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Local shares fell on Friday as investors make last-minute adjustments to their portfolios ahead of the main index’s rebalancing, while unease over rising infections grows. 
Donald Trump’s company Trump Organization and its finance chief have been charged with “sweeping and audacious” tax fraud schemes. CFO Allen Weisselberg has been accused of collecting more than $1.7 million off the record, which included his apartment rent, car payments and school tuition fee. This is the first criminal case that has come out from the New York authorities’ two-year investigation against the business dealing of the former US president.
How is Donald Trump involved?
Donald Trump has not been charged but the probe has found out that Trump signed some of the cheques of this alleged scheme. Before he became the president of the United States, he stepped down from all positions that he held in the Trump Organization. But he remained the sole owner of the businesses and has now recently returned to his old offices.
What is Trump Organization?
Trump Organization is a business entity that includes hundreds of firms and partnerships that own or manage office buildings, hotels, residential towers, golf clubs, branding rights, licensing deals and other assets around the world. Both Trump’s sons are executive vice presidents of the company.
What are the charges?
According to the indictment, starting from 2005, the Trump Organization paid senior executives off the books in the form of fringe benefits to evade tax. Weisselberg alone was accused of defrauding the federal government, the state and the city out of more than $1 million in unpaid taxes and tax refunds to which he was not entitled.
How could the indictment hurt Trump’s company?
The indictment may make it harder for Trump’s company to strike new deals, secure bank loans and push more money into the business. Associated Press quoted defence lawyer Daniel Horwitz as saying, “Companies that are being indicted, whether they are private or public, big or small, face serious collateral consequences.” Companies in the financial services industry are reluctant to do business with them. Their access to capital is limited or cut off as is their ability to place their liquid assets with banks and brokerages,” Horwitz said.
(With agency inputs)
