U.S. Commerce Secretary Responds to 'Paradise Papers', Claims No Concealment

Wilbur Ross, the U.S. Secretary of Commerce, stated that he had fully disclosed details of his investments in a shipping company associated with a firm linked to close allies of Vladimir Putin, following the release of documents regarding the investments of the world's wealthy. Ross mentioned he might sell the remaining shares he holds in the mentioned company. On November 6, he told Bloomberg News that he had sold his shares in the private shipping company 'Navigator Holdings'. Some of the millions of recently released documents concerning the investments of the world's wealthy in 'tax havens' relate to Wilbur Ross, the Commerce Secretary under Donald Trump. These documents indicate that he invested in a shipping company that has business ties with another company controlled by associates of Vladimir Putin. Ross's private company was once the main shareholder of 'Navigator Holdings', which transports gas for the Russian company 'Sibur'. Part of Sibur is owned by Gennady Timchenko, a friend of the Russian president. The New York Times reported that Putin's son-in-law is also among the owners of this gas-exporting company. Timchenko is under U.S. sanctions related to accusations against Russia for interfering in Ukraine's internal affairs. According to the 'Paradise Papers', Ross continued his relationship with the shipping company linked to Putin's associates even after taking over the Commerce Department. Official government records indicate that after being appointed as U.S. Secretary of Commerce, Ross sold parts of his shares in 'Navigator Holdings', but still retains between $2 million and $10 million of those shares. The New York Times reported that these shares are held through a complex arrangement of companies in the Cayman Islands, a British Overseas Territory in the Caribbean. There is currently no evidence that the activities and actions of the individuals and companies mentioned in the Paradise Papers are 'illegal'. Nevertheless, the connection of the Commerce Secretary of Trump's administration to a company with ties to Russia has drawn attention at a time when allegations of Russian 'interference' in the U.S. elections are under legal scrutiny. This issue may also raise questions regarding 'conflicts of interest'. In interviews conducted on Monday with various media outlets, Ross emphasized that he disclosed details regarding his shares based on government principles and regulations. He told BBC News, 'Everything was disclosed, there is nothing inappropriate, and if people come to a different conclusion, it is because the media has twisted these events into something that is not true.' In addition to Ross, Russia has also reacted to the release of parts of the Paradise Papers, with the head of the Foreign Relations Committee of the Russian Senate stating that these documents are not significant. The documents regarding the activities of two service entities and 19 'tax havens' and the investors who benefited from these services were first obtained by the German newspaper Süddeutsche Zeitung. The International Consortium of Investigative Journalists (ICIJ), based in the U.S., then shared them with dozens of media outlets, including BBC, New York Times, and The Guardian, which are also assisting in the examination and analysis of these documents. The ICIJ is the same organization that uncovered the documents known as the 'Panama Papers' in 2016, which contained a large collection of information and documents regarding 'tax havens' and 'shell companies' used for tax evasion by prominent figures around the world.