Secret accounts, $2 billion and Gulf royals: Trump son-in-law under scanner

• New book alleges Saudi and Emirati rulers channelled at least $2 billion into secret accounts linked to Kushner during Trump's first term.

• Kushner denies the claims; his investment firm separately received a documented $2-billion Saudi investment in 2021.

• His continuing diplomatic role has revived questions over foreign financial interests and potential conflicts of interest.

Jared Kushner, US President Donald Trump's son-in-law and former senior White House adviser, is facing renewed scrutiny over his financial dealings with Gulf monarchies, following explosive allegations in a new book that he had access to at least $2 billion in secret accounts funded by Saudi and Emirati rulers while helping shape US policy in the Middle East.

The allegations, detailed by investigative journalist Matthew Cole in his book Princes and Thieves: Jared Kushner and Mohamed bin Zayed's Secret Plot to Remake the Middle East, go considerably beyond the already documented financial ties between Kushner and Saudi Arabia.

In an excerpt published by Vanity Fair on 22 October, Cole alleges that Saudi Crown Prince Mohammed bin Salman and UAE President Sheikh Mohamed bin Zayed initially discussed setting up a fund worth more than $10 billion to finance foreign policy objectives of Trump's first administration. The proposal allegedly evolved into at least $2 billion being channelled into two bank accounts linked to Kushner.

One account, held at First Abu Dhabi Bank, allegedly received around $750 million and was intended to finance foreign policy initiatives. Cole claims Kushner was a signatory to the account, which was formally held by a UAE government-funded charity. A second account, allegedly containing around $1 billion, was routed through Azerbaijan to Israel's central bank, with the money reportedly intended for Kushner's personal benefit.

The book also claims Dutch intelligence gained access to Kushner's iPhone after Russian hackers compromised it in 2017, allowing Dutch agents to monitor his access to the accounts and transactions. Cole's account relies substantially on confidential sources, including individuals he says had direct knowledge of the arrangements. The published excerpt does not reproduce bank statements or transaction records.

Kushner has vehemently denied the allegations, calling them "completely insane" and insisting that no such accounts existed. His lawyer has described the claims as false and defamatory and threatened legal action. The White House has also dismissed the reporting as fabricated.

However, the allegations have revived questions about an established financial relationship that has attracted scrutiny in Washington for years.

In 2021, six months after leaving the White House, Kushner founded Affinity Partners, a private equity firm that secured a $2-billion investment commitment from Saudi Arabia's Public Investment Fund, headed by Crown Prince Mohammed bin Salman. The investment came despite reported reservations among the fund's advisers about Affinity's inexperience and investment proposals.

The deal prompted a congressional investigation in 2022 into whether Kushner had used his White House position to secure the investment. A subsequent investigation by Senate finance committee chair Ron Wyden found that Affinity had collected substantial management fees from foreign investors, including at least $87 million from the Saudi fund by 2024. Wyden questioned whether the arrangements could serve as a means of rewarding politically connected individuals.

The questions have acquired fresh significance as Kushner continues to participate in Trump's diplomatic initiatives despite holding no formal government position. He has been involved in negotiations concerning the Middle East (West Asia), including efforts relating to Israel and Gaza, while continuing to run Affinity Partners, whose investors include sovereign wealth funds from the Gulf.

A further layer of scrutiny emerged in October, when US lawmakers opened a fresh inquiry into potential conflicts of interest involving Kushner's diplomatic work and his investment firm's financial interests. Reports have also raised questions about Affinity's investments in Israeli financial and defence-linked businesses while Kushner remains involved in negotiations concerning the region.

Taken together, the documented Saudi investment, Kushner's continuing diplomatic role and Cole's far more explosive allegations have renewed a fundamental question in Washington: where does the private business of a presidential family member end and the conduct of American foreign policy begin?