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| Wilbur Ross denies wrongdoing after Paradise Papers leak | Wilbur Ross denies wrongdoing after Paradise Papers leak |
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| Wilbur Ross denied on Monday that he had done anything wrong after revelations from the Paradise Papers that he has significant investments in a shipping company that does business with Vladmir Putin’s son-in-law and his sanctioned inner circle. | Wilbur Ross denied on Monday that he had done anything wrong after revelations from the Paradise Papers that he has significant investments in a shipping company that does business with Vladmir Putin’s son-in-law and his sanctioned inner circle. |
| As one leading Democratic senator called for Ross to explain himself clearly or resign, the US commerce secretary blamed the media for making “a lot more out of it than it deserves”. | As one leading Democratic senator called for Ross to explain himself clearly or resign, the US commerce secretary blamed the media for making “a lot more out of it than it deserves”. |
| Navigator is an international shipping company that transports liquefied petroleum gas (LPG) around the world. The US commerce secretary Wilbur Ross has a substantial stake in the firm and until 2014 sat on its board. One of Navigator's clients is Sibur, a Moscow-based gas and petrochemicals company. Sibur currently charters four Navigator ships. They transport gas from Sibur's terminal in the Russian city of Ust-Luga to ports in Scandinavia and beyond. Ross says he declared his interest in Navigator when he joined Donald Trump's administration earlier this year. Democrats say these details were buried deep in an ethics form, with his investments held in a maze of offshore entities. One of Sibur's owners is Gennady Timchenko, a billionaire friend of Vladimir Putin's, under US sanctions. Another is Kirill Shamalov, Putin's son-in-law. Ross says he hasn't met these "individuals". Nonetheless, the Navigator story is embarrassing for the White House as it seeks to defend itself from allegations of collusion with Moscow during the 2016 US election. | Navigator is an international shipping company that transports liquefied petroleum gas (LPG) around the world. The US commerce secretary Wilbur Ross has a substantial stake in the firm and until 2014 sat on its board. One of Navigator's clients is Sibur, a Moscow-based gas and petrochemicals company. Sibur currently charters four Navigator ships. They transport gas from Sibur's terminal in the Russian city of Ust-Luga to ports in Scandinavia and beyond. Ross says he declared his interest in Navigator when he joined Donald Trump's administration earlier this year. Democrats say these details were buried deep in an ethics form, with his investments held in a maze of offshore entities. One of Sibur's owners is Gennady Timchenko, a billionaire friend of Vladimir Putin's, under US sanctions. Another is Kirill Shamalov, Putin's son-in-law. Ross says he hasn't met these "individuals". Nonetheless, the Navigator story is embarrassing for the White House as it seeks to defend itself from allegations of collusion with Moscow during the 2016 US election. |
| Speaking to the BBC on a visit to London, Ross said that he had declared his interests earlier this year when he joined Trump’s administration. | Speaking to the BBC on a visit to London, Ross said that he had declared his interests earlier this year when he joined Trump’s administration. |
| “There is nothing wrong with it. The fact that it happens to be called a Russian company doesn’t mean there is any evil in it,” Ross said. | “There is nothing wrong with it. The fact that it happens to be called a Russian company doesn’t mean there is any evil in it,” Ross said. |
| Leaked documents show Ross holds a stake in a shipping company, Navigator, via a chain of offshore investments. Navigator has a lucrative partnership with Sibur, a Moscow-based gas and petrochemicals company, which charters Navigator’s vessels. | Leaked documents show Ross holds a stake in a shipping company, Navigator, via a chain of offshore investments. Navigator has a lucrative partnership with Sibur, a Moscow-based gas and petrochemicals company, which charters Navigator’s vessels. |
