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UBS tries to stop forfeiture of Manafort's Trump Tower condo [MSN Money]

UBS Group AG (UBS)  More Company Research Source: MSN Money
PDF © Bloomberg    (Bloomberg) -- UBS Group AG is trying to block the U.S. government’s forfeiture of Paul Manafort’s Trump Tower apartment, arguing in court papers that the 43rd-floor unit isn’t his to relinquish. Manafort, President Donald Trump’s former campaign chairman, gave up the 1,500-square-foot condo as part of a deal with prosecutors in September when he admitted to a decade of crimes related to his past work as a consultant for pro-Russia politicians in Ukraine. He also agreed to cooperate with Special Counsel Robert Mueller’s probe of Russian interference with the 2016 U.S. presidential election. Load Error Manafort purchased the apartment in 2006 with cash through a shell company, John Hannah LLC, for about $3.7 million, according to property records. In early 2015, he transferred the property from the shell company to himself. He then pledged the home as collateral on a $3 million loan from UBS Bank USA. The variable-rate mortgage required interes [Read more]

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