In Israel, a CNN investigation found an indirect financial connection between Jared Kushner, one of the mediators in the Gaza ceasefire negotiations, and companies that supply weapons and equipment to the Israel Defense Forces. As reported by The Jerusalem Post, the connection can be traced through Kushner’s private investment firm, Affinity Partners, and its stake in Phoenix Financial.
Phoenix Financial investments
According to CNN, Affinity Partners remains Phoenix Financial’s largest shareholder. Israeli financial documents and transparency requirements cited by the investigation indicate that Phoenix has investments in nine companies connected to Israel’s military activity. They include manufacturers of ammunition, drones, vessels and engineering equipment.
The largest of these investments is at least $265 million in Elbit Systems. Phoenix has also invested more than $68 million in NextVision, which produces cameras for drones, and at least $40 million in Reshef Technologies, which manufactures electronic fuzes for shells. The list of companies also includes Israel Shipyards, Ashot Ashkelon, Boeing and Caterpillar.
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Kushner does not directly own shares in these nine companies, but Affinity Partners may indirectly benefit from their profits through its investment in Phoenix. According to CNN, in July Affinity sold approximately one-quarter of its stake for more than $340 million, receiving a return of more than five times the initial value of the shares sold. After that, Affinity remained Phoenix’s largest shareholder, with a 7.4% stake valued at more than $1 billion.
Kushner’s and the White House’s position
The investigation raised questions about a possible overlap between Kushner’s diplomatic activity and his private business interests. He works for the president on a voluntary basis and holds no official government position. Alongside the negotiations, Kushner presented a Gaza reconstruction plan that envisages the development of tourist zones and opportunities for private investment.
CNN stressed that it found no evidence of a direct influence of Kushner’s diplomatic activity on the investments analyzed. Kushner’s lawyer said that his client had never participated in Phoenix’s decisions to buy, hold or sell shares in the companies mentioned. The White House also rejected claims of a conflict of interest. White House deputy press secretary Anna Kelly said that Kushner’s private business interests are unrelated to his diplomatic work, which he performs voluntarily at the president’s request.
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