Ivanka Trump can’t seem to run a business that doesn’t get involved in a scandal.
The latest impropriety comes with her now-defunct Ivanka Trump Fine Jewelry company which was used in a money-laundering scheme by an Emirati oil family to avoid paying a multi-million dollar debt, according to a report this week by GQ.
With Trump properties’ long history as attractive assets for questionable foreign investment, it looks like the Trump name is attracting dirty money by the truckload even in the non-real estate sectors.
The Ivanka Trump Fine Jewelry company was the first independent business venture that the President’s daughter embarked upon. Like many of the Trump family businesses, it was a licensing deal that allowed an existing jewelry company, Madison Avenue Diamonds, to use the Ivanka Trump name to market their glittering wares.
According to GQ, at one point Ivanka also owned an equity stake in the business, as well as receiving licensing revenue. Her partner in the business, Moshe Lax, actually introduced Ivanka to her future husband, Jared Kushner.
While Ivanka ended her relationship with the company late last year, it has continued to be embroiled in the legal dispute that has charged the Al-Saris family from Dubai with purchasing diamonds from Ivanka Trump Fine Jewelry to hide financial assets that would otherwise have been seized to pay off a $100 million debt to the Commercial Bank of Dubai.
While Ivanka Trump herself has not been implicated in any wrongdoing in this particular instance, it is hardly coincidental that the Trump brand has been an attractive destination, a magnet practically, for wealthy foreigners looking to wash their questionable cash. If there’s a deal to be made, the Trumps will try to do it, with as few questions asked as possible.