Brazil opens criminal case over Trump's hotel [View all]

[Judi Lynn]

Brazil opens criminal case over Trump's hotel


15:45, 02.11.2016





Brazilian prosecutor's office has opened a criminal investigation into investments made by two state pension funds in a luxury Rio de Janeiro hotel that is part of the Trump franchise, Reuters reported.

The pension fund for state IT firm Serpro and the Igeprev fund for employees of Tocantins state have invested 130 million reais ($40 million) in the developer which built Trump’s hotel.

“Investing amounts of such size, for these (relatively small) pension funds, breaks principles for diversification and liquidity,” a federal prosecutor in Brasilia Anselmo Lopes said in a document.

He noted that it was necessary to verify if the favoritism shown by the pension funds towards LSH Barra Empreendimentos Imobiliários SA and The Trump Organization was due to illicit payments and bribes.


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