Report: Before joining Trump campaign, Manafort owed millions to pro-Russia interests
Financial records filed in Cyprus last year show that Paul Manafort, President Trump's one-time campaign chairman, was in debt to pro-Russia interests by as much as $17 million prior to joining Trump's campaign in March 2016, The New York Times reports.
The Times says the money looks to have been owed to entities tied to Russian oligarch Oleg V. Deripaska and Ukraine's pro-Russia Party of Regions by shell companies linked to Manafort's work in Ukrainian politics. The newspaper obtained financial statements from 2012 and 2013 that showed the companies were part of a group of more than 12 entities that transferred millions of dollars to each other through loans, payments, and fees. Manafort's spokesman did not deny the existence of the debts, but said the records were "stale and did not purport to reflect any current financial arrangements."
Investigators are looking at Manafort and his business activities in Cypress as part of the probe into Russian meddling in the 2016 presidential election, the Times reports. The transactions are tangled and it's unclear why the money went from entity to entity, and the Times says it's possible they "were characterized as loans for another purpose, like avoiding taxes that would otherwise be owed on income or equity investments."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Manafort has said that all of the payments he received for the business he conducted in Ukraine were legitimate and made via wire transfers to an American bank, but the Times says the documents show some of the transactions originated with shell companies in the British Virgin Islands and the Seychelles, both tax havens, and went through banking institutions on Cyprus. For more on the Manafort-related debts found on Cyprus, visit The New York Times.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
The mental health crisis affecting vets
Under The Radar Death of Hampshire vet highlights mental health issues plaguing the industry
By Chas Newkey-Burden, The Week UK Published
-
The Onion is having a very ironic laugh with Infowars
The Explainer The satirical newspaper is purchasing the controversial website out of bankruptcy
By Justin Klawans, The Week US Published
-
'Rahmbo, back from Japan, will be looking for a job? Really?'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published