani, “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.

The accusation: In the report released Wednesday morning, Hindenburg further warned that “even if you ignore the results of our investigation, Adani Group’s core listed companies have 85% downside merely on a fundamental basis owing to sky-high valuations.”

Adani Group responds: In a statement shared with Forbes, Jugeshinder Singh, Adani Group’s Chief Financial Officer, said the conglomerate was shocked by the Hindenburg report. He described it as “a malicious combination of selective misinformation and stale, baseless, and discredited allegations”.

Singh further noted that the timing of the report, coming days ahead of a share offer by Adani Enterprises, was intended to “undermine the Adani Group’s reputation” and damage demand for the upcoming offering. He added that the group “has always been in compliance with all laws”.

The statement added that the company was never contacted by Hindenburg and criticizes the timing of the report’s publication, saying it “clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises.

Adani shares plummet: In the meantime, the Shares in seven listed Adani Group companies were down 4.6 per cent on average in afternoon trading in Mumbai, with those in flagship business Adani Enterprises falling as much as 3.7 per cent.

The declines brought the combined loss in market capitalization for Adani Group stocks to about Rs762 billion ($9.4 billion).

Continue Reading

Most Read...