New York [US], March 26: An appeals court has granted former US president Donald Trump more time to pay a multi-million dollar judgement in a civil fraud lawsuit and reduced the amount of money he must post as bond while appealing the verdict.
Trump must now post a surety bond for $175mn within 10 days, the court announced in New York on Monday, significantly less than the roughly $400 million originally required. Trump's legal team said he could not find a bank willing to back the bond, which was supposed to be due on Monday. He now has 10 days to post a bond for the lesser amount.
Trump claimed in a post to his social media site Truth Social on Monday that he would put up cash, assets or a bond to cover the $175mn requirement.
In February, a court in New York ruled in the civil case that Trump committed fraud by lying about his wealth and the value of his properties in financial statements. The lawsuit was brought by New York's state attorney general, Letitia James.
Judge Arthur Engoron ordered Trump to pay a fine of more than $350mn dollars. With interest, the total sum due now amounts to more than $450mn. Engoron also prohibited Trump and his two adult sons, Eric Trump and Donald Trump Jr, from running businesses in the state of New York.
The court on Monday also put that part of the decision on hold as well, at least until the court has considered Trump's appeal against the decision. Trump appears certain to win the Republican Party's nomination to challenge current US President Joe Biden in this autumn's US presidential election.
Source: Qatar Tribune