Wilbur Ross, Donald Trump’s incoming US commerce secretary, is facing questions over potential conflicts of interest stemming from his business ties to China’s largest sovereign wealth fund.
The billionaire investor and China Investment Corp, the state-controlled fund, were part of a consortium that invested $1bn in Diamond S Shipping, an oil tanker business, in 2011. The company is one of the few that the financier-turned-politician has decided not to sell to join the government, according to disclosure documents.
CIC, which owns about 9 per cent of the company, has been one of Beijing’s main overseas investment vehicles, and Mr Ross is set to be one of China’s leading interlocutors in the new US administration on matters of trade and investment once he is confirmed by the Senate.
