Secretary of Commerce Wilbur Ross did not cut ties to a shipping fund he promised to divest, according to a new financial disclosure report obtained by Forbes.
, which would reveal dozens of documented meetings between Ross and companies tied to his personal fortune.issued that night, Ross said he made accidental mistakes and promised bold action: “To maintain the public trust,” he said, “I have directed that all of my equity holdings be sold and the proceeds place in U.S. Treasury securities.” Over the next several months, Ross did sell some of his interests, including the vast majority of his stake in Starboard. But he did not get rid of everything.
When asked about the remaining interests on Monday, Ross highlighted the fact that his July 2018 promise to divest all of his private equity interests was not legally binding. “While I have divested of many millions of dollars in complex private equity interests, the divestiture of an approximately $2,700 holding I volunteered, but was never legally required to divest, is still underway,” he said in a statement.
According to the new filing, Ross’ remaining interest in Starboard gives him an indirect share of a handful of shipping assets with nondescript names like WLR/TRF KZ Holding I LLC and WLR/TRF Tanker Two LLC.obtained additional documents that describe the business of several of those holdings. Many of the companies were created to invest in the products of shipyards in the Philippines, China, Vietnam, Japan and South Korea.
One of them—NT Suez Holdco LLC—is a joint venture between Ross’ old private equity firm and a company called Diamond S Shipping. Before Diamond S merged into a public company in March, one of its largest shareholders was the government of China. That means Ross retained financial ties to America’s greatest economic adversary well into 2019, more than two years after he became Donald Trump’s commerce secretary.
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