Uproar in Ghana after president unveils his own statue    Putin hails 'courageous' Trump after election win    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    SR 3.95 million fines for 3 employees of a company and 6-month jail for one for violating Capital Market Law    Qassim emir launches 52 health projects costing a total of SR456 million    BD and INS partner to elevate standards of infusion care in MENAT    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Crown Prince hails Saudi medical team that performed world's first fully robotic heart transplant    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Trump attends New York civil fraud trial as accounting expert testifies for defense
Published in The Saudi Gazette on 08 - 12 - 2023

Former President Donald Trump was in court for his New York civil fraud trial on Thursday where an accounting expert sought to bolster the defense argument that company valuations are a highly subjective process.
Trump cast the trial as "corrupt" in brief comments to reporters before entering the courtroom, criticizing the judge presiding over the trial, Arthur Engoron, and New York attorney general Letitia James, who brought the case against him.
"We did absolutely nothing wrong," the former president said.
Trump also praised defense accounting expert Eli Bartov, who testified Thursday. A professor of accounting at New York University's Stern School of Business, Bartov said that accounting standards offer wide latitude for valuation calculation methods used on personal financial statements.
The former president's appearance in court comes one day after the fourth GOP presidential debate, which Trump skipped. The former president, who is leading the Republican primary, declined to answer questions about the GOP race Thursday morning as he criticized the attorney general's civil case against him. He later told reporters he attended court Thursday to make sure the public "gets the true story."
The high-stakes civil case strikes at the heart of Trump's brand – his real estate empire. New York Attorney General Letitia James is suing Trump for $250 million and seeking to bar him from doing business in the state.
Judge Engoron has already ruled that Trump and his co-defendants were liable for fraud.
The thrust of the Trump defense is that the financial statements were not misleading and that different people can come up with different values for the same property.
The defense has argued that there was no intent to defraud banks or insurers, in part because the Trump family relied on accountants, and that any differences in values on the properties were not meaningful.
"My main finding is that there is no evidence whatsoever for any accounting fraud," Bartov testified Thursday. "On another end, my analysis shows that the statements of financial condition were not materially mistaken."
"So in your expert opinion, the AG's claims have no merit?" Engoron asked.
"That is absolutely my opinion. Absolutely." Bartov said.
While he acknowledged there were errors in Trump's financial statements, noting that the price of Trump's triplex apartment at Trump Tower was inflated, Bartov maintained, "Errors like that are not unusual."
Bartov, who argued Trump's brand is worth $3 billion, said he'd searched for clues that there was something wrong in the statements or reports but he "couldn't find a single provision that was violated. I couldn't find one."
Trump attorney Jesus Suarez also walked Bartov through a Deutsche Bank credit report showing Trump and Deutsche Bank used different cap rates – the amount of return a real estate asset is expected to generate in a year – to determine the value on Trump Tower in 2013.
"The AG interpreted this as fraud. This is not fraud. This is obvious. This is an expected difference," Bartov said.
In one tense moment, Bartov took issue with an objection from a lawyer for the attorney general, Louis Solomon.
When Solomon objected, saying part of Bartov's testimony was now outside the scope of his expertise because he's not a banker, Bartov shouted at him, "Shame on yourself, talking to me like that!"
"You make up allegations. I'm here to tell the truth," Bartov said. "You ought to be ashamed of yourself."
In September, before the trial began, Engoron ruled that the Trumps engaged in "persistent and repeated fraud" by inflating the value of assets on the financial statements.The state is attempting to prove six other claims, including conspiracy, falsifying business records, issuing false financial statements, and insurance fraud.
"Donald Trump engaged in years of financial fraud and enriched himself and his family," James, who was not in court Thursday, posted on X. "We have already proven the massive scale of his fraud. No matter how much he lies, the facts don't."
The attorney general's office had objected to Bartov's testimony, arguing his extensive testimony about the complaint was not relevant because he was not addressing evidence admitted at trial.
Also on Thursday, a New York appeals court agreed to stop the cancellation of Trump's business certificates until after the civil fraud trial and any appeals are completed – a continuation of an earlier ruling by a single appeals court judge at the start of the trial.
Trump, outside the courtroom, hailed the decision as a "very good ruling" moments after it was released. His attorney, Chris Kise, similarly told CNN the ruling "helps pave the way for a much needed, and deliberative, review of the trial court's many errors."
The attorney general's office had told the appeals court it did not object to pausing the cancellation of the business certificates.
Trump is expected to testify again in the trial on Monday. Alina Habba, an attorney for the former president, told reporters outside the courthouse Thursday that Trump will do so despite her advice not to because he's under a gag order in the case.
"He still wants to take the stand even though my advice is at this point you should never take the stand with a gag order. But he is so firmly against what is happening in this court," Habba said Thursday.
The former president is barred from discussing court staff after a New York appellate court reinstated his gag order late last month.
Engoron originally issued the order barring Trump from making public statements about his court's staff after Trump made numerous comments about a clerk, who Trump says is biased against him. — CNN


Clic here to read the story from its source.