US News Trump: Sons to take 'total' control of empire

04:20  12 january  2017
04:20  12 january  2017 Source:   Sky News

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Donald Trump says he has signed documents to give "complete and total" control of his sprawling business empire to his adult sons.

The President-elect's announcement comes amid fears he could face conflicts of interest when he enters the White House.

Control of the Trump Organization is to be formally handed over by Inauguration Day on 20 January.

US President-elect Donald Trump stands surrounded by his son Eric Trump daughter Ivanka and son in law Jared Kushner ahead of a press conference in Trump Tower, Manhattan © Reuters US President-elect Donald Trump stands surrounded by his son Eric Trump daughter Ivanka and son in law Jared Kushner ahead of a press conference in Trump Tower, Manhattan Mr Trump told reporters: "My two sons, who are right there, Don and Eric, are going to be running the company.

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Donald Trump says he has signed documents to give "complete and total " control of his sprawling business empire to his adult sons . The President-elect's announcement comes amid fears he could face conflicts of interest when he enters the White House. Regarding the family business, she said: "My brothers will oversee The Trump Organization, and I know that in their capable hands the business will thrive". She said: "I plan to take time to settle our three young children into their new home and schools."

President-elect Donald Trump announced this morning that he will hand "complete and total control " of his vast business empire to his sons Donald Trump Jr. and Eric Trump and to Alan Weisselberg, a longtime Trump business executive, through a financial trust. "He instructed us to take all steps realistically possible to make it clear that he is not exploiting the office of the presidency for his personal benefit," she said. Trump suggested that he would be capable of handling his business responsibilities and the presidency concurrently.

"They are going to be running it in a very professional manner. They're not going to discuss it with me."

He said he had signed legal papers "turning over complete and total control to my sons". Under the agreement, his business assets will be held in a trust.

Don Jr and Eric currently hold executive vice-president roles at the family business.

During Mr Trump's term, the business will not do any new foreign deals but will be allowed to pursue domestic ones.

Trump Tower, New York City © Getty Trump Tower, New York City An ethics adviser will also be appointed and they must approve any deals that could raise concerns.

Mr Trump's lawyer, Sheri Dillon, said that his eldest daughter Ivanka would also have no involvement in the business after he takes office.

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ROUGH CUT (NO REPORTER NARRATION) During a news conference Wednesday, President-elect Donald Trump said he will give his two sons 'complete and total control ' over his business. Also, according to his lawyer, Trump is separating himself from his far-flung global business empire by transferring all assets into a trust and putting his sons , Donald Jr. and Eric, in charge. Along with plans to hire an ethics adviser, Trump is taking the steps to avoid inevitable questions about a potential conflict of interest between his businesses and the office of the presidency

NEW YORK: Donald Trump said Wednesday he had formally handed “complete and total ” control of his business empire to his adult sons , Don Jr and Eric, in a bid to avoid conflicts of interest once he enters the White House. “My two sons , who are right here, Don and Eric, are going to be running the company. Reports come hours after President-elect Donald Trump announced his son -in-law will take top-level job in White House.

She is currently an executive vice-president, but due to her husband's role as Mr Trump's senior adviser she will step away from the business and move with her family to Washington DC.

Ms Dillon added that Ivanka, 35, would not be taking any official role in her father's administration for now.

Instead, her focus will be on the couple's three children and helping them settle into their new home and schools.

She is also expected to leave her leadership role at her own fashion and jewellery business.

Donald Trump Jr, Ivanka Trump and Eric Trump in the roll call in support of Republican presidential candidate Donald Trump © Getty Donald Trump Jr, Ivanka Trump and Eric Trump in the roll call in support of Republican presidential candidate Donald Trump Sky's US Correspondent Hannah Thomas Peter said: "He basically said: 'My children, my sons, are going to run all of that (the business). You're just going to have to trust me that they aren't going to discuss any of those details with me'."

The announcement about Mr Trump's family was made during the President-elect's first news conference since his win in the November election.

The majority of questions were about claims that Russia has a dossier of compromising information about him.

Mr Trump dismissed it as "nonsense", "fake news" and "phoney stuff" and suggested US spies may have leaked it.

Meanwhile, Mexico's peso has hit a historic low, losing 0.9%, after Mr Trump repeated his promise to make the country pay for a border wall and to tax companies that move jobs overseas.

Mr Trump told reporters that Mexico would reimburse the US for the construction, adding: "I don't feel like waiting a year or a year and a half. We're gonna start building".

"And by the way, Mexico has been so nice. I don't blame them for what's happened, I don't blame them for taking advantage of the US. What I say is, we shouldn't have allowed that to happen."

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