Cohn to dispose of shares in ICBC
WASHINGTON: Gary Cohn, the United States President Donald Trump’s top economic adviser, disclosed a plan to sell his stake in the world’s largest bank by assets to comply with federal ethics laws and reduce conflicts of interest.
Cohn, the director of the National Economic Council, owned almost 23.4 million shares of Industrial & Commercial Bank of
China Ltd (ICBC), according to a two-page disclosure dated
March 8 and obtained by Bloomberg using public-records laws.
The stake is valued at more than US$15 million (RM66.6 million) and probably was acquired as part of January 2006 investment by Goldman Sachs Group Inc and its privateequity funds.
The filings also show that Cohn planned to divest more than US$216 million in Goldman Sachs stock, 18 other publicly traded shares and investments in eight company-managed funds. Cohn’s wife, Lisa Pevaroff, owned stakes in three such funds. It’s unclear if they still own the investments.
The forms are just a portion of the disclosures expected for Cohn. He’s worth about US$600 million, with about 40 per cent of that tied to shares of Goldman Sachs, where he served as president for a decade before leaving for the government, according to the Bloomberg Billionaires Index.
The federal ethics agency released Cohn’s divestiture paperwork in response to a Freedom of Information Act request — along with similar disclosures for White House senior adviser Jared Kushner and his wife, Ivanka Trump, and their children; and Dina Powell, who was named last week to be deputy national security adviser.
Cohn owned 872,712 Goldman Sachs shares, according to the disclosure form. The value of those shares had climbed 36 per cent, or almost US$58 million, from the election through Thursday, according to Bloomberg calculations. Bloomberg