The Wall Street Journal, citing people familiar with the matter, reported that a group backed by Sheikh Tahnoon bin Zayed Al Nahyan, a member of Abu Dhabi’s ruling family, stands behind StringZ Holding RSC. StringZ owns a 49% stake in WLTC Holdings, the holding company for the proposed U.S. trust bank tied to World Liberty Financial, a Trump family-linked venture. Entities connected to the Trump family reportedly hold another 38% stake in the company.
The Office of the Comptroller of the Currency granted preliminary conditional approval to World Liberty Trust Company on Aug. 14. In its published decision, the OCC confirmed that StringZ is an investor in WLTC Holdings and said the firm signed a passivity commitment, meaning it agreed not to interfere in the bank’s operations. The OCC filing did not identify Tahnoon as StringZ’s backer and did not disclose his ownership share.
The bank cannot begin operating until it meets the OCC’s pre-opening requirements and receives final approval. The report also said Tahnoon had previously backed a $500 million deal to acquire a 49% stake in World Liberty Financial. Democratic senators later called for a hearing and an investigation into whether the transaction affected U.S. policy toward the United Arab Emirates. Cointelegraph said it contacted the Trump Organization for comment but had not received a response by publication time.
The Wall Street Journal, citing people familiar with the matter, reported that a group backed by Sheikh Tahnoon bin Zayed Al Nahyan, a member of Abu Dhabi’s ruling family, is behind StringZ Holding RSC. The company holds a 49% stake in WLTC Holdings, the holding company for the proposed U.S. trust bank tied to World Liberty Financial, a Trump family-linked venture.
The report said entities linked to the Trump family hold another 38% of the company.
On Aug. 14, the Office of the Comptroller of the Currency, or OCC, granted preliminary conditional approval to World Liberty Trust Company. The OCC’s published decision confirmed that StringZ is an investor in WLTC Holdings and said it signed a passivity commitment not to interfere with the bank. The filing did not identify Tahnoon as StringZ’s backer, and it did not disclose the size of his stake.
The trust bank still must satisfy the OCC’s pre-opening requirements and receive final approval before it can start operations.
The report also said Tahnoon had previously backed a $500 million acquisition of a 49% stake in World Liberty Financial. Democratic senators later called for a hearing on the deal and for an investigation into whether it influenced U.S. policy toward the United Arab Emirates.
Tahnoon currently serves as the United Arab Emirates’ national security adviser and is also chairman of artificial intelligence company G42.
Cointelegraph said it contacted the Trump Organization for comment but had not received a response as of publication.
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