Financial Documents Released Regarding U.S. Secretary of Commerce and Other Global Wealthy Individuals

A set of documents that have recently leaked to the media, referred to as the "Paradise Papers," reveals the "financial relationships" of U.S. Secretary of Commerce Wilbur Ross with a company linked to Moscow and investments by Queen Elizabeth II and other wealthy individuals in "tax havens." According to the documents presented on November 5, Wilbur Ross, the Secretary of Commerce under Donald Trump, invested in a shipping company that is in business relations with another company controlled by associates of Vladimir Putin. Other leaked documents indicate that Queen Elizabeth II has invested nearly $13 million in tax shelters. "13.4 million documents from two service entities and 19 - or 'shelters' - have been provided. These documents were first obtained by the German newspaper Süddeutsche Zeitung. Then, the International Consortium of Investigative Journalists (ICIJ), based in the U.S., shared them with dozens of media outlets, including the BBC, New York Times, and The Guardian. These media outlets are also assisting in the examination and analysis of these documents. The ICIJ is the organization that made the so-called "Panama Papers" public in 2016. The Panama Papers consisted of a large collection of information and documents about "tax havens" and "shell companies" used for tax evasion by thousands of anonymous individuals and prominent figures worldwide. No evidence has yet been presented regarding the "illegality" of the activities and actions of the mentioned individuals and companies. However, the connection of the Secretary of Commerce under Mr. Trump with a company that has business ties to Russia, especially at a time when allegations of Russian "interference" in the U.S. elections are under legal scrutiny, may attract attention. This issue may also raise questions regarding "conflicts of interest." According to the "Paradise Papers," Wilbur Ross, an American billionaire investor, continued his relations with the shipping company associated with a company linked to Putin's associates after taking over the leadership of the Department of Commerce. Ross's private equity firm was once the main shareholder of the company "Navigator Holdings," which carries gas from the Russian company "Sibur." Part of Sibur is owned by Gennady Timchenko, a friend of the Russian President. Timchenko is under U.S. sanctions related to allegations against Russia regarding interference in Ukraine's internal affairs. The New York Times reports that Putin's son-in-law is also among the owners of this gas-exporting company. After being appointed as Secretary of Commerce, Mr. Ross divested part of his personal shares in "Navigator Holdings," but according to official government documents, his shares are still estimated to be between $2 million and $10 million. According to the New York Times, Ross's shares in "Navigator" are held by a complex array of companies in the Cayman Islands, which is part of the British Overseas Territory located in the Caribbean. A spokesperson for the Department of Commerce, in response to the released documents, stated that Wilbur Ross had no role in "Navigator Holdings"' decision-making to cooperate and establish business relations with the Russian company Sibur, and that Sibur was not under sanctions at that time or currently. This official from the Department of Commerce also emphasized that Ross has never met with Sibur's shareholders and has had no knowledge of their relationships until now. Other parts of the released documents also indicate that millions of dollars from the private fund of the Queen of Britain have been invested in the Cayman Islands and Bermuda. Researchers say that although it does not appear that any illegal activities occurred during the investment, Queen Elizabeth may face criticism for transferring her wealth abroad instead of investing in her own country.