Trump Hotels announced plans to remove its name from a Rio de Janeiro property under criminal investigation.

Trump Hotels announced plans to remove its name from a Rio de Janeiro property under criminal investigation, reports Bloomberg. 
Brazilian prosecutors believe money from public-sector pension funds may have been “recklessly” used to finance the project. 
Donald Trump’s company did not invest in the hotel development but has been lending its name and management services to the hospitality property.
The New York Times reports that Jennifer Rodstrom, spokesperson for Trump Hotels, said the decision to cut ties with what is now called the 'Trump Hotel Rio de Janeiro' is based in an entirely different matter. 
Rodstrom explained in a statement, “Unfortunately, the developers of the Rio de Janeiro hotel are significantly behind on the completion of the property, and their vision for the hotel no longer aligns with the Trump Hotels brand.” 
Alan Garten, executive vice president and general counsel at the Trump Organization, commented further, telling Reuters, “We have no relationship or involvement with these pension funds. We have an arm’s length agreement with the developer where we were hired to provide a service.”