Commerce Secretary Wilbur Ross has an Interest in Navigator Holdings, which earns Millions a year Transporting Oil and Gas for Russian Energy firm Sibur. Two Major Sibur Shareholders are under some Form of U.S. Sanctions.
A Commerce Department Spokesman did not Dispute the Revelations. "Secretary Ross recuses himself from any matters focused on transoceanic shipping vessels," the Spokesman said, adding that the Secretary "works closely with Commerce Department ethics officials to ensure the highest ethical standards".
Another Sibur Shareholder is President Putin's Son-in-Law, Kirill Shamalov. He holds a 3.9% Stake in the Firm. Gennady Timchenko, who has been individually Sanctioned by the United States, as have at least 12 Companies connected to him, and Leonid Mikhelson, whose main Company, Novatek, is also Sanctioned, are Major Shareholders. Sibur itself and Mr Shamalov are not under Sanctions, although Shamalov's Father, Nikolai, is.
The Commerce Department Spokesman said Ross had never met the Three Russian Shareholders. The U.S. imposed some Sanctions after Russia annexed Crimea in 2014. Others were imposed last year for alleged Interference in the U.S. Presidential Election.
The Revelations will again raise questions about the Russian Connections of Trump's Team. Ross and Trump have known each other for more than a 25 years. Ross played a Key Part in a Prepackaged Bankruptcy deal, an agreement between a Company and its Creditors, for Trump's Atlantic City Casino and the Taj Mahal, in the 1990s.
WL Ross & Co, which was founded by Wilbur Ross, first Invested in Navigator Holdings in 2011. An Investigation has revealed details of how Ross retains a Financial Interest in Navigator Holdings via a number of Companies in the Cayman Islands. Some of these Cayman Companies were disclosed by Ross when he became Commerce Secretary, but under the Disclosure Rules he did not have to Declare His Total Interest in Navigator Holdings.
Navigator Holdings' Annual Report in 2016 showed 31.5% was still held by Entities in which Ross has a Stake, although the Value of Ross's Personal Holding remains unclear.
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