Treasury Disputes Mnuchin Conflict of Interest

News  |  Feb 1, 2019

The Treasury Department is denying allegations Secretary Steven Mnuchin has a serious conflict of interest in the matter of removing sanctions on Oleg Deripaska's companies given his association with the oligarch's billionaire business partner, Len Blavatnik

Rep. Jackie Speier (D-CA), a member of the House Intelligence Committee, has been leading the charge in wanting to know more about whether Mnuchin sold his shares in a media company to Blavatnik as was reported in the press at the time the Secretary was required to divest of his holdings to serve in government. 

Treasury's Office of Legal Affairs says Rep. Speier has her facts wrong.

 

letter

CNN

Treasury's response prompted a stinging reply letter from Speier, who described the government's letter as a "mischaracterization." 

"Your financial disclosures clearly state that you sold your interest in RatPac-Dune Entertainment at approximately the same time Leonid Blavatnik's company acquired an interest in related entity, RatPac Entertainment," wrote Speier to the secretary.

Speier pressed Mnuchin to disclose who purchased his stake and raised a series of other questions, including whether or not he sought the opinion of the ethics office on his involvement in the sanctions issue.

Democrats have criticized the sanctions deal, arguing that Deripaska still retains "significant influence, if not de facto control, over En+, Rusal and ESE" through his associates and family members.

Reuters revealed Thursday revealed one of the trustees designed to stand in as a shareholder for Deripaska in his main company, EN+, is a law firm that has done years of work for Deripaska and counts Rusal, his aluminum empire, as a longstanding client. 

Treasury spars with House Democrats over Mnuchin conflict of interest allegations (CNN)

Treasury letter to Rep. Speier 

Rep. Speier's second letter to Sec. Mnuchin