{"text":[[{"start":10.45,"text":"Senate Democrats are investigating Yorkville Advisors, a financial group with ties to US President Donald Trump’s family, over a special-purpose vehicle set up to raise $200mn to buy a business in Venezuela."}],[{"start":23.549999999999997,"text":"Ron Wyden, the top Democrat on the influential Senate finance committee, wrote to Mark Angelo, president of Yorkville Advisors, on Thursday to request additional information about a special purpose acquisition company run by the Mountainside, New Jersey-based firm."}],[{"start":38.699999999999996,"text":"The FT was first to report last month that Yorkville had planned to raise funds as part of its effort to find a business to acquire “in Latin America and Venezuela”. "}],[{"start":48.64999999999999,"text":"The Spac, Yorkville International Capital, is one of several foreign companies that have sought to capitalise on the opening of Venezuela’s economy to overseas businesses after Trump captured the country’s leader Nicolás Maduro and his wife Cilia Flores earlier this year."}],[{"start":64.3,"text":"Yorkville has close relations with Trump’s family. Company executives last year helped Trump Media & Technology Group, which owns Truth Social, raise $2.5bn to buy bitcoin and agreed to launch five “America First-themed” exchange traded funds. "}],[{"start":79.89999999999999,"text":"Last August, Kevin McGurn, interim chief executive of TMTG and CEO of Yorkville International Capital, became CEO of New America Acquisition I, a vehicle backed by the president’s sons, Eric Trump and Donald Trump Jr, that was set up to merge with a US manufacturer."}],[{"start":97.69999999999999,"text":"In Thursday’s letter to Angelo, Wyden noted Yorkville Advisors and people involved with the Spac had “deep business ties” to the president and his family. It asked for additional information about the Spac’s investment plans in Venezuela and details of executives’ contact with members of the White House and Trump’s family."}],[{"start":115.64999999999999,"text":"“It appears that following the Trump administration’s decision to loosen sanctions on Venezuela, Yorkville Advisors is cashing in,” Wyden said. “Due to the opacity of shell companies like Yorkville International Capital, I have strong concerns about potential conflicts of interest with the Trump administration and what could amount to a blank cheque to funnel hundreds of millions of dollars to strengthen Donald Trump’s businesses.”"}],[{"start":140.7,"text":"Spacs, publicly traded shell companies that raise funds and then seek to acquire an operating business, serve as an alternate route to the public markets without a traditional IPO. "}],[{"start":150.54999999999998,"text":"Yorkville America Equities, a branch of Yorkville, on Wednesday launched its Truth Social God Bless America ETF, the group’s first actively managed vehicle."}],[{"start":161.04999999999998,"text":"Yorkville Advisors did not immediately respond to a request for comment."}],[{"start":165.99999999999997,"text":"TMTG did not respond to a request for comment."}],[{"start":169.19999999999996,"text":"A spokesperson for the Trump Organization, of which Trump’s sons are executive vice-presidents, said: “Eric Trump and Donald Trump Jr have no involvement in Yorkville and no knowledge of the [Venezuela Spac].”"}],[{"start":181.69999999999996,"text":"The spokesperson added: “While Mr McGurn did briefly serve on the board of New America Acquisition I Corp, he stepped down from that position earlier this year and no longer has any connection to the company.”"}],[{"start":201.49999999999997,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782383330_1295.mp3"}