On Friday night, POLITICO acquired an announcement from a consultant for Financial institution of China USA, which had not been contacted beforehand, that the financial institution had offered off, or securitized, its debt shortly after the 2012 deal. A spokeswoman mentioned the financial institution has no present monetary curiosity in any Trump Group properties. We up to date the physique of the article to take account of the financial institution’s assertion. The unique headline was modified to “Trump owed tens of millions to the Bank of China.”
There remained an unresolved discrepancy. A 2017 doc filed by the loan servicer, Wells Fargo, with the New York Division of Finance listed Financial institution of China as having a monetary curiosity within the constructing, 1290 Avenue of the Americas in Manhattan. That file, generally known as a UCC3, indicated that Financial institution of China had a “secured” curiosity within the constructing’s fixtures in case of default on the loan. The 2017 doc is legitimate till 2022, when the loan comes due.
POLITICO tried to succeed in different events to the refinancing all through the weekend and Monday. Wells Fargo on Monday confirmed the Financial institution of China’s assertion that it had been listed as a creditor on the constructing in error. Financial institution of China mentioned Wells Fargo is taking steps to appropriate the file with an up to date submitting.
Consequently, the story was up to date a second time on Monday night to take account of the obvious mistake within the public file.
Our dedication at POLITICO is to journalism that will get its details straight. We remorse we fell brief on this case.