SPECIAL COUNSEL ROBERT Mueller is probing senior White House aide Jared Kushner’s attempts to secure financing for a distressed Manhattan property after the 2016 election, including pitches made to investment firms from China and Qatar, several news outlets
reported this week.
The attempt by Jared Kushner’s father Charles to secure funding from Qatar before and after Donald Trump’s election — up until the spring of 2017 — was
first reported in July by The Intercept and later confirmed publicly by a Kushner Companies spokesperson.
The property that is now tied up in Mueller’s probe, as well as linked to a diplomatic crisis in the Middle East, sits at 666 Fifth Ave., and was bought by Kushner at the height of the housing bubble for what was even then considered an inflated price of $1.8 billion.
The building is now severely underwater and if Kushner can’t find refinancing sometime in 2018, the property risks blowing a hole in the family balance sheet. Kushner has worked doggedly to fend off that reckoning, talking with prospective investors around the globe.
As The Intercept reported last July, Charles Kushner solicited funds from Qatar’s former Prime Minister Sheikh Hamad bin Jassim, known as HBJ, who now runs the investment firm Al Mirqab Capital. The Qatari businessman pledged to provide Charles Kushner, then heading Kushner Companies in Jared’s place, with $500 million in capital provided Kushner was able to raise the rest of the multibillion-dollar refinancing elsewhere. Charles Kushner reportedly turned to China’s Anbang Insurance Group for an additional $400 million, but the holding company pulled out of the deal in March 2017 following conflict of interest claims.
Left in the lurch, we now know that Jared Kushner just weeks later devised a plan with Saudi Arabia to form a coalition with the United Arab Emirates, Egypt, and Bahrain to jump Qatar, an unexpected move given the Qatari emir had joined Trump in Riyadh just weeks before the blockade started, where no issues were raised with Qatar about any of its policies or relationships.
Trump publicly took credit for the diplomatic attack on Qatar, and when Secretary of State Rex Tillerson tried to walk it back, Trump doubled down, issuing an additional aggressive statement that Tillerson would later say he suspected was the work of Kushner and his regional ally, Yousef al-Otaiba, the UAE ambassador to the United States.