Ivanka Trump and Jared Kushner watch the press conference of German chancellor Angela Merkel and US President Donald Trump in Washington earlier this month Michael Kappeler DPA/PA Images
Show Me The Money

White House reveals Ivanka Trump and Jared Kushner have up to €700m in assets

Concerns have been raised about potential conflicts of interest.

DONALD TRUMP’S DAUGHTER Ivanka and her husband Jared Kushner have held onto real estate and business investments valued in the hundreds of millions while working government jobs.

The figures are included in ethics filings released by the White House last night.

The disclosures came in a mass document release showing the wealth and financial assets of scores of senior White House staff members at the time they began government work.

Ivanka Trump’s stake in the Trump International Hotel, located close to the White House, is one source of income that could represent a conflict of interest.

Critics have noted that interest groups or foreign governments could stay at the luxury hotel to get in the administration’s good graces.

The White House documents show that Ivanka Trump and Jared Kushner, who are both official advisers to the president, are still getting income from holdings valued at between $240 million (about €225 million) and $740 million (about €695 million).

Ivanka Trump — who just days ago announced she would officially enter a federal role as an unpaid adviser to the US president — will hang on to her stake in the Trump International Hotel.

According to her husband’s disclosure, the hotel stake is worth between $5 million (about €4.7 million) and $25 million (about €23.5 million). Between January 2016 and March 2017 she made between $1 million (about €940,000) and $5 million (about €4.7 million) in rent or royalties from the hotel, the documents show.

Kushner was recently tapped by his Republican father-in-law to lead a new White House office that aims to use business ideas to help streamline the government, according to the Washington Post.

The 36-year-old is a senior adviser to Trump with far-reaching influence over domestic and foreign policy.

Kushner left high-level positions at more than 200 entities related to his family’s real estate business, according to the documents, but will continue to reap benefits from many holdings related to the business empire he ran with his father.

Bannon, Cohn assets 

The White House disclosures included information on the assets of Gary Cohn — the former president of Goldman Sachs who heads the White House National Economic Council — and Steve Bannon, Donald Trump’s chief strategist.

Cohn reported assets of between $253 million (about €330 million) and $611 million (about €573 million), and income in 2016 of up to $77 million (about €72 million).

Bannon’s most important asset is his private consulting firm, valued at between $5 million (about €4.7 million) and $25 million (about €23.5 million). He also had rental real estate valued at up to $10.5 million (about €9.8 million), and up to $2.25 million (about €2.1 million) in the bank.

Bannon reported $191,000 (about €179,000) in consulting fees earned from the conservative outlet Breitbart News Network, which he formerly headed, as well as more than $125,000 (about €117 million) for work at the data firm Cambridge Analytica, which worked for the Trump campaign, and more than $61,000 (about €57,000) in salary for a conservative nonprofit group.

The Trump administration is considered one of the wealthiest in US history — Bloomberg estimates his cabinet and senior staff are worth some $12 billion (about €11.3 billion).

No Trump divestment 

Since being elected president, Donald Trump’s vast business empire has been scrutinised by ethics experts who say it poses major conflicts of interest.

Before taking office in January, Trump said he would formally hand “complete and total” control of his business empire to his adult sons, Don Jr and Eric, in a bid to avoid conflicts of interest – but he would not divest from his business holdings.

The Trump Organization, whose network of hotels, golf clubs and luxury residential towers stretches across 20 countries, is not listed on the stock market, and thus releases no public statistics.

Trump has thus far refused to release his tax returns, meaning little is known about the extent of its interests.

Don Jr, 38, and Eric, 32, are Trump’s eldest sons from his first marriage. They are currently executive vice presidents in the Trump Organization.

Trump’s personal lawyer Sheri Dillon promised that the new president would “build in protections” to show that his actions “are for their benefit and not to support his financial interests”.

© AFP 2017

Read: Ivanka Trump taking on unpaid White House job

Read: Trump’s former adviser will testify in Russia probe ‘if he gets immunity’

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