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A Russian state-owned bank under US sanctions, whose CEO met with President Donald Trump's son-in-law in December, helped financed the construction of the president's 65-story Trump International Hotel and Tower in Toronto, according to a new report.The bank, Vnesheconombank, or VEB, bought $850 million of stock in a Ukrainian steelmaker from the billionaire Russian-Canadian developer Alexander Shnaider, who was constructing the hotel at the time, The Wall Street Journal reported on Wednesday.....http://www.businessinsider.com/russian-vnesheconombank-trump-toronto-hotel-2017-5
Zucker, Shnaider's lawyer, told The Journal that Midland Resources "has never had any relationship with VEB" and "does not dictate where their purchasers borrow funds." He told Business Insider that the Journal " got their facts all wrong." "Trump was never a partner," Zucker said. "He never had an equity interest. We licensed his name and there was a contract for him to manage the hotel." The project was initially a joint venture between Trump and Shnaider, who approached Trump in 2004 asking to license the Trump name for the 65-story tower. Trump said at the time that he would "manage the hotel's operations," according to The Journal, while Shnaider and his business partner, Val Levitan, would focus on the development. Additionally, Zucker claimed, "we had nothing to do with VEB... the infusion of cash [into the hotel] didn't come from the Russians -- Alex [Shnaider] borrowed $350 million from an Austrian bank and invested some of his own" into the project.
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