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Commerce's Ross Says Navigator Divestment Not Typical Short Sale

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Sec. Ross Says Navigator Holdings Wasn't a Typical Short Sell

U.S. Commerce Secretary Wilbur Ross said his personal sale of stock in a shipping company days before news organizations revealed it was linked to close associates of Vladimir Putin was proper and was not a traditional short sale.

Ross, who wasn’t required to divest his holdings in shipping companies, sold shares of 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 petrochemical firm. The transaction at issue was worth between $100,000 and $250,000, according to disclosure forms Ross filed with the Office of Government Ethics.