| One of Sibur’s shareholders is Kirill Shamalov, the husband of Putin’s daughter Katerina Tikhonova. Another investor is Gennady Timchenko, a friend of Putin’s, who is under US sanctions. Shamalov is not under sanctions but his father Nikolai Shamalov is. | One of Sibur’s shareholders is Kirill Shamalov, the husband of Putin’s daughter Katerina Tikhonova. Another investor is Gennady Timchenko, a friend of Putin’s, who is under US sanctions. Shamalov is not under sanctions but his father Nikolai Shamalov is. |
| Democrats have called for an inquiry into Ross’s extensive Russian business ties. They have accused him of misleading Congress by concealing his Navigator stake and of failing to mention the firm’s lucrative haulage contract with Sibur, worth hundreds of millions of dollars. | Democrats have called for an inquiry into Ross’s extensive Russian business ties. They have accused him of misleading Congress by concealing his Navigator stake and of failing to mention the firm’s lucrative haulage contract with Sibur, worth hundreds of millions of dollars. |
| On Monday Ross told the BBC that the deal between Navigator and Sibur was negotiated before he joined the shipping firm’s board. There was no “interlocking” between the two entities, he said. He pointed out that Sibur was not sanctioned and said he “didn’t know” the “individuals” who were sanctioned in 2014 after the annexation of Crimea and war in Ukraine. | On Monday Ross told the BBC that the deal between Navigator and Sibur was negotiated before he joined the shipping firm’s board. There was no “interlocking” between the two entities, he said. He pointed out that Sibur was not sanctioned and said he “didn’t know” the “individuals” who were sanctioned in 2014 after the annexation of Crimea and war in Ukraine. |
| Ross, a billionaire and close friend of Trump, said that he had disclosed his holdings “in three separate places” before his confirmation hearing. “There is nothing whatsoever improper about Navigator having a relationship with Sibur. If our government decided to sanction them it would be a different story,” he said. | Ross, a billionaire and close friend of Trump, said that he had disclosed his holdings “in three separate places” before his confirmation hearing. “There is nothing whatsoever improper about Navigator having a relationship with Sibur. If our government decided to sanction them it would be a different story,” he said. |
| Democrats say these details were buried deep in an ethics disclosure form. Ross said he was retaining an interest in several obscurely named offshore entities, mostly based in the Cayman Islands. But he did not reveal what they held, they suggest. | Democrats say these details were buried deep in an ethics disclosure form. Ross said he was retaining an interest in several obscurely named offshore entities, mostly based in the Cayman Islands. But he did not reveal what they held, they suggest. |
| Additionally, Democratic senators wrote Ross a letter asking him to clearly lay out any connections with Russia and Russians. He and the White House refused to answer. | Additionally, Democratic senators wrote Ross a letter asking him to clearly lay out any connections with Russia and Russians. He and the White House refused to answer. |
| Richard Blumenthal, a Democrat on the US Senate commerce committee, said Ross had deceived the public as well as lawmakers who had confirmed his appointment to Trump’s cabinet after he promised to divest such holdings. | Richard Blumenthal, a Democrat on the US Senate commerce committee, said Ross had deceived the public as well as lawmakers who had confirmed his appointment to Trump’s cabinet after he promised to divest such holdings. |
| The investments raised questions about whose interests Ross represents, Blumenthal said, calling for an inspector general investigation by the department as well as congressional hearings. | The investments raised questions about whose interests Ross represents, Blumenthal said, calling for an inspector general investigation by the department as well as congressional hearings. |
| “If he fails to present a clear and compelling explanation, he ought to resign,” Blumenthal told MSNBC in an interview. | “If he fails to present a clear and compelling explanation, he ought to resign,” Blumenthal told MSNBC in an interview. |
| 1) Millions of pounds from the Queen’s private estate has been invested in a Cayman Islands fund – and some of her money went to a retailer accused of exploiting poor families. | 1) Millions of pounds from the Queen’s private estate has been invested in a Cayman Islands fund – and some of her money went to a retailer accused of exploiting poor families. |
