Wilbur Ross accused of insider trading in Russia case

US Commerce Secretary Wilbur Ross denies allegations that he engaged in insider trading when he short sold stock in Navigator Holdings a few days before a story emerged that the shipping company was linked to associates of Vladimir Putin.

Photo: Bloomberg

Commerce Secretary Wilbur Ross denied that he engaged in insider trading when he short sold stock of a shipping company a few days before news organizations revealed it was linked to close associates of Vladimir Putin.

Ross, who was not required to divest his holdings in shipping companies, shorted stock in Navigator Holdings Ltd. on Oct. 31, a day after a reporter from the New York Times contacted him seeking comment about his stake in the company and its dealings with a Russian energy firm. The transaction at issue was worth between USD 100,000 and USD 250,000, according to disclosure forms Ross filed with the Office of Government Ethics.

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