The Panama Papers revealed that Ross, the U.S. Commerce Secretary, retained a stake in shipping company Navigator Holdings, which has close ties to the Kremlin
According to the New York Times
, "the ethics agreement Mr. Ross filed when taking office said he intended to retain several investment partnerships, but did not specify that they were used to hold his stake in Navigator."
The release of the Paradise Papers has prompted calls for further investigation of Ross' holdings in the Senate.
Dubbed the "King of Bankruptcy," Ross' private equity fund, W. L. Ross & Co., restructured failed companies and sold them later for a profit. The company was one of Appelby's biggest clients, the ICIJ reports
. Appleby administered more than 50 Ross companies and partnerships, most in the Cayman Islands.
The Commerce Department said in a statement that "Reports that Secretary Ross did not disclose his Navigator holdings are completely false — they are listed in sections 10.14. 1.3, 10.15. 1.3, and 24.1.4. 2 of his Form 278, which can be viewed by the public on the Office of Government Ethics website oge.gov
Ross' net worth was estimated by Forbes
to be nearly $3 billion in 2016.