Former US President Donald Trump at risk of having his assets seized

According to CNN, former US President Donald Trump's lawyers admitted that he does not have enough cash to appeal a financial fraud lawsuit in New York.

Former President Donald Trump. Photo: REUTERS

Last month, federal judge Arthur Engoron in New York state ordered Mr. Trump to pay a $354.9 million fine for allegedly illegally inflating and manipulating the value of his assets to obtain favorable bank loans and insurance terms.

With interest, Mr. Trump must pay a total fine of $464 million. The deadline for implementation is 30 days from the time Judge Engoron issued the official ruling on February 23. If not, the New York Judicial Executive has the right to seize the former president's assets.

Trump's lawyers revealed that so far, the former president, his two sons and other Trump Organization executives have approached 30 companies to bail them out but have been unsuccessful. Trump's side also argued that the $464 million penalty is "completely disproportionate" because "there is no victim, there are no damages and no financial losses" in the lawsuit.

Mr. Trump's lawyers also called on the New York appeals court to delay the enforcement of Judge Engoron's ruling, citing the large fine, and asked the court to allow Mr. Trump to post a $100 million deposit while he appeals.

In addition to the civil lawsuits, Mr. Trump is currently facing criminal charges in four other cases.

SOUTH

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