Former President Donald Trump faces further legal action after a new company was formed with a Delaware corporate charter.
The incorporation in the First State came as signs pointed to New York Attorney General Letitia James filed a civil suit against Trump businesses, claiming that the value of holdings was reduced or inflated.
James’ office alleged that listed values of Trump assets were lowered to reduce property taxes and increased beyond market values when seeking loans.
The New York AG is seeking a preliminary injunction to stop the transfer or disposal of assets via the new corporate entity, known as Trump Organization LLC, the same name as the original business.
“The Trump Organization has since refused to provide any assurance that it will not seek to move assets out of New York to evade legal accountability,” a release from James’ office stated.
Delaware, the legal domicile for many of the nation’s largest companies has taken heat for the lack of the disclosure requirements, with organizations tied to drug kingpins, arms dealers and others forming companies.
The state Division of Corporartions has more recently canceled the corporate charters of companies dealing in illegal activirties.
