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Exclusive: Trump commerce pick Wilbur Ross faces new Russia questions
Commerce Secretary-nominee Wilbur Ross, still awaiting confirmation, faces new questions about his banking ties to Russia, the latest member of the Trump team to be embroiled in the controversy over alleged ties to the Kremlin.
Ross was sent a letter late Thursday by six Democratic senators questioning the billionaire financier about his ownership stake in the Bank of Cyprus, on which he still serves as vice chairman of the board of directors. The six senators demanded answers about his relationship with Viktor Vekselberg, the second largest shareholder in the bank.
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Ross, 79, made his fortunes buying bankrupt companies in the steel, coal and telecommunications sectors and selling them after they’d returned to health. Forbes magazine estimated his net worth was at least $2.5 billion this month.
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As the lead investor in Bank of Cyprus, Ross was instrumental in creating its new board of directors. He tapped as its chairman Josef Ackermann, the retired CEO of Germany’s Deutsche Bank.
The Trump Organization has debt with Deutsche Bank, which loaned it more than $364 million in recent years and more than $3 billion since the 1990s. Deutsche Bank, under Ackermann, repeatedly ran afoul of U.S. and European regulators. Most recently, the bank agreed on Jan. 31 to pay $630 million in fines to end investigations in the New York and London into complex trades in Russia that regulators thought might reflect money laundering. The settlement did not end an ongoing Department of Justice probe. - McClatchy
Ross was sent a letter late Thursday by six Democratic senators questioning the billionaire financier about his ownership stake in the Bank of Cyprus, on which he still serves as vice chairman of the board of directors. The six senators demanded answers about his relationship with Viktor Vekselberg, the second largest shareholder in the bank.
<snip>
Ross, 79, made his fortunes buying bankrupt companies in the steel, coal and telecommunications sectors and selling them after they’d returned to health. Forbes magazine estimated his net worth was at least $2.5 billion this month.
<snip>
As the lead investor in Bank of Cyprus, Ross was instrumental in creating its new board of directors. He tapped as its chairman Josef Ackermann, the retired CEO of Germany’s Deutsche Bank.
The Trump Organization has debt with Deutsche Bank, which loaned it more than $364 million in recent years and more than $3 billion since the 1990s. Deutsche Bank, under Ackermann, repeatedly ran afoul of U.S. and European regulators. Most recently, the bank agreed on Jan. 31 to pay $630 million in fines to end investigations in the New York and London into complex trades in Russia that regulators thought might reflect money laundering. The settlement did not end an ongoing Department of Justice probe. - McClatchy
Yes, more Pro-Russian ties with tRump.