A conspiracy to manufacture the illusion of a secret communications channel between Alfa Bank and the Trump Organization, only to later be "discovered" as evidence of possible collusion between Russia and the Trump campaign
In mid-to-late June 2016, a group of "self-appointed guardians of the Internet" began to investigate whether Republicans, like the DNC, had been hacked by Russians.
Around late June 2016, unusually frequent DNS activity between Alfa Bank and a server affiliated with the Trump Organization was detected, allegedly indicating a connection between persons connected to the Trump campaign and Russia.
"If you remember, Jim Comey was fired on May 9th, and Andy McCabe, almost immediately, in response to Comey's leaked memos on May 16th, put the president into a criminal investigation. And then Rod Rosenstein appointed Bob Mueller as the Special Counsel."
"The President tweeted on Friday, May 12th, that I better hope there's not tapes. I woke up in the middle of the night on Monday, May 15th, thinking there might be one. I asked my friend to share it with a reporter on May 16th because I thought it might prompt a special counsel."
"In a letter, Nikulin says interrogations by the FBI took place on November 14-15, 2016, and on February 7, 2017. He says he was offered to take the blame for breaking into Hillary Clinton's emails for Trump on the orders of Vladimir Putin, but refused."
"Clinton knew about the Times's unpublished story. She was hoping it would be pushed onto the front burner of the election, and was crestfallen when the headline finally appeared on the 31st: "Investigating Donald Trump, FBI sees no clear link to Russia."
"Assistant FBI Director Trainor greeted Michael Sussmann warmly and introduced the other people he brought with him. All I can recall is everyone had a long title with the word 'cyber' or 'counterintelligence' attached to it."
"In 2016, 'FSB agents' Mikhailov et al successfully used false intelligence to deceive Christopher Steele and others, who the DNC and Perkins Coie were bribing that year. An obstruction of justice jackpot!"
"Did Obama order, and did AG Lynch certify, a court-exempt electronic surveillance warrant on a foreign power, and it just so happened that Flynn's phone call with Kislyak ended up in incidental collections? What other explanation is there?"
"Diligence is a CIA front company or 'spin-off', operating an industrial espionage network. Top staff include members of UK and US intelligwnce agencies, originally created by former Bush administration members to obtain private contracts from Enron."
"Bloomberg reported how KPMG was infiltrated by Diligence in 2005. BGR represented Alfa Group Consortium, whose archrival, IPOC, was being audited by KPMG's Bermuda office. Diligence's CEO, Nick Day, posed as an MI5 agent and got an accountant to drop off inside information."
"From the start, Diligence's goal was clear, if far from simple: Infiltrate KPMG to obtain advance information about the audit of IPOC, an investment fund based in Bermuda."
Other than the tenuous theory that Kukes was somehow funneling Kremlin money into the Trump campaign (which I assume is the idea Steele is trying to get at here), I can't find a singular event that could cause someone to come to associate the two.