08 February 2016

Panama City Saga Offers Insight Into
Dubious TRUMP Business Practices

Trump Ocean Club

The directors of the Trump Ocean Club met July 28 on urgent business. 

They needed to fire Donald Trump

The building’s residents and condo owners had invested in the namesake, a 70-story waterfront tower along Panama Bay, on the strength of Trump’s reputation. But during the four years that Trump Panama Condominium Management LLC had managed the property, Central America’s largest building, a team installed by the Trump family was accused of running up more than $2 million in unauthorized debts, paying its executives undisclosed bonuses and withholding basic financial information from owners, according to an AP examination.

The Trumps had done all of this through fine-print chicanery, the board said.
A clause in many residents’ purchase agreements prevented them from voting against the Trump company’s wishes. 

That allowed the Trumps to install their top employee as chairman and the residents’ representative on the board – even though the Trumps’ actual stake in the building’s residential area was merely a storage closet on
the 15th floor
...

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