Former CEO Says Trump Ally Never Invested in $25 Billion Alaska LNG Project

A $25 billion liquefied natural gas venture in Alaska is courting American investors after its former chief executive alleged that a friend of Donald Trump Jr. named as a backer never put in a dollar.

Joel Riddle, the ex-CEO, told the Financial Times he later discovered that Gentry Beach had not invested in Polar LNG and held no post as shareholder, director, or officer. That reverses his own March statement to Semafor, when he identified Beach as an investor in the planned North Slope export terminal. At the time, Reuters reported, the company wanted to fund more than half of its initial $8 billion to $9 billion development phase with American capital.

Who actually paid for Polar LNG?

Riddle alleged that Russian gas producer Novatek was supplying the money. He said Novatek financed Polar Train LNG, the operating company, and shaped its strategy before the project secured necessary US approvals. The FT reported it reviewed messages in which Novatek board member Denis Solovyov discussed project financing and pushed to speed up transfers.

Novatek told the FT a different story about Beach. The company said Beach had once been an officer of Polar Eagle LNG, a holding company, but no longer had any connection to the venture. Novatek confirmed it signed an agreement with Polar Train in April.

Separately, The New York Times reported correspondence discussing payments of up to $15 million to Abu Dhabi-based Tech Wave, including a proposed initial transfer of $5 million. Polar LNG confirmed TechWave had provided financing and started preliminary engineering work with US contractors. It said its activities comply with American law. TechWave told the FT that Novatek holds no ownership interest in TechWave and that project participant Bjørn Gundersen invested his own money plus borrowed funds.

Why is the Treasury Department involved?

The money trail is not the only complication. Polar LNG confirmed it applied to the Treasury Department's Office of Foreign Assets Control for permission to buy an unfinished liquefaction structure from Novatek. That equipment belongs to Russia's Arctic LNG 2 development, which has operated under US blocking sanctions since November 2023.

Novatek denied that access to its technology depended on lifting sanctions against Arctic LNG 2. The Times also reported that Novatek is pursuing a minority ownership stake in Polar LNG itself.

What happened to the leadership?

The dispute has reached the boardroom. Polar LNG appointed Tim Talkington, previously chief executive of Goldman Sachs Bank Russia, as acting CEO. The company said it terminated Riddle for cause and warned of possible litigation. The FT, however, reported that Riddle submitted his resignation on September 19.

The conflicting accounts leave the project's ownership and funding picture unresolved at the exact moment it needs clarity to win regulators and investors. Polar LNG says it targets initial gas deliveries by the end of 2030. That date depends on financing, permits, and engineering — all three of which now run through questions about who is actually paying.