#Senate #Finance Cmte findings:
The private equity firm run by #JaredKushner has been paid at least $112 million in fees since 2021 by #SaudiArabia & other foreign investors, but it has not actually returned any profits to the governments bankrolling the firm.
#law #corruption #bribery #Trump #FARA
https://www.nytimes.com/2024/09/25/us/politics/kushner-private-equity-saudi-arabia.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=c-cb
Senator #RonWyden (D-OR), the cmte’s chair, said the new info only deepened his concerns that #JaredKushner’s firm creates conflicts of interest, particularly w/ #Trump, his father-in-law, running for re-election.
Wyden asked why #AffinityPartners had not “distributed a penny of earnings back to clients,” & suggested that perhaps it was set up primarily as a way for foreign entities to pay the Kushners rather than a typical fund in which ptnrs reap the returns of deployed capital.
#law #bribery
“Affinity’s investors may not be motivated by commercial considerations but rather the opportunity to funnel foreign government money to members of President #Trump’s family, namely #JaredKushner & #IvankaTrump,” Wyden wrote in a letter to Affinity this week, asking two dozen questions.
https://static01.nyt.com/newsgraphics/documenttools/7b79894d98990357/21a470fd-full.pdf
At least 99% of the roughly $3B invested came from overseas, including $2B from #SaudiArabia’s Public Investment Fund [#PIF].
Most of the rest comes from the sovereign wealth funds of #Qatar & the #UAE, as well as a chunk from #TerryGou, Taiwan billionaire & founder of Foxconn, the world’s largest electronics contract manufacturer.
But there is a 5th “mystery foreign investor Affinity has declined to identify,” acc/to the letter the cmte sent this week.
Nonilex