NOT LOOKING GREAT

Trump Organization’s Uruguay Project Stalls Amid Funding Issues: NYT

The Trump Organization’s Uruguay project has reportedly stalled and is four years behind schedule. According to The New York Times, the project—which started in 2012—was supposed to be finished in 2016 but the building now has a completion date of 2020. “Of course not,” the construction workers’ union leader said when asked if the project would be finished on-time. The leader then claimed the building might take until 2024 to finish. Less than a fourth of the necessary workers needed to complete the building are currently working on it, with only one electrician is wiring the whole building. The tower is also reportedly having issues with funding. Some initial buyers pulled out upon finding out that YY Development Group, the building company, took out two $5 million loans while building the project. Despite Eric Trump—the president’s son—telling local media that 82 units had sold, those sales only raised half of the expected cash. In addition, three apartments were sold to companies and individuals tied to two Uruguayan accountants who set up shell companies for law firm Mossack Fonseca—the subject of leaked files that revealed the extent of offshore money laundering and tax evasion. Uruguay in particular is a notorious haven for money laundering, with a Mexican drug gang washing their money through real estate in the country in one instance. The Trump Organization, which licensed its name for the project, and YY Development reportedly declined to comment.