The sons of President Trump and Commerce Secretary Howard Lutnick stand to see a big windfall after businesses tied to the families helped secure a $1.6 billion mining deal in Kazakhstan, according to a new report.
After Trump and Lutnick closed a deal for an American company called Kaz Resources to mine one of the world’s largest untapped reserves of tungsten last November, records indicate that firms tied to their sons saw financial gain from the contract, the New York Times reported.
Dominari Securities — which is housed at Trump Tower in New York and partly owned by the president’s two eldest sons, Donald Trump Jr. and Eric Trump — had joined other investors to take a 20% stake in a company related to the project.
President Trump and Commerce Secretary Howard Lutnick pushed for a mining deal between Kazakhstan and US company Kaz Resources.NurPhoto via Getty ImagesAt the same time, Cantor Fitzgerald — an investment company controlled by Lutnick’s family and overseen by his sons Brandon and Kyle Lutnick — helped one of the investors working with Dominari raise $210 million in new capital.