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graphic via the Guardian

International Consortium of Investigative Journalists - Commerce Secretary Wilbur Ross benefits from business ties to Putin’s inner circle

One offshore web leads to Trump’s commerce secretary, private equity tycoon Wilbur Ross, who has a stake in a shipping company that has received more than $68 million in revenue since 2014 from a Russian energy company co-owned by the son-in-law of Russian President Vladimir Putin.

In all, the offshore ties of more than a dozen Trump advisers, Cabinet members and major donors appear in the leaked data.

The new files come from two offshore services firms as well as from 19 corporate registries maintained by governments in jurisdictions that serve as waystations in the global shadow economy. The leaks were obtained by German newspaper Süddeutsche Zeitung and shared with the International Consortium of Investigative Journalists and a network of more than 380 journalists in 67 countries.
In the United States, the files reveal personal or corporate offshore ties of key Trump associates who are charged with helping to put “America First.”

The Appleby files show how Ross, Trump’s commerce secretary, has used a chain of Cayman Islands entities to maintain a financial stake in Navigator Holdings, a shipping company whose top clients include the Kremlin-linked energy firm Sibur. Among Sibur’s key owners are Kirill Shamalov, Putin’s son-in-law, and Gennady Timchenko, a billionaire the U.S. government sanctioned in 2014 because of his links to Putin. Sibur is a major customer of Navigator, paying the company more than $23 million in 2016.

When he joined Trump’s Cabinet, Ross divested his interests in 80 companies. But he kept stakes in nine companies, including the four that connect him to Navigator and its Russian clients.


Further Reading
Prof. Gabriel Zucman UC Berkley - Tax Evasion and Inequality

Jesse Drucker in the NYT - Kremlin Cash Behind Billionaire’s Twitter and Facebook Investments

Michael Forsythe in the NYT - Millions of Leaked Files Shine Light on Where the Elite Hide Their Money

Juliette Garside in the Guardian - Paradise Papers leak reveals secrets of world elite's hidden wealth

Nick Hopkins in the Guardian - What are the Paradise Papers and what do they tell us?

CBPP - Joint Committee on Taxation Distribution Tables Confirm Skewed Priorities of House Tax Bill

Casey Michel at the Hudson Institute - The United States of Anonymity


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