US President-elect Trump to dissolve his foundation to avoid possible conflict of interest

U.S. President-elect Donald Trump said Saturday he plans to dissolve the charitable foundation bearing his name in attempts to avoid a possible conflict of interest.

"The Foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups, including supporting veterans, law enforcement officers and children," Trump said in a statement.

"However, to avoid even the appearance of any conflict with my role as President I have decided to continue to pursue my strong interest in philanthropy in other ways," he said.

Trump is under pressure to contain his various potential conflicts of interest related to his business and charitable dealings ahead of his inauguration on Jan. 20.

The New York-based foundation, which has been the subject of several controversies and investigations, was originally set up to give away the proceeds from Trump's bestselling book, "The Art of the Deal," according to a TheHill news daily report.

A Washington Post investigation in June found that Trump had personally given his foundation 2.8 million dollars of the book's proceeds over the past 15 years, and nothing since 2009.

The book's co-writer, Tony Schwartz, told CBS News he has received 1.6 million dollars in royalties, per a 50-50 split agreement with the New York real estate developer.

The foundation itself has given more than 13 million dollars to charity since it was founded, but only 4.9 million dollars has come from Trump himself, according to the CBS report.

"I am very proud of the money that has been raised for many organizations in need, and I am also very proud of the fact that the Foundation has operated at essentially no cost for decades, with 100% of the money going to charity," Trump said Saturday.

One day earlier, Trump tweeted that his son Eric would also close his own charitable foundation aimed to raise money for children with cancer so as to avoid potential conflicts of interest.

An auction offering a 45-minute coffee meeting with Trump's daughter Ivanka was similarly cancelled last week due to potential conflicts of interest, said the TheHill report.

However, it is doubted that these measures taken by Trump and his children can dispel all public worries and controversies about potential conflicts of interest between future Trump's White House and his huge assets thought to be sprawling in at least 20 countries around the world.

Despite widespread calls for Trump to release his tax returns both during the campaign and after the election, Trump has refused to do so, making it all but impossible to calculate the exact amount of his charitable donations.

It still remains a question how Trump will disentangle himself from his business empire. Trump is expected to address it at a press conference which has been postponed and rescheduled for next month. 

source: Xinhua