Trump turns down $2 billion deal with Damac in Dubai

Washington - Donald Trump says his sons will oversee business while he is president

US President-elect Donald Trump said on Wednesday he is separating himself from his global business empire by transferring his assets into a trust and putting his two oldest sons in charge, an arrangement that watchdogs said was inadequate to prevent potential conflicts of interest in office.

At a news conference, Trump said he would resign from all positions overseeing hotels, golf courses and hundreds of other businesses to help ensure that he will not consciously take actions as president that would benefit him personally.

Trump, a Republican, is under pressure to distance himself from his businesses before he moves into the White House on January 20. Trump says that unlike other government officials, he is not required to steer clear of conflicts of interest.

"I could actually run my business and run government at the same time. I don't like the way that looks, but I would be able to do that if I wanted to," Trump said. Ethics experts said the arrangement did not go far enough.

"Mr Trump's ill-advised course will precipitate scandal and corruption," said Norm Eisen, a former White House ethics adviser under President Barack Obama.

Trump appears to be still involved with his business while preparing to take office, saying he had turned down a $2 billion development deal in Dubai he had been offered over the weekend. "I didn't have to turn it down because as you know I have a no-conflict situation because I'm president," he said.
"DAMAC can confirms that the discussions took place as stated in the media briefing but the proposals were declined by the Trump Organisation. These proposals were for a variety of different properties deals, 'a spokesman for DAMAC, the company involved, said by email.

Sheri Dillon, a lawyer for Trump, said profits generated at Trump's hotels by foreign governments will be donated to the US Treasury.
Read: Damac Properties expects to maintain 25% dividend in 2016

The Trump Organisation will not enter into any new overseas deals while Trump is president and will only undertake domestic projects after a company ethics adviser has approved them, said Dillon, a lawyer at Morgan Lewis who focuses on tax and ethics.

Trump will only know of those deals if he hears about them through the news media, Dillon said.

Trump's daughter, Ivanka, is to have no further involvement with management authority in the group, she said. Trump has appointed her husband, Jared Kushner, to a senior advisory role in the White House.

Since Trump sold all his stocks last year, the Trump trust will hold only business assets and liquid assets such as cash, Dillon said.