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catbyte

(34,165 posts)
Thu Oct 29, 2020, 06:21 PM Oct 2020

Wilbur Ross Remained on Chinese Joint Venture Board While Running U.S.-China Trade War

Chinese documents show that the U.S. commerce secretary did not successfully step down from all his corporate commitments.

By Isaac Stone Fish | October 29, 2020, 3:22 PM


Wilbur Ross, an investor-turned-U.S. commerce secretary, has long been accused of ethical violations because of his failure to extricate himself from his business ties. Documents obtained by Foreign Policy show that Ross’s potential conflicts of interest around Chinese business are greater than previously known.

In Chinese corporate documents obtained by Foreign Policy, Ross is listed as serving on the board of a Chinese joint venture until January 2019—nearly two years into his term as commerce secretary. That joint venture, now called Huaneng Invesco WLR (Beijing) Investment Fund Management Co., is an investment partnership formed in September 2008 between Huaneng Capital Services, the U.S. management company Invesco, and a firm Ross founded, WL Ross & Co. Huaneng Capital Services is an arm of China Huaneng Group, a major state-owned power producer.

The documents correspond to the information found on Chinese corporate data sites, such as Qichacha and Qixinbao, including the dates of board membership. The documents don’t say if Ross was paid for his board seat or whether there is any current financial relationship between Ross and the joint venture. It’s also unclear if Ross knew that he remained on the board seat: The more recent documents don’t include the signatures or seals of the individual board members. That Chinese documents state Ross was on the board of a Chinese joint venture until 2019 has not been previously reported.

The U.S.-China trade war started heating up in the summer of 2018, as Beijing and Washington levied increasingly onerous tariffs on each other. At the same time as Ross was overseeing the trade war as U.S. commerce secretary, he was still, according to the paperwork, on the board of a joint venture that was a partnership with a Chinese state-owned firm. “Instead of reporting on well-documented facts, including a dated and signed letter of resignation that I provided them, Foreign Policy Magazine is purporting a false narrative that I remained on the board of a Chinese company, citing Chinese documentation,” Ross replied in a statement sent by the U.S. Commerce Department. “It is clear which foreign policies Foreign Policy Magazine actually support and the American public deserves better.”

snip

https://foreignpolicy.com/2020/10/29/ross-china-board-trade/

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Why am I not surprised?





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Wilbur Ross Remained on Chinese Joint Venture Board While Running U.S.-China Trade War (Original Post) catbyte Oct 2020 OP
Wilbur Ross is a real piece of work. No wonder donnie appointed him. crickets Oct 2020 #1

crickets

(25,896 posts)
1. Wilbur Ross is a real piece of work. No wonder donnie appointed him.
Thu Oct 29, 2020, 08:20 PM
Oct 2020
https://www.forbes.com/sites/danalexander/2018/08/06/new-details-about-wilbur-rosss-businesses-point-to-pattern-of-grifting/ Aug 7, 2018

There are bigger allegations. Over several months, in speaking with 21 people who know Ross, Forbes uncovered a pattern: Many of those who worked directly with him claim that Ross wrongly siphoned or outright stole a few million here and a few million there, huge amounts for most but not necessarily for the commerce secretary. At least if you consider them individually. But all told, these allegations—which sparked lawsuits, reimbursements and an SEC fine—come to more than $120 million. If even half of the accusations are legitimate, the current United States secretary of commerce could rank among the biggest grifters in American history.


People have known for years. Why is he still in heading Commerce, much less still walking around free?

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