Former President Donald Trump's now-public media company is facing mounting calls for investigation, as suspicions rise that it could be a vessel for people to peddle favor with the former president by investing in the business.
According to The Guardian, "In a three-page letter on Thursday, the Democratic-aligned group Congressional Integrity Project pressed the Republican House oversight chair, James Comer, to launch a parallel congressional investigation into the Trump Media merger and hold hearings into the nature of the loans. 'We are calling on you to investigate possible influence peddling and corruption involving a former president and current presidential candidate,' wrote the Congressional Integrity Project’s executive director, Kyle Herrig."
"The request came a day after the Guardian reported that Trump Media was kept afloat in 2022 with loans provided in part by a Russian-American businessman named Anton Postolnikov, after a securities investigation delayed the original merger date and imperiled its cash reserves," said the report. "The delay led Trump Media to seek bridge financing, including from an entity called ES Family Trust, which operated through an account at Paxum Bank, a small bank registered on the Caribbean island of Dominica that is best known for providing financial services to the porn industry."
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This comes amid reports that Postolnikov is the focus of a criminal probe by U.S. authorities. It also comes as Trump countersues a pair of co-founders of the company for their $600 million stake.
"Leaked documents obtained by the Guardian made clear that ES Family Trust operated like a shell company for Postolnikov, who co-owns Paxum Bank and became a subject of the criminal investigation into the Trump Media merger," according to the report. "The concern surrounding the loans to Trump Media is that ES Family Trust may have been used to complete a transaction that Paxum itself could not, as it did not offer loans in the US because it lacked a US banking license and is not regulated by the FDIC."
When Truth Social hit the trading floor, it reportedly made Trump billions of dollars. However, the stock is currently in freefall, with much of that value being wiped out shortly after it was made.
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