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Raz Steinmetz

Raz Steinmetz

Raz Steinmetz is an Israeli billionaire.

He is the nephew of Beny Steinmetz.

Conflicts of Interest

Raz is an investor in 15 Manhattan properties owned by Kushner Companies. [1]

Steinmetz, who hails from one of Israel’s richest families, has been working with Jared Kushner since at least 2012, Bloomberg reported. The Downtown Manhattan properties they jointly own are worth $150 million and the two sides also partnered on the Trump Bay Street project in Jersey City, according to Bloomberg.

The Steinmetz family made its fortune in the diamond trade.

Raz’s uncle Beny Steinmetz, a diamond trader, has been under criminal investigation in the U.S. for allegedly bribing Guinean officials in exchange for mining rights. The New York Times has linked Raz and Beny Steinmetz via Swiss account.

Ethics experts told Bloomberg that the fact that Kushner’s links to Steinmetz had not been publicized until 4/26/17 highlights weaknesses in federal disclosure rules, which allow investors to remain anonymous behind shell companies.

[1]

More information about the bribery investigation may be disclosed by federal prosecutors at a trial that began Monday in New York. Mahmoud Thiam, Guinea’s former Minister of Mines, faced corruption charges involving a Chinese company and he was convicted of $8.5 million re those bribery charges. An Affidavit from a Federal Bureau of Investigation agent made public in the case last month said that the minister bribed a fellow government official “on behalf of” one of Mr. Steinmetz’s companies in 2009. The F.B.I. is also examining an alleged bribery episode involving a prominent Guinean — the late Guinean president’s wife — and a Steinmetz company a year earlier.

Under the Foreign Corrupt Practices Act (FCPA), U.S. business people who have business dealings with corrupt foreign persons or their families may themselves thereby become implicated through U.S. banks funds flow. The laws are designed to prevent U.S. business people from doing business with corrupt individuals, in any way, shape or form. By virtue of any funds from Steinmetz flowing through U.S. banks (in say New York city), it could legally implicate the U.S. President's son-in-law Jared Kushner.

References

[1]
Citation Linktherealdeal.comThe Real Deal, "Israeli billionaire is Kushner’s partner on 15 Manhattan buildings", 4/26/2017: Israeli billionaire Raz Steinmetz is a quiet investor in 15 Manhattan properties owned by Kushner Companies.Steinmetz, who hails from one of Israel’s richest families, has been working with Kushner since at least 2012, Bloomberg reported.The Downtown Manhattan properties they jointly own are worth $150 million and the two sides also partnered on the Trump Bay Street project in Jersey City, according to Bloomberg.The Steinmetz family made its fortune in the diamond trade.Raz’s uncle Beny, a diamond trader, has been under criminal investigation in the U.S. for allegedly bribing Guinean officials in exchange for mining rights.Ethics experts told Bloomberg that the fact that Kushner’s links to Steinmetz haven’t been publicized until today highlights weaknesses in federal disclosure rules, which allow investors to remain anonymous behind shell companies.
Apr 27, 2017, 4:07 PM
[2]
Citation Linknytimes.comNew York Times, "Bribe Cases, a Jared Kushner Partner and Potential Conflicts", by Jesse Drucker, 4/26/2017: President Trump’s son-in-law, a top adviser, had help building a real estate empire from a member of one of Israel’s wealthiest families.The Department of Justice had already opened an investigation the year before into Mr. Steinmetz’s firms for potential violations of the Foreign Corrupt Practices Act, claiming jurisdiction because some of the alleged payments were transmitted through American banks.More information about the bribery investigation may be disclosed by federal prosecutors at a trial that began Monday in New York.Mahmoud Thiam, Guinea’s former minister of mines, is facing corruption charges involving a Chinese company.An affidavit from a Federal Bureau of Investigation agent made public in the case last month said that the minister bribed a fellow government official “on behalf of” one of Mr. Steinmetz’s companies in 2009.The F.B.I. is also examining an alleged bribery episode involving a prominent Guinean — the late president’s wife — and a Steinmetz company a year earlier.The complicated ties that bind; relationships chart: Jared Kushner linked by property purchases with Raz Steinmetz; Raz Steinmetz linked via Swiss account to Beny Steinmetz.
Apr 27, 2017, 4:12 PM
[3]
Citation Linkywqaugeunhowzrcj.public.blob.vercel-storage.comRaz Steinmetz and Jared Kushner
Apr 27, 2017, 4:13 PM
[4]
Citation Linkacc.comAcc.com, "Top Ten Basics of Foreign Corrupt Practices Act Compliance for the Small Legal Department", by Stephen Clayton, 6/1/2011: The FCPA has two provisions - Anti-Bribery and Accounting.In essence, the Anti-Bribery Provisions make it a crime for any US individual, business entity or employee of a US business entity to offer or provide, directly or through a 3rd party, anything of value to a foreign government official with corrupt intent to influence an award or continuation of business or to gain an unfair advantage.The Accounting Provisions basically make it illegal for a company that reports to the SEC to have false or inaccurate books or records or to fail to maintain a system of internal accounting controls.The standard of intent and knowledge in the Anti-Bribery cases is minimal - intent and knowledge are usually inferred from that fact that bribery took place.The Accounting Provisions do not require intent.
Apr 27, 2017, 4:34 PM
[5]
Citation Linkbloomberg.comBloomberg News, "Ex-Wall Street Banker Convicted in Guinea Bribery Case", by Bob Van Voris and Christian Berthelsen, 5/3/2017: Mahmoud Thiam took $8.5 million for mining rights, jury finds.A Guinea-born former Wall Street banker was convicted of laundering $8.5 million in bribes that he took while a government minister in the West African country, where claims of corruption and disputes over mineral rights involve some of the biggest mining companies in the world.Thiam served as Guinea’s Mining Minister from 2009 to 2010 after spending 14 years as an international investment banker at Merrill Lynch & Co. and UBS Group AG in New York.
May 8, 2017, 12:15 PM