REPORT: Newsmax Took $50M from Qatari Royal.
By The National Pulse
Newsmax allegedly softened its coverage of the Middle East kingdom of Qatar while pursuing a $50 million investment from a member of the country’s royal family. Current and former employees told The Washington Post that before and after the investment, newsroom staff were told by Newsmax executives — including founder and CEO Christopher Ruddy — to tone down criticism of the Muslim country by Newsmax executives. Newsmax has officially denied these claims, though The National Pulse has independently verified the orders from Ruddy to Newsmax staff.
Over two years (2019-2020), Sheikh Sultan bin Jassim Al Thani invested $50 million in the conservative network. Al Thani, a former Qatari government official who currently owns Heritage Advisors — a London-based hedge fund — said through attorneys that he bought into Newsmax because he “saw potential for the investment to be profitable.” Newsmax first approached Qatar for investment in 2017.
LEAKED DOCUMENTS.
However, leaked financial documents suggest Al Thani’s interests went beyond a simple desire to profit. At the time, Qatar was locked in a simmering regional conflict with Saudi Arabia and the United Arab Emirates. The latter two Middle East states had used a robust lobbying and public relations campaign in Washington, D.C., to isolate Qatar politically and diplomatically — with many on Capitol Hill regarding the country as a lead sponsor of Islamic terrorism.
One of the financial documents addressing the corporate structure of Al Thani’s minority stake in Newsmax described the entity’s purpose as being “set up with the intention of benefiting the State of Qatar.” Additionally, the documents indicate Sheikh Mohammed bin Hamad Al Thani — the younger brother of Qatar’s ruler — would serve as the “option beneficiary,” meaning he could take over the shares under certain circumstances. According to attorneys for Al Thani, the leaked documents were drawn up in error.
THE MENENDEZ CONNECTION.
Heritage Advisors was indirectly referenced in the January federal indictment of Sen. Bob Menendez (D-NJ). The New Jersey Democrat is accused of having operated as an unregistered foreign agent on behalf of the governments of Egypt and Qatar. Al Thani’s hedge fund allegedly gave Menendez and his wife tickets to a Formula One race.
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