Mnuchin sold companies for $15 million to avoid ethics conflicts

Steve Mnuchin in 60 seconds

Treasury Secretary Steven Mnuchin sold his real estate in addition to also entertainment businesses for at least $15 million to avoid conflicts of interest, according to newly released documents.

Mnuchin told officials in January of which he would likely dump the assets within months of being confirmed to comply with federal ethics laws. The financial disclosure forms show of which he sold interests in Dune Real Estate Partners, Dune Capital Partners, Dune Entertainment Partners in addition to also various other companies in May.

the item can be impossible to know exactly how much Mnuchin made off the sales, because these documents only ask officeholders to disclose figures in ranges.

The sale of his interest in Dune Capital Partners, for example, netted Mnuchin anywhere between $5,000,001 in addition to also $25 million, according to the filings. At the top range, all of the sales could have netted him $52 million.

Another newly released form shows of which Mnuchin sold artwork in June for more than $1 million.

Neither of the disclosure documents show who bought the assets.

The documents were certified by an ethics official Monday. Their existence was first reported by Bloomberg.

Related: Treasury secretary’s fiancĂ©e to resign coming from Hollywood CEO job after senator’s criticism

Mnuchin was a former partner at Goldman Sachs in addition to also a Hollywood producer whose ties to