Government investments into the hotel are under investigation over their size, structure and risk.
11/01/2016 09:21 pm ET
BRASILIA - A Brazilian prosecutor 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, according to a court filing reviewed by Reuters on Tuesday.
The 130 million reais ($40 million) investment by the two small funds in the hotel’s developer “required investigation” due to its size, structure and high level of risk, Anselmo Lopes, a federal prosecutor in Brasilia, said in the document dated Oct. 21 that opened the inquiry.
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The investigation is part of a wider probe into fraud at Brazilian state pension funds in which bribes were allegedly paid to secure investments.
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Prosecutor Lopes last week also said the Trump Organization may have benefited “suspiciously” from a massive redevelopment of Rio de Janeiro’s port, where it plans to build a series of office towers. Lopes provided no proof of his suspicions, and did not elaborate on what he meant.
http://www.huffingtonpost.com/entry/trump-hotel-criminal-brazil_us_58193dc2e4b0f96eba96cfe5?section=us_politics
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