Former US President Donald Trump "grossly exaggerated" the profitability of his Washington DC hotel, a probe by a congressional committee has found.
He also appears to have concealed potential conflicts of interest stemming not just from his ownership of this failing business but also from his roles as the hotel's lender and the guarantor of its third-party loans."
the trump organization called the report "misleading".
In a statement, the House of Representatives Committee on Oversight and Reform said that documents provided by the General Services Administration ( GSA )- which oversees federal spending- showed that Mr Trump had "grossly exaggerated the financial health" of the hotel.
"However, the records obtained by the committee show that the Trump Hotel actually incurred net losses of over $ 70m, leading the former president's holding company to inject at least $ 24m to aid the struggling hotel.
The committee also said Trump failed to reveal sufficient details of more than $ 3.7m received from foreign governments, "sufficient to cover over 7,400 nights at the Trump Hotel at the average daily rate" and potentially violating the emoluments clause of the US constitution, which is meant to stop federal officials profiting from their positions.
The oversight report found that during the four years of his administration, Mr Trump also received "significant financial benefit" from Deutsche Bank.
The Democrat-led committee said this allowed Mr Trump to delay making payments on a $ 170m loan for six years, and that he did not publicly disclose this benefit from a foreign bank while president.
But the Office of Government Ethics said at the time that Mr Trump's plan didn't "meet the standards" of former presidents.
According to the House committee : "On his federally mandated financial disclosures, President Trump reported that the Trump Hotel earned him over $ 150m in revenue during his time in office.
This week, for the first time, he was not included in Forbes' list of the richest 400 Americans.
"If Trump is looking for someone to blame, he can start with himself," said Forbes.
Joe Biden has blocked an attempt by former US president Donald Trump to withhold documents from Congress related to the 6 January insurrection at the US Capitol.
A lawyer for Bannon, Robert Costello, wrote in a letter to the committee that Bannon would refuse to comply because of Trump's claim that he can invoke executive privilege to block Bannon ’ s testimony.
Key Trump allies have also vowed not to cooperate with the select committee.
Mr Patel has suggested to the Post that he may not cooperate and is raising funds for a legal team.
the committee responded on friday with a threat of criminal contempt charges against bannon.
Mr Trump has been heavily critical of the investigation of the events of 6 January that left 140 police officers injured and led to five deaths.
He said in a statement : "Executive privilege will be defended, not just on behalf of President Trump and his administration, but also on behalf of the Office of the President of the United States and the future of our nation."
In August a House select committee investigating the insurrection requested various records, including communication within the White House under Trump, his movements and communications that day and information about planning and funding for rallies held in Washington.
On Thursday Steve Bannon, former White Houses chief strategist, said he would not comply with a subpoena it issued last month.
They added that two other witnesses subpoenaed by the panel, the former White House chief of staff Mark Meadows and former Pentagon aide Kash Patel, are "engaging" with the committee.
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