An owners association at Trump Ocean Club removed Trump administrators, claiming they exceeded budgets, paid themselves unearned bonuses and passed off costs from the connected Trump hotel.
Donald Trump is demanding as much as $75 million from hundreds of condo owners in Panama City’s Trump Ocean Club, alleging that its directors wrongfully fired his company as administrator managing the luxury building that is the tallest in Central America.
The Republican presidential candidate and celebrity businessman filed his claim confidentially with the Paris-based International Chamber of Commerce court of arbitration, The Associated Press has learned. The court organizes arbitration over complex civil settlements, often involving business deals that cross continents.
Trump’s claim alleged a criminal conspiracy to remove his management company from its unpaid position as building administrator for the luxury property in Panama City. As the AP reported last month, the owners’ board of directors had accused Trump’s managers of repeatedly exceeding budgets, paying themselves bonuses without permission and improperly passing costs from the building’s Trump-controlled hotel.
At a key vote in May, building investors and residents overwhelmingly rejected a Trump-backed proposal to recoup more than $2 million of building administration debt through a special assessment on the owners. Following the vote, Trump’s top Panamanian employee resigned—paving the way to overthrow Trump’s management company.
Eric Trump, who controls the management company along with Ivanka Trump and his father, disputed the investor and owner claims in an AP interview. He said at the time that the Trump Organization had no plans to sue the hundreds of American and foreign condo investors who comprise the owner’s association—including owners of hotel condominium units that remain under Trump’s control. […]