Wilbur L. Ross Jr. Still Owns Oversees Companies in Russia

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    Wilbur L. Ross Jr. is the current commerce secretary of the United States. The New York Times has discovered that even after becoming the commerce secretary, he didn’t give up the ownership of a Russian shipping firm that is tied to the Russian government and Vladimir Putin son-in-law. The shipping company has been referred to as Navigator Holdings. While it’s involved in a number of deals, its major deal at the moment is to transport gas for a major client known as Sibur. This is a Russian energy firm, and this contract is worth millions of dollars every year. In order to join the Trump administration, Wilbur L. Ross Jr. had to sell a number of holdings. The leaked documents have revealed that Navigator Holdings have increased their dealings with Russian companies as the West tries to implement energy sanctions in Russia. This is being done for Russian involvement with Ukraine. The documents revealed that the current commerce secretary owns the firm through some partnerships. This has been the case before where these ownerships used to own the largest shares in the company. At the moment, he is said to own 31 percent of the shares. The problem with the commerce secretary owning shares in this company is that he undermines the America First policy that has been adopted by Donald Trump.

    However, personal ownership in the firm reduced when he resumed the new position in February. The documents reveal that through the ownership, he owns shares worth between two million and 10 million dollars. This is according to information obtained from security filings and ethics disclosures. The ownership has been maintained by some companies that are based in the Cayman Islands. For starters, Cayman Island is one of the few tax havens that the billionaire has hidden his wealth. Close to two billion of his wealth is held up in these islands. This information was brought to light when documents were leaked from an offshore law firm known as Appleby. This is the firm representing over 50 partnerships and companies owned by the commerce secretary. Once the documents were obtained by a German newspaper known as Suddeutsche Zeitung, they were sent to the International Consortium of Investigative Journalists where other media organizations could receive the documents upon request. Wilbur L. Ross Jr. documents also implicated other members of the Trump administration such as Gary D Cohen and State Secretary Rex W. Tillerson. However, evidence in still scanty.

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