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Big News | Monday November 6, 2017
U.S. Commerce Secretary in business with Putin’s family
The recently released Paradise Papers have revealed that U.S. Commerce Secretary is doing business with a shipping firm that has ties with Russian President Vladimir Putin. According to reports, Wilbur Ross who is billionaire and had helped Trump avoid bankruptcy, has 31 percent stake in Navigator Holdings, which earns millions by transporting gas and oil to Russia for Russian petrochemical firm Sibur. Some of the biggest shareholders in Sibur includes Vladimir Putin’s son-in-law Kirill Shamalov and Gennady Timchenko, a Russian oligarch and Putin associate who has been sanctioned by the U.S. Sibur, according to the leaked papers, is an offshore firm. The Department of Commerce spokesman said Ross “was not involved in Navigator’s decision to engage in business with Sibur... has never met the Sibur shareholders referenced in this story and, until now, did not know of their relationship.” He added that Sibur had not been sanctioned when Navigator started business with it. Sibur reportedly said in a statement that negotiations with the Navigator were carried out by its executives and not major shareholders and there had been no meetings with Ross. These leaks have come at...Read more