Trump Organization denies any violation in Brazil investments

The Trump Organization denied on Wednesday committing any violations, referring to a criminal probe into investments made by state pension funds in Trump Towers Rio. 

It is alleged that state agencies "favored, in a suspicious manner, the economic group The Trump Organization," among others, Deutsche Welle said.

'The size, structure and high risk level of the investment meant it "required investigation," Anselmo Lopes, a federal prosecutor in the capital, Brasilia, said in the document dated October 21 opening the inquiry. 

The revitalization project - known as "Projeto Porto Maravilha” (Project Marvelous Port) - has been the subject of a federal investigation into claims of favoritism in the selection of financing projects backed by investment funds from state-owned companies.

According to Brazilian authorities, $2.5 billion (2.2 billion euros) in public funds were lost as a result of investments which went bad.