This measure temporarily avoids the possibility of seizing the magnate’s assets. The bond is underwritten by the insurance company Knight Specialty Insurance.
The former president of the United States, Donald Trump, deposited a bond this Monday $175 million (163 million euros) in the case of tax fraud in New York State for inflating the value of the Trump Organization’s assets, thus avoiding the possible seizure of its assets while the ruling was being appealed.
The bond is underwritten by the insurance company Knight special insurancebased in California, and automatically bars New York Attorney General Letitia James from collecting the $464 million plus interest from the judgment against Trump and his co-defendants, the newspaper reports The hillLast week, an appeals court authorized the tycoon to pay $175 million within 10 days, while the appeal against the sentence forcing him to pay $454 million is settled after he claimed there was no money for the payment.
Trump had 30 days to post the bond while he appealed, as required by state law, but his lawyers said they had not found any insurance company that would write a bond of that size. That’s why James announced preparations to seize Trump’s assets in the event he fails to post bail.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