| 2) Prince Charles’s estate made a big profit on a stake in his friend’s offshore firm. | 2) Prince Charles’s estate made a big profit on a stake in his friend’s offshore firm. |
| 3) Extensive offshore dealings by Donald Trump’s cabinet members, advisers and donors, including substantial payments from a firm co-owned by Vladimir Putin’s son-in-law to the shipping group of the US commerce secretary, Wilbur Ross. | 3) Extensive offshore dealings by Donald Trump’s cabinet members, advisers and donors, including substantial payments from a firm co-owned by Vladimir Putin’s son-in-law to the shipping group of the US commerce secretary, Wilbur Ross. |
| 4) Twitter and Facebook received hundreds of millions of dollars in investments that can be traced back to Russian state financial institutions. | 4) Twitter and Facebook received hundreds of millions of dollars in investments that can be traced back to Russian state financial institutions. |
| 5) The tax-avoiding Cayman Islands trust managed by the Canadian prime minister Justin Trudeau’s chief moneyman. | 5) The tax-avoiding Cayman Islands trust managed by the Canadian prime minister Justin Trudeau’s chief moneyman. |
| 6) The Formula One champion Lewis Hamilton avoided taxes on a £17m jet using an Isle of Man scheme. | 6) The Formula One champion Lewis Hamilton avoided taxes on a £17m jet using an Isle of Man scheme. |
| 7) A previously unknown $450m offshore trust that has sheltered the wealth of Lord Ashcroft. | 7) A previously unknown $450m offshore trust that has sheltered the wealth of Lord Ashcroft. |
| 8) Oxford and Cambridge and top US universities invested offshore, with some of the money going into fossil fuel industries. | 8) Oxford and Cambridge and top US universities invested offshore, with some of the money going into fossil fuel industries. |
| 9) The man managing Angola’s sovereign wealth fund invested it in projects he stood to profit from. | 9) The man managing Angola’s sovereign wealth fund invested it in projects he stood to profit from. |
| 10) Apple secretly moved parts of its empire to Jersey after a row over its tax affairs. | 10) Apple secretly moved parts of its empire to Jersey after a row over its tax affairs. |
| 11) How the sportswear giant Nike stays one step ahead of the taxman. | 11) How the sportswear giant Nike stays one step ahead of the taxman. |
| 12) The billions in tax refunds by the Isle of Man and Malta to the owners of private jets and luxury yachts. | 12) The billions in tax refunds by the Isle of Man and Malta to the owners of private jets and luxury yachts. |
| 13) Offshore cash helped fund Steve Bannon's attacks on Hillary Clinton. | 13) Offshore cash helped fund Steve Bannon's attacks on Hillary Clinton. |
| 14) The secret loan and alliance used by the London-listed multinational Glencore in its efforts to secure lucrative mining rights in the Democratic Republic of the Congo. | 14) The secret loan and alliance used by the London-listed multinational Glencore in its efforts to secure lucrative mining rights in the Democratic Republic of the Congo. |
| 15) The complex offshore webs used by two Russian billionaires to buy stakes in Arsenal and Everton football clubs. | 15) The complex offshore webs used by two Russian billionaires to buy stakes in Arsenal and Everton football clubs. |
| 16) Stars of the BBC hit sitcom Mrs Brown's Boys used a web of offshore companies to avoid tax. | 16) Stars of the BBC hit sitcom Mrs Brown's Boys used a web of offshore companies to avoid tax. |
| 17) British celebrities including Gary Lineker used an arrangement that let them avoid tax when selling homes in Barbados. | 17) British celebrities including Gary Lineker used an arrangement that let them avoid tax when selling homes in Barbados. |
| 18) Prominent Brexit campaigners have put money offshore. | 18) Prominent Brexit campaigners have put money offshore. |
| 19) An ex-minister who defended tax avoidance has a Bahamas trust fund. | 19) An ex-minister who defended tax avoidance has a Bahamas trust fund. |
| 20) The Dukes of Westminster pumped millions into secretive offshore firms. | 20) The Dukes of Westminster pumped millions into secretive offshore firms. |
| 21) A tax haven lobby group boasted of 'superb penetration' at the top of the UK government before a G8 summit that was expected to bring in greater offshore transparency. | 21) A tax haven lobby group boasted of 'superb penetration' at the top of the UK government before a G8 summit that was expected to bring in greater offshore transparency. |
