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New York banking regulator seeks Kushner Cos. loan details

Kushner Companies said the inquiries were politically motivated and amounted to harassment

AFP | PTI  |  New York 

Jared Kushner
Jared Kushner, son-in-law of of President Donald Trump walks from Trump Tower, in New York. Photo: AP|PTI

state has asked three banks to supply information about their relationships with the business of Jared Kushner, a senior Donald Trump's son-in-law, a source said on Thursday.

Maria Vullo, of the (DFS), sent letters last week to Deutsche Bank, and Community Bank asking for details on their financial arrangements as well as loans made to or sought by Companies, the source told AFP.

The lenders were given until March 5 to respond.

The DFS has refused to comment on the matter, as has

But Companies said the inquiries were politically motivated and amounted to harassment.

"We have not received a copy of any letter from the State Department of Financial Services," a said.

"Our company is a multi-billion enterprise that is extremely financially strong. Prior to our voluntarily resigning to serve our country, we never had any type of inquiries.

"These type of inquiries appear to be harassment solely for political reasons."

Also, reported Companies received major loans from Apollo Global Management, one of the world's largest private equity firms, and Citigroup, shortly after Kushner held meetings with representatives from the two companies.

The paper quoted Don Fox, the former of the during the Obama administration, as saying the loans raised questions about the appearance of conflicts of interest.

Kusher met Joshua Harris, a of Apollo, multiple times over the course of 2017 and even discussed a potential position which never materialised, the paper said.

In November 2017, the firm loaned Kushner Companies USD 184 million -- triple the size of its average property loan.

He also met Citigroup's in the spring of 2017, Michael L Corbat, shortly before Kushner Companies received a USD 325 million loan from the firm, reported.

The White House referred questions to Kushner's lawyer, Abbe Lowell, whom the paper said did not dispute that the meetings took place, but denied any impropriety.

Kushner, who is married to the president's daughter Ivanka Trump, has been a key figure in the administration of his father-in-law, entrusted among other things with finding a peace deal between and

A graduate with a from New York University, Kushner took the reins of his family business before announcing in January 2017 -- just ahead of his appointment to the administration -- that he was stepping down from his management role.

While voluntarily left high-level positions in more than 200 entities related to his family's empire, he still retains shares in most of these companies from which he is likely able to derive income, according to documents published by the White House in April 2017.

It is not the first time Kushner's business interests, which include assets in the states of New York and New Jersey, have been in the spotlight.

In May 2017, the company was forced to apologise for mentioning during a presentation of one of its projects to a group of Chinese investors, in a possible breach of conflict of interest rules.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, March 02 2018. 01:09 IST