Fired by Panama condo owners, Trump demands $75 million
Donald Trump is demanding as much as $75 million from hundreds of condo owners in Panama City's Trump Ocean Club, alleging that its directors wrongfully fired his company as administrator managing the luxury building which is the tallest in Central America.
The Republican presidential candidate and celebrity businessman filed his claim confidentially with the Paris-based International Chamber of Commerce court of arbitration, the Associated Press has learnt. The court organises arbitration over complex civil settlements, often involving business deals that cross continents.
Trump's claim alleged that a criminal conspiracy to remove his management company from its unpaid position as building administrator for the luxury property in Panama City. As the AP reported last month, the owners' board of directors had accused Trump's managers of repeatedly exceeding budgets, paying themselves bonuses without permission and improperly passing costs from the building's Trump-controlled hotel.