Commerce Secretary Has Business Ties to Putin Son-in-Law
Report details Wilbur Ross' offshore holdings
By Newser Editors and Wire Services
Posted Nov 5, 2017 4:49 PM CST
Commerce Secretary Wilbur Ross appears before the House Committee on Oversight and Government Reform to discuss preparing for the 2020 Census, on Capitol Hill in Washington, Thursday, Oct. 12, 2017.   (AP Photo/J. Scott Applewhite)

(Newser) – Newly leaked documents show that Commerce Secretary Wilbur Ross, the Trump administration's point man on trade and manufacturing policy, has a stake in a company that does business with a gas producer partly owned by the son-in-law of Russian President Vladimir Putin, the AP reports. According to records obtained by the International Consortium of Journalists, Ross is an investor in Navigator Holdings, a shipping giant that counts Russian gas and petrochemical producer Sibur among its major customers. Putin's son-in-law Kirill Shamalov once owned more than 20% of the company, but now holds a much smaller stake. Commerce Department spokesman James Rockas said Ross "never met" Shamalov and has generally supported the Trump administration's sanctions against Russia, according to the ICIJ report. Rockas added that Ross has withdrawn from matters related to transoceanic shipping vessels and has met the "highest ethical standards."

The details are likely to add to the questions about ties between Russia and the Trump administration, connections that for months have shadowed the White House and are a focus of an investigation by special counsel Robert Mueller. Yet it wasn't immediately clear how many partners Ross might have or what the profit-sharing agreement might be. ICIJ disclosed the Ross holding as part of reporting on 13.4 million records of offshore entities in tax havens leaked to German newspaper Süddeutsche Zeitung. The newspaper then shared the records with ICIJ and a network of more than 380 journalists in 67 countries. The New York Times is its US partner in this inquiry. It wasn't immediately clear exactly how much of Navigator, which is publicly traded on the New York Stock Exchange, Ross personally owns. ICIJ reported that Ross and other investors own four Cayman Island entities that in turn own 31.5% of Navigator, a stake worth $176 million at Friday's closing stock price. Ross' stake in Navigator is likely a small fraction of that.

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