In a series of posts on Truth Social, the president-elect accused the country of "ripping off" the US.
"Our Navy and Commerce have been treated in a very unfair and injudicious way," Mr Trump wrote. "The fees being charged by Panama are ridiculous, especially knowing the extraordinary generosity that has been bestowed to Panama by the US." Panamanian officials have pushed back against the threats, with President José Raúl Mulino saying in a statement on Sunday that "every square metre of the Panama Canal and its adjacent zone belongs to Panama, and will continue to do so". The dispute over the canal is just the latest chapter of Trump drama in Panama.
Before and throughout his first term in the White House, a highprofile Trump hotel project in the country was a seemingly unending source of scandal and financial problems, ranging from a partner's bankruptcy to money-laundering allegations to long-running legal battles.
In 2011, Mr Trump and his business partners cut the ribbon on the Trump Ocean Club International Hotel and Tower, a 70story, sail-shaped skyscraper that loomed large over Panama City and the Trump Organization itself. The tower, which was first conceived way back in 2005, was Mr Trump's first international hotel venture and one of the tallest buildings in Latin America.
Trump capital didn’t go towards building the development itself, but the tower used the Trump name for branding, and companies controlled by the Trump Organization would manage the property, which contained a casino, hotel rooms and condos.
Even in the early days, the project seemed doomed, with one of Mr Trump’s partners defaulting on debts soon after the tower opened and later filing for bankruptcy. Ricardo Martinelli, president of Panama at the time of the opening, has since been convicted of money laundering and has taken shelter inside the Nicaraguan embassy in Panama.
This story is from the December 25, 2024 edition of The Independent.
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This story is from the December 25, 2024 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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