Published 14:28 IST, October 11th 2019
Deutsche Bank tells court it does not have Donald Trump's tax returns
Deutsche Bank has told the US appeal court that it does not have copies of US President Donald Trump’s tax returns on October 10, according to reports
- World News
- 3 min read
Deutsche Bank has told the US appeal court that it does not have copies of US President Donald Trump’s tax returns on October 10, shutting one possible avenue for the Democratic-led U.S. House of Representatives to acquire the returns. Trump has appealed the court to block Deutsche Bank from releasing bank statements related to himself and his family which the House Financial Services Committee and Intelligence Committee subpoenaed in April. The subpoena is a part of Democrats' more extensive endeavours to accumulate information about the Republican US President's funds. The main lender for Trump's real estate business, a 2017 disclosure form demonstrated that Trump had at least $130 million in liabilities to Deutsche Bank. In a letter to the Second U.S. Circuit Court of Appeals in August, the bank recognized that records identified with Trump and three of his kids subpoenaed by the boards of trustees included tax returns. In any case, while the recently redacted letter said Deutsche Bank held tax returns for two people named in the subpoenas, their identities were withheld.
International media organizations appealed the court to unseal the letter
International media organizations have appealed to the court to unseal the letter and reveal whose tax returns Deutsche Bank had on its records from the Trump family. The court refused the motion on Thursday. The court ruled that Deutsche Bank’s letter revealed the tax returns it has for individuals or entities named in the subpoenas do not belong to President Trump. Deutsche Bank declined to comment on the court's ruling. According to the reports, the spokesperson for Trump did not respond to requests for a comment. During the Presidential campaigns in 2016, Trump broke with a decades-old convention of candidates releasing their tax returns publicly. The court confirmed that the decision on whether Deutsche Bank needs to hand over the banking records of Trump, his children, and businesses is still pending.
The two congressional panels released a joint 12-page subpoena
According to the subpoena, the two congressional panels released a joint 12-page subpoena in April seeking the records. The lawmakers requested documents that identify any financial transactions or ties between his family members and his companies and any foreign individual, entity, or government. In a separate verdict on Monday, a court said eight years of Trump's tax returns must be provided to Manhattan prosecutors, mightily dismissing the US President's contention that he was safe from criminal investigations.
(With inputs from agencies)
Updated 18:00 IST, October 11th 2019