{"id":77955,"date":"2025-02-09T13:53:25","date_gmt":"2025-02-09T13:53:25","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/donald-trumps-fbi-nominee-kash-patel-under-fire-over-shein-stake\/"},"modified":"2025-02-09T13:53:25","modified_gmt":"2025-02-09T13:53:25","slug":"donald-trumps-fbi-nominee-kash-patel-under-fire-over-shein-stake","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=77955","title":{"rendered":"Donald Trump\u2019s FBI nominee Kash Patel under fire over Shein stake"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description\">Your guide to what the 2024 US election means for Washington and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=c6cda679-0bd6-47dd-a5cd-d6d7c2a5c172&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Kash Patel, Donald Trump\u2019s nominee for FBI director, has come under scrutiny over his business ties, including holding stock in a group that owns Shein, the Chinese fast-fashion retailer accused of using forced labour.<\/p>\n<p>Patel stated in a financial disclosure form that he held $1mn-$5mn worth of shares in Elite Depot, a Cayman Islands-group that, according to UK business records, owns Shein. The stake was the largest asset in Patel\u2019s disclosure. <\/p>\n<p>Human rights groups and US lawmakers, including Republican Marco Rubio, the former Florida senator who is now Trump\u2019s secretary of state, have <a href=\"https:\/\/www.ft.com\/content\/b82ae9e2-0aa8-4e7d-9d7e-3068169830b0\" data-trackable=\"link\">accused Shein of using forced labour<\/a> in its operations in China. Shein has previously told the Financial Times it had a \u201czero-tolerance policy\u201d regarding forced labour.<\/p>\n<p><a href=\"https:\/\/www.ft.com\/stream\/fd4064ff-c97f-449b-8c91-fb703cbb3613\" data-trackable=\"link\">Patel<\/a>, who briefly served as deputy to the acting director of national intelligence in the first Trump administration, no longer works for Elite Depot. But in his disclosure form, he said would retain his restricted stock. A first tranche of stock vested on February 1, two days after his Senate confirmation hearing.<\/p>\n<p>\u201cThe incoming FBI Director worked for 8 months as a fashion consultant to a shadowy Cayman holding company connected to a Chinese Communist party slave labour manufacturer and he gets up to $5mn in fees\u2009.\u2009.\u2009.\u2009WTF\u201d Chris Murphy, a Democratic senator from Connecticut, wrote on social media platform X on Friday.<\/p>\n<p>Patel is one of the Trump administration\u2019s most controversial nominees. Seen as a Trump loyalist, he has defended far-right QAnon conspiracy theories and threatened retribution against opponents of the president\u2019s Maga movement in government and the media.\u00a0<\/p>\n<p>He has vowed to shut down the FBI\u2019s Washington headquarters \u201con day one and reopen it the next day as a museum of the \u2018deep state\u2019,\u201d which he has pledged to root out from US law enforcement agencies.<\/p>\n<p>Patel is also a board member of Trump Media &amp; Technology Group, which runs the president\u2019s Truth Social platform. <\/p>\n<p>While working for Elite Depot, Patel criticised Temu, a rival to Shein, in opinion pieces published in US media. In one article in the Washington Times, Patel claimed that Temu was a \u201cmuch greater threat\u201d to the US than TikTok, the popular short-form video app owned by Chinese company ByteDance.<\/p>\n<p>The Senate judiciary committee on Thursday postponed a vote on whether to send Patel\u2019s nomination to the full Senate for confirmation, following objections from Democrats. <\/p>\n<p>A spokesperson for Patel said he had \u201cgone above and beyond\u201d, including \u201ccountless meetings with senators, disclosing and reporting all sources of income\u201d and testifying for six hours before the judiciary panel.