Wilbur Ross Never Sold Stakes in Companies Co-Owned by China, Report Says

[DonViejo]

Source: The Daily Beast



Commerce Secretary Wilbur Ross failed to keep his promise to divest from his company holdings upon entering government, a Forbes investigation has found. Ross reportedly kept his stakes in companies co-owned by the Chinese government, a firm linked to Vladimir Putin’s inner circle, and a Cyprus bank caught up in the Robert Mueller investigation. Forbes reports that Ross’s family continued to have an interest in these holdings while he dealt with China and Russia in his official role, even while knowing that his family’s fortunes were linked to the countries. Although the arrangements appear to be legal, Forbes says Ross may have broken the law by submitting a sworn statement to officials in November saying he divested of everything he promised he would. His spokesperson insisted: “The secretary did not lie,” adding that Ross has filed amended paperwork that is under review by the Office of Government Ethics.

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Read more: https://www.thedailybeast.com/wilbur-ross-never-sold-stakes-in-companies-co-owned-by-china-report-says

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JUN 18, 2018 @ 05:00 AM

Lies, China And Putin: Solving The Mystery Of Wilbur Ross' Missing Fortune

Dan Alexander, FORBES STAFF

Amid President Trump’s headaches confirming cabinet secretaries, from neophyte Rex Tillerson to conflict-prone Scott Pruitt to unprepared Betsy DeVos, all of whom squeezed through, Wilbur Ross was a tonic. With his blue power suit and decades of dealmaking, he had the look and résumé of a Commerce Secretary. And unlike his boss, Ross promised to divest from almost all his holdings upon entering government, drawing bipartisan praise en route to an easy confirmation. “You have really made a very personal sacrifice,” said Senator Richard Blumenthal, Democrat of Connecticut. “Your service has resulted in your divesting yourself of literally hundreds of millions of dollars.” In November 2017, Ross confirmed in writing to the federal Office of Government Ethics that he had divested everything he promised.

But that was not true. After weeks of investigation, Forbes found:

For most of last year, Ross served as secretary of commerce while maintaining stakes in companies co-owned by the Chinese government, a shipping firm tied to Vladimir Putin’s inner circle, a Cypriot bank reportedly caught up in the Robert Mueller investigation and a huge player in an industry Ross is now investigating. It’s hard to imagine a more radioactive portfolio for a cabinet member.

To this day, Ross’ family apparently continues to have an interest in these toxic holdings. Rather than dump them all, the commerce secretary sold some of his interests to Goldman Sachs – and, according to Ross himself, put others in a trust for his family members. He continued to deal with China, Russia and others while evidently knowing that his family’s interests were tied to those countries.

In addition, five days before reports surfaced last fall that Ross was connected to cronies of Vladimir Putin, through a shipping firm called Navigator Holdings, the secretary of commerce, who likely knew about the reporting, shorted stock in the Kremlin-linked company, positioning himself to make money on the investment when share prices dropped.

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https://www.forbes.com/sites/danalexander/2018/06/18/lies-china-and-putin-solving-the-mystery-of-wilbur-ross-missing-fortune-trump-commerce-secretary-cabinet-conflicts-of-interest/#454231d57e87

[lagomorph777]

1. Ross is as corrupt and swampy as it gets. He also has Russian mob money connections.

[democratisphere]

2. Nothing surprises me with Wilbur Ross.

The guy is just a common criminal.

[AwakeAtLast]

3. The best people!

[soryang]

4. "Although the arrangements appear to be legal..."

That's the real problem. Circumventing so called "ethics" rules riddled with loopholes is relatively simple. Of course, lying about it, is par for the course for people associated with this administration.