Chairwoman Maloney Launches Probe of Saudi Government’s $2 Billion Investment In Jared Kushner’s Investment Firm
Washington, D.C. (June 2, 2022)—Today, Rep. Carolyn B. Maloney, Chairwoman of the Committee on Oversight and Reform, sent a letter to Jared Kushner, son-in-law of former President Trump and former senior White House advisor, requesting documents on a major investment in his firm, A Fin Management, LLC (Affinity) by the Saudi Government. The Committee is also investigating whether Mr. Kushner’s personal financial interests improperly influenced U.S. foreign policy in the Middle East under the Trump Administration.
“Your support for Saudi interests was unwavering, even as Congress and the rest of the world closely scrutinized the country’s human rights abuses in Yemen, the murder of journalist Jamal Khashoggi by Saudi assassins tied to Crown Prince Mohammed bin Salman, and Saudi Arabia’s crackdown on political dissidents at home. After leaving your senior White House position, you formed an investment firm, A Fin Management, LLC (Affinity) and raised $2 billion from the Saudi Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, which is controlled by the Crown Prince,” wrote Chairwoman Maloney.
On January 21, 2021, the day after the Trump Administration ended, Mr. Kushner incorporated Affinity in the state of Delaware. Six months later, Affinity secured a $2 billion investment—the majority of its assets under management—from the Saudi Public Investment Fund (PIF)—the sovereign wealth fund of Saudi Arabia. PIF is led by the Crown Prince, with whom Mr. Kushner developed a very close relationship while a senior adviser to former President Trump. Affinity’s public filings indicate that PIF’s investment will generate $25 million in annual asset management fees for Affinity, in addition to a share of any profits made—representing a substantial windfall for Mr. Kushner, Affinity’s sole owner.
Saudi Arabia reportedly made this investment despite senior officials’ concerns about the “inexperience of the Affinity Fund management” and after concluding that Affinity’s operations were “unsatisfactory in all aspects”—raising questions about the purpose of PIF’s substantial investment. The concerns were reportedly overridden by PIF’s board, led by the Crown Prince.
A presentation to potential investors prepared by Affinity suggests that the firm’s business model is focused on trading on the relationships Mr. Kushner built while working in the White House. The presentation highlights Affinity’s “unique network and experience” and the various foreign policy initiatives that Mr. Kushner “led,” “oversaw,” or was “instrumental” in facilitating while working in the Trump White House.
“The Committee on Oversight and Reform is investigating whether you have improperly traded on your government position to obtain billions of dollars from the Saudi government and whether your personal financial interests improperly influenced U.S. foreign policy during the administration of your father-in-law, former President Trump. This investigation will inform the Committee about whether federal ethics laws should be strengthened to prevent senior public officials from taking advantage of their position within the federal government to reap a financial windfall—before, during, or after government employment,” Chairwoman Maloney wrote.
In 2019, the Committee released two reports detailing how Mr. Kushner pushed a project to share nuclear power technology with Saudi Arabia over the concerns of senior U.S. national security leaders. The Saudi nuclear project, if successful, would have benefitted an asset management firm, Brookfield Asset Management, which subsequently bailed out a troubled property owned by Mr. Kushner’s family’s real estate business, Kushner Companies.
Chairwoman Maloney asked Mr. Kushner and Affinity to produce documents, including personal communications and records, by June 16, 2022.
Click here to read today’s letter.