After journalists contacted him for comment, the US commerce secretary opened a short position against Navigator Holdings.
Always be Profiting #RussiaGate
Ross #MuellerIsComingForYou
In late October 2017, US commerce secretary Wilbur Ross was asked for comment about a damning story (paywall) on his business ties to the Kremlin. Bad press was inevitable, and the company that tied him to Russia was sure to suffer a hit in its market value.
Ross “retains a financial interest in Navigator Holdings via a number of companies in the Cayman Islands”. #ParadisePapers #TaxEvasion
“The story would show that Ross owned stock in shipping company Navigator Holdings, which counted as a major client a Russian company part-owned by Putin’s ex-son-in-law [Kirill Shamalov] and a close friend.”
But if that revelation from the Paradise Papers was giving him lemons, Ross found a way to make lemonade. Forbes reports that a few days after the New York Times reached him for comment, Ross opened up a short position against Navigator Holdings—essentially, a bet that its stock would go down.
'Ross insisted there was “nothing wrong” with owning the stock, since the Russian investor wasn’t sanctioned (even if its shareholders were).’
This has to be the first time a Cabinet official tried to make money off of his own ethics scandal
- Citizens for Ethics @CREWcrew - June 19, 2018
Paradise Papers: Wilbur Ross says 'nothing improper' about Russia links, BBC
