The US President received $6 million in royalties from lending his brand name to Indian realty projects
US President Donald Trump's recent move to severely limit the number of skilled workers, most of them from India, entering the US on H-1B visas has sent shock waves through the Indian IT industry. However, he seems to have had no qualms making money from his business interests here. In fact, he has benefited quite handsomely from his India connections.
Documents exclusively accessed by DNA show that President Trump earned $6 million from 2012 to mid-2016 through his dealings in India.
The documents, divulged by the US Office of Government Ethics (USOGE) and currently with DNA, show that the US President received this money in royalties through his licence agreements with real estate builders in India.
The documents show the $6 million figure as royalties received by DT Marks Worli LLC and DT Tower Gurgaon LLC, as disclosed by the US President before the USOGE in May 2016. Both these Limited Liability Companies are registered in the state of Delaware, USA. The DT, presumably, stand for the US President's initials.
Apart from these two LLCs, the Delaware trade register lists a number of organisations operating across the globe that essentially deal in granting licences for the use of the Trump brand to interested parties.
As far as India is concerned, some of the major LLC and member corporations that concern the interests of the President in the country include: DT Marks Worli Member Corp, DT Marks Gurgaon LLC, DT Marks Gurgaon Managing Member Corp, DT Marks Pune LLC, DT Marks Pune II LLC, DT Marks Pune II Managing Member Corp, DT Marks Pune Managing Member Corp, DT India Venture LLC, DT India Venture Managing Member Corp, DT Tower Kolkata LLC and DT Tower Kolkata Managing Member Corp.
As per the disclosures made by President Trump before the USOGE, DT Marks Worli LLC received income in royalties between $1million and $5 million by May 2016.
This sum accrued to the LLC in relation to the construction of a 75-floor super-luxury residential project at Worli in South Mumbai. The project is being constructed by the Lodha group and has entered into a sub-licence agreement with DT Marks Worli LCC.
Another major source of royalty earnings for President Trump came from the DT Tower Gurgaon LLC, which received royalties in the range of $100,001 to $1 million. DT Tower Gurgaon LLC has a licence deal with Ireo Pvt Ltd and in April 2016, the Trump Organisation had announced that they had tied up with real estate private equity firm IREO for the construction of an office project in Gurgaon.
A third project, which has a brand tie-up with the President's name is Trump Towers in Pune, which was launched in 2012 by the Panchshil Realty group. As per the disclosures, DT Marks Pune LLC, which has a licence deal with Panchsil Realty group, had received "none or less than $201," royalty income by mid-2016.
Curiously, the income accrued to all these Indian firms have not been stated in exact figures but in ranges, unlike most US-based firms whose incomes are precise down to the last dollar.
The disclosures also show that there are 564 firms in which President Trump is operating in a managerial position either as a member, chairman, president, secretary, director or as a trustee. His global ventures are in stark opposition to the protectionist measures he has been pushing, both during his campaign and now in his nascent presidency.
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