Trump pays $175m bond in civil fraud case

Former United States President Donal Trump has posted a $175m bond in his civil fraud case in New York, avoiding asset seizures which could have dealt a serious blow to his finances and reelection hopes.

Trump, who is set to face off against US President Joe Biden for the presidency in November, was in February found liable for misrepresenting his net worth by as much as $2bn to secure better terms for loans and insurance.

Last week, a New York appeals court cut the $454 million bond payment he was originally required to pay, reducing the sum to $175 million and giving him 10 days to pay this smaller amount.

The nearly half billion penalty he originally owed had raised the possibility that New York authorities would move to seize Trump assets if he could not pay, but the reduction -- and his finding a company to put up the bond, as announced Monday -- has given him breathing room.

“I greatly respect the decision of the appellate division and I will post $175 million in cash and bonds or security or whatever is necessary very quickly, within the 10 days,” Trump said at the time.

The lifeline has come from a California outfit called Knight Specialty Insurance Company, which announced the bond in a document released by the court Monday.

The 77-year-old real estate magnate, who has once again clinched the Republican nomination, received the fine after Judge Arthur Engoron found him and his two adult sons guilty in a non-jury trial, ruling that they and his family company lied about the value of assets, deceiving banks and insurers.

(With inputs from agencies)