Exclusive: Wilbur Ross served on the board of a Chinese joint venture until 2019.

[sunonmars]

Exclusive: Wilbur Ross served on the board of a Chinese joint venture until 2019. In other words, while helping run the Trade War, the Commerce Secretary was partnered with a Chinese state-owned enterprise. Thread on this massive conflict of interest.

Link to tweet

First, some background. 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. (In a statement, Ross denied he was on the board. But Chinese legal experts confirmed the veracity of the documentation, and of the interpretation that he remained a board member.)

What does this mean? Well, consider that in March 2017, his JV entered into a relationship with Taikang Assets Management Co., a subsidiary of the major Chinese insurance firm Taikang, to raise 5 billion RMB ($745 million) to invest in renewable energy projects.

This is a market that Ross had influence over at the Commerce Department and which was directly affected by trade tariffs. (Ross’s relationship to the Taikang partnership has not been previously reported.) We don't know if Ross knew he remained on the board, or if he was paid.

But this raises serious questions about Ross's ability to act in the interest of the Commerce Department, over his personal interests.
Ross has long been criticized for his ethical violations. This entanglement with China is one of his worst.


....................

Unfuckingbelievable.

[Sanity Claws]

1. No wonder China wants him reelected.

[Sherman A1]

2. republicans....

it is what they do.

[Bernardo de La Paz]

3. They are making mountains of molehills re Biden's son, while CABINET SEC'Y is partnering w Chinese.

[maxsolomon]

4. This is undoubtedly the tip of the Wilber Ross iceberg.

Bank of Cyprus is/was a Russian Money-Laundering machine.