<\/p>\n<p>\u201cThe Senate has evaluated all potential conflicts and concerns,\u201d the spokesperson said, adding that Patel looked forward to a committee vote on Thursday and to being quickly confirmed by the Senate.<\/p>\n<p>If confirmed, Patel will succeed Christopher Wray, who was a <a href=\"https:\/\/www.ft.com\/content\/283a306e-94d2-421b-9241-644296d9bf7d\" data-trackable=\"link\">vocal critic of Beijing<\/a>, which he accused of conducing widespread espionage operations. China has repeatedly denied engaging in espionage against the US.<\/p>\n<p>Wray, who was appointed by Trump in 2017 and was set to serve for a decade, <a href=\"https:\/\/www.ft.com\/content\/f14f0bb7-1d9d-497a-8931-b93aebdef9ba\" data-trackable=\"link\">stepped down<\/a> ahead of the president\u2019s inauguration last month.<\/p>\n<p>Shein has ploughed funds into a lobbying campaign in western capitals including Washington and London, as it has sought to fight back against a <a href=\"https:\/\/www.ft.com\/content\/067ba5bb-4da3-42fc-a57b-9dd27a8f9255\" data-trackable=\"link\">political and regulatory backlash<\/a> over its environmental record and supply chain practices.\u00a0<\/p>\n<p>The fashion group is <a href=\"https:\/\/www.ft.com\/content\/10f4b1ac-bef7-48d5-84db-89b62e8a9681\" data-trackable=\"link\">seeking to list in London<\/a> in the coming weeks after it was rebuffed by US regulators. Rubio last year urged the UK to investigate whether Shein had used forced labour, noting its failure to meet US listing requirements \u201cdue to concerns about its unethical and irresponsible business practices\u201d.<\/p>\n<aside aria-labelledby=\"aside-label\" class=\"n-content-recommended--single-story n-content-recommended--inset\" data-component=\"recommended\">\n<p class=\"n-content-recommended__title\">Recommended<\/p>\n<div class=\"o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image js-teaser\" data-id=\"cfe4f220-23c2-40a7-b3aa-da9eba080ee1\">\n<div class=\"o-teaser__image-container js-teaser-image-container\"><a href=\"https:\/\/www.ft.com\/content\/cfe4f220-23c2-40a7-b3aa-da9eba080ee1\" data-trackable=\"image-link\" tabindex=\"-1\" aria-hidden=\"true\"><\/p>\n<div class=\"o-teaser__image-placeholder\" style=\"aspect-ratio:1643\/924\"><img decoding=\"async\" class=\"o-teaser__image\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252Ffe5d71e0-970e-4d3c-b565-2b3c5f0dc765.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&amp;fit=scale-down&amp;dpr=2&amp;width=240\" alt=\"Donald Trump\"\/><\/div>\n<p><\/a><\/div>\n<\/div>\n<\/aside>\n<p>On Friday, Trump <a href=\"https:\/\/www.ft.com\/content\/70c9e877-6e4e-47fc-a36e-a074fa92b82b\" data-trackable=\"link\">amended an executive order<\/a> to reinstate an exemption from tariffs and expansive customs checks for shipments under $800 in value when entering the US. The reprieve will help Shein.<\/p>\n<p>Shein has been challenged by Temu, a copycat platform that ships low-cost goods from China directly to US consumers. The groups have been locked in a bitter fight over suppliers in China as well as legal battles in the US.<\/p>\n<p>In his financial disclosure, Patel also said that he had received income from the Epoch Times, an anti-CCP publication affiliated with Falun Gong, a dissident group.<\/p>\n<p><em>Additional reporting by Ryan McMorrow in Beijing<\/em><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world Kash Patel, Donald Trump\u2019s nominee for FBI director, has come under scrutiny over his business ties, including holding stock in a group that owns Shein, the Chinese fast-fashion retailer accused of using forced [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[2709,27481,1074,39650,18124,20339,39651,16259,11678],"dealstore":[],"offerexpiration":[],"class_list":["post-77955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-donald","tag-fbi","tag-fire","tag-kash","tag-nominee","tag-patel","tag-shein","tag-stake","tag-trumps"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - 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