The New York Court of Appeals has overturned a multi-million dollar fine previously imposed on US President Donald Trump in a fraud case, according to Reuters.
Earlier, the court of first instance ordered the politician to pay $355 million plus interest, which continued to accrue. According to media estimates, the final amount could have exceeded $515 million.
At the same time, the appeals court upheld the findings that Trump had systematically overstated the value of his real estate and other assets prior to his election as president in 2016. According to the Associated Press, this allowed his company, the Trump Organisation, to obtain more favourable terms from banks and insurance companies.
Trump himself rejected the allegations. His lawyers argued that there was no evidence of actual damage: even if there were errors in the reports, they did not affect creditors and partners.
Despite the cancellation of the fine, the court upheld a ban on Trump and his two eldest sons from holding executive positions in corporations for several years, the AP notes.
The former president called the decision a ‘complete victory.’ On his social media accounts, he stated that the court had shown ‘courage’ in rejecting an ‘illegal and disgraceful decision.’
