APM Reports reports: Six years ago, Wilbur Ross thought investing in ships would create valuable financial assets. Today, they’ve become risky political liabilities.
One shipping company is in a partnership with Russia, and another that the U.S. Commerce secretary partially owned is tied to China’s largest sovereign wealth fund. His chief of staff served on both boards. Now U.S. senators are calling for an investigation, and ethics experts demand he divest to prevent his policy decisions from being influenced by his business interests.
Ross won’t say how many ships he owns, and government disclosure laws give him the choice to keep the information secret.
An APM Reports investigation reveals Ross has financial ties to 36 previously undisclosed ships that are spread among at least nine companies. Combined with the Russia-tied company — Navigator Holdings Ltd. — Ross has a financial interest in at least 75 ships, most of which move oil and gas products across the globe. The value of those ships stands to grow as Ross negotiates trade deals on behalf of the U.S. and advises on U.S. infrastructure policy. And one fund linked to Ross was still buying and selling ships after Ross was confirmed as Commerce secretary. [Continue reading…]