Kash Patel, just confirmed by the U.S. Senate to be the director of the FBI, reportedly has a slew of foreign investments that could heavily increase his net worth — and may generate concerns over potential conflicts of interest. Patel, one of President Donald Trump’s most controversial second-term nominations, is one of several officials who could stand to get richer while in office.
Most notable is that one of Patel’s primary investments is a Chinese fashion brand with a significant presence in the U.S. This will likely draw continuing scrutiny as Patel begins his new job as FBI director, though he has said he will divest from any potential conflicts of interest.
What are Patel’s foreign interests?
Patel is known to have stakes in private sector businesses, but the “scope of Patel’s business dealings with foreign entities is hard to fully discern because he in some instances disclosed only minimal information about the nature of his work,” said The Associated Press. Most notable is his stock in Elite Depot, the Cayman Islands-based parent company of Chinese fast fashion brand Shein.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
SUBSCRIBE & SAVE
Sign up for The Week’s Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Patel owns anywhere from $1 million to $5 million of stock in Elite Depot, according to his financial disclosures. Other foreign investments include ties to a Czech arms company and the Qatari foreign embassy. But it is Patel’s investment in Shein — his largest disclosed asset — that has generated the most scrutiny. His “critics have questioned why the FBI director would maintain a financial stake in a foreign company with Chinese ties,” said The Wall Street Journal, and the circumstances have “raised questions about potential conflicts of interest.”
Patel “should divest all of his interests if he is going to become director of the FBI,” Charles Kupperman, the deputy national security adviser during Trump’s first term, said to the Journal. Shein, which has been accused of using forced labor, is “not a U.S. company and it’s a conflict of interest financially.”
Why could this be a problem?
Other Trump Cabinet officials, including Health and Human Services Secretary Robert F. Kennedy Jr., have also been accused of conflicts of interest in their respective positions. But Trump has slapped tariffs on China, and Patel’s ties to Shein “means he has a personal interest aligned with Chinese business interests,” said Mother Jones. And “no Republicans have publicly pressed Patel about his plan to retain an interest in a Chinese manufacturer.”
The FBI has “cited a ‘remote’ likelihood” that Patel’s “duties would involve the company,” and “compensation experts warn he will, in effect, still have a continuing relationship with a foreign company,” said The Independent. Patel has also found other ways to generate money; recent years have been “unquestionably lucrative as Patel parlayed proximity to Trump and a zeal for self-promotion into consulting contracts, corporate board seats and a role as a sought-after MAGA commentator,” said the AP, which reported his net worth to be as much as $15 million.
Patel’s ties come “amid reports that the FBI would reduce its focus on the Chinese government’s influence operations in the U.S.,” said the Financial Times. At the same time, Shein has “plowed funds into a lobbying campaign in western capitals including Washington and London.” A spokesperson for Patel has said he will avoid all potential conflicts as FBI director, but his ties with Shein are “truly shocking,” Rush Doshi, an official on former President Joe Biden’s National Security Council, said on X.
