News
Raymond Doherty 5 Apr 2019 08:39am

Subpoena us for Trump records, says Mazars

The accountancy firm has asked to be served a congressional subpoena to compel it to release president Donald Trump’s 2011/2013 financial records

Last week a letter from US House Oversight Committee chairman Elijah Cummings to Victor Wahba, chairman and CEO of Mazars USA was published, requesting the records of financial statements that the firm prepared for Trump.

The committee had given the firm until yesterday to respond. Now it has been revealed that Mazars USA told the committee it wants a “friendly subpoena” to release the financial records in question.

Speaking to CNN on Wednesday, Cummings said, "The accounting firm told us that they will respond, and they just want a subpoena.

"They have told us that they will provide the information pretty much when they have a subpoena. And we'll get them a subpoena.” He described it as a "friendly subpoena" to the firm because it had been requested.

The request to Mazars came after Michael Cohen, Trump’s former lawyer, testified in front of Congress that Trump had at different stages both inflated his worth to mislead lenders, and deflated it to reduce real-estate taxes.

His request raised several concerns, including a nine-month period between 30 June 2012 and 31 March 2013 during which “the value of the president’s assets appears to have skyrocketed, by $4.2bn”.

The majority of that growth, $4bn (£3.05bn), was attributed to ‘Brand Value’, a single-line item that didn’t appear in Trump’s financial statements for 2011 or 2012.

According to Cohen’s testimony, Trump provided inflated financial statements to Deutsche Bank in an attempt to borrow money to purchase the Buffalo Bills NFL team.

Topics