| 22) The law firm at the centre of the Paradise Papers leak was criticised for 'persistent failures' on terrorist financing and money laundering rules. | 22) The law firm at the centre of the Paradise Papers leak was criticised for 'persistent failures' on terrorist financing and money laundering rules. |
| 23) Seven Republican super-donors keep money in tax havens. | 23) Seven Republican super-donors keep money in tax havens. |
| 24) A top Democratic donor built up a vast $8bn private wealth fund in Bermuda. | 24) A top Democratic donor built up a vast $8bn private wealth fund in Bermuda. |
| 25) The schemes used to avoid tax on UK property deals. | 25) The schemes used to avoid tax on UK property deals. |
| 26) The celebrities, from Harvey Weinstein to Shakira, with offshore interests. | 26) The celebrities, from Harvey Weinstein to Shakira, with offshore interests. |
| 27) How a private equity firm tried to extract £890m from a struggling care home operator by making it take out a costly loan. | 27) How a private equity firm tried to extract £890m from a struggling care home operator by making it take out a costly loan. |
| 28) Trump’s close ally Robert Kraft, the New England Patriots owner, is the longtime owner of an offshore firm. | 28) Trump’s close ally Robert Kraft, the New England Patriots owner, is the longtime owner of an offshore firm. |
| 29) One of the world’s biggest touts used an offshore firm to avoid tax on profits from reselling Adele and Ed Sheeran tickets. | |
| Ross’s Russian interests emerged from the Paradise Papers, a leak of 13m documents from 19 tax havens that shed new light on how corporations and the global elite keep their wealth in offshore jurisdictions imposing no taxes and offering secrecy. Figures including the UK opposition leader, Jeremy Corbyn, demanded action against what his Labour party called “industrial scale” tax avoidance. | Ross’s Russian interests emerged from the Paradise Papers, a leak of 13m documents from 19 tax havens that shed new light on how corporations and the global elite keep their wealth in offshore jurisdictions imposing no taxes and offering secrecy. Figures including the UK opposition leader, Jeremy Corbyn, demanded action against what his Labour party called “industrial scale” tax avoidance. |
| Senator Bernie Sanders described the revelations as “the major issue of our time”. “The Paradise Papers shows how billionaires and multinational corporations get richer by hiding their wealth and profits and avoid paying their fair share of taxes. This is a major problem not just for the United States but for governments throughout the world.” | Senator Bernie Sanders described the revelations as “the major issue of our time”. “The Paradise Papers shows how billionaires and multinational corporations get richer by hiding their wealth and profits and avoid paying their fair share of taxes. This is a major problem not just for the United States but for governments throughout the world.” |
| Billions of dollars are being stashed away in paradise instead of being invested in roads, schools and hospitals | Billions of dollars are being stashed away in paradise instead of being invested in roads, schools and hospitals |
| “There’s one rule for the super-rich and another for the rest when it comes to paying tax,” Corbyn said. John McDonnell, the UK shadow chancellor, said: “The PM or the chancellor need to explain how this scandal has been allowed to go on so long and what action is to be taken now.” | “There’s one rule for the super-rich and another for the rest when it comes to paying tax,” Corbyn said. John McDonnell, the UK shadow chancellor, said: “The PM or the chancellor need to explain how this scandal has been allowed to go on so long and what action is to be taken now.” |
| The leak showed that the Queen had millions of pounds worth of offshore interests, linking her to a retailer accused of exploiting poor Britons. The investments also connected the British monarch to the Threshers chain of wine shops. | The leak showed that the Queen had millions of pounds worth of offshore interests, linking her to a retailer accused of exploiting poor Britons. The investments also connected the British monarch to the Threshers chain of wine shops. |
| Campaigners have for years asked for tougher deterrence against the use of tax havens, only to see repeated revelations about their exploitation by some of the world’s wealthiest people. The Tax Justice Network called for the United Nations to convene a special summit where world leaders would agree to “end tax abuse and financial secrecy” with binding targets. | Campaigners have for years asked for tougher deterrence against the use of tax havens, only to see repeated revelations about their exploitation by some of the world’s wealthiest people. The Tax Justice Network called for the United Nations to convene a special summit where world leaders would agree to “end tax abuse and financial secrecy” with binding targets. |
| “These leaks confirm the systemic nature of tax abuse and corrupt practices, with global financial secrecy being marketed by major law firms, banks and accounting firms,” said Alex Cobham, chief executive of the Tax Justice Network. “Government efforts to combat this problem have been piecemeal at best.” | “These leaks confirm the systemic nature of tax abuse and corrupt practices, with global financial secrecy being marketed by major law firms, banks and accounting firms,” said Alex Cobham, chief executive of the Tax Justice Network. “Government efforts to combat this problem have been piecemeal at best.” |
| Oxfam said the “stunning disclosures” meant Ross and other Trump allies named in the files, including chief economic adviser Gary Cohn and secretary of state Rex Tillerson, must recuse themselves from involvement in the president’s effort to overhaul the US tax code. | Oxfam said the “stunning disclosures” meant Ross and other Trump allies named in the files, including chief economic adviser Gary Cohn and secretary of state Rex Tillerson, must recuse themselves from involvement in the president’s effort to overhaul the US tax code. |
| “Make no mistake, this is not just another salacious leak, this is a wake-up call,” said Gawain Kripke, Oxfam America’s policy director. “The vast and real human costs of this story must not be ignored. Billions of dollars are being stashed away in paradise instead of being invested in roads, schools and hospitals.” | “Make no mistake, this is not just another salacious leak, this is a wake-up call,” said Gawain Kripke, Oxfam America’s policy director. “The vast and real human costs of this story must not be ignored. Billions of dollars are being stashed away in paradise instead of being invested in roads, schools and hospitals.” |
| Focus in the US immediately fell on Ross, whose extensive links to Russian business had already raised questions about his choice for the cabinet. Congressman Eric Swallwell, a California Democrat who sits on the House intelligence committee, said on Sunday: “This Putin connection was likely an asset for getting hired, not [a] liability.” | Focus in the US immediately fell on Ross, whose extensive links to Russian business had already raised questions about his choice for the cabinet. Congressman Eric Swallwell, a California Democrat who sits on the House intelligence committee, said on Sunday: “This Putin connection was likely an asset for getting hired, not [a] liability.” |
| Congress and Robert Mueller, the special counsel, are conducting investigations into Russian interference in the 2016 US election. Ross and Trump deny any collusion occurred between Moscow and Trump’s campaign. | Congress and Robert Mueller, the special counsel, are conducting investigations into Russian interference in the 2016 US election. Ross and Trump deny any collusion occurred between Moscow and Trump’s campaign. |
| Blumenthal sits on the Senate commerce committee, which voted in February to approve Ross’s nomination by Trump. Members were apparently not aware that the 79-year-old billionaire had retained a stake in Navigator, and Ross faced no questions over the arrangements. | Blumenthal sits on the Senate commerce committee, which voted in February to approve Ross’s nomination by Trump. Members were apparently not aware that the 79-year-old billionaire had retained a stake in Navigator, and Ross faced no questions over the arrangements. |
| Raja Krishnamoorthi, a Democrat congressman from Illinois, said: “Wilbur Ross’s ties to the Putin regime are extremely troubling and so is the fact that they weren’t disclosed to the Senate before his confirmation.” | Raja Krishnamoorthi, a Democrat congressman from Illinois, said: “Wilbur Ross’s ties to the Putin regime are extremely troubling and so is the fact that they weren’t disclosed to the Senate before his confirmation.” |