Donald Trump said Wednesday he had formally handed “complete and total” control of his business empire to his adult sons, Don Jr and Eric, in a bid to avoid conflicts of interest once he enters the White House.
The 70-year-old Trump, who is the wealthiest man to become US president, has been beset by accusations of conflict of interest ever since his electoral defeat of Democratic former secretary of state Hillary Clinton in November.
The Trump Organization, whose network of hotels, golf clubs and luxury residential towers stretches across 20 countries, is not listed on the stock market, and thus releases no public statistics.
Trump, who takes over the White House on January 20, has thus far not released his tax returns, meaning relatively little is known about the extent of its interests.
“My two sons, who are right here, Don and Eric, are going to be running the company. They are going to be running it in a very professional manner. They’re not going to discuss it with me,” the president-elect told a news conference.
Trump said he had signed documents “turning over complete and total control to my sons,” before handing the stage to his lawyer, who outlined the future structure of the Trump Organization.