A construction company partially owned by the governments of Saudi Arabia and South Korea plans to build a Trump-branded resort in Indonesia -- despite the president's assurance that his family business would not do business with foreign governments.
MNC Land, a Trump Organization partner, entered into a preliminary agreement with Posco E&C Indonesia on the first phase of development of a luxury resort, reported McClatchy.
The Trump partner signed a memorandum of understanding Nov. 11 in Jakarta through its subsidiary PT Lido Nirwana Parahyangan, the news organization reported.
Posco E&C Indonesia is a subsidiary of Posco E&C, which is partly owned by Saudi Arabia’s Public Investment Fund, which funds infrastructure projects commissioned by the Saudi government.
Posco E&C is itself an affiliate of Posco, which is partly owned by the governments of Saudi Arabia and South Korea.
South Korea’s public pension fund owns 10.88 percent of Posco, according to an independent auditor's report, and the Saudi Arabian Monetary Authority owns 2.38 percent.
The president promised before his inauguration that Trump Organization had agreed not to engage in any new foreign deals or new transactions with a foreign entity, and he placed his holdings in a trust he can draw on for his "exclusive benefit" at any time.
McClatchy previously reported in September that a major construction company owned by the Chinese government was awarded a $32-million contract to build a six-lane road for the Trump World Golf Club Dubai project.