PANAMA CITY (AP) – The directors of a massive Trump-branded luxury condominium development in Panama fired Donald Trump’s company over the summer over allegations of mismanagement, overspending and undisclosed bonuses executives paid themselves, according to an Associated Press examination.
The coup at Central America’s largest building, Panama City Trump Ocean Club, offers a glimpse into the workings of the Republican presidential frontrunner’s business empire – and the style of management that might be expected from a Trump White House. Transparency and close attention to expenses are not strengths. Squeezing the most from contractual language is. Whether wheeling and dealing with Wall Street bankers, debating Republican presidential rivals or running a condo association, Trump has forwarded his interests by leveraging his outsized reputation, canniness and aggression.
In an interview, Trump’s son Eric dismissed the allegations of mismanagement as an orchestrated attempt to sully the Trumps’ reputation. He called the project “an amazing icon and, frankly, a great testament to America.”
Built in the shape of an arcing, wind-filled sail, the development is recognized as among the finest building in Panama. Visitors can sip drinks next to a 65th-floor, edgeless pool that seems to float above the ocean.
“I am proud to develop this extraordinary high rise,” Trump said in one 2007 promotional brochure, promising to build a “landmark in Latin America and the Caribbean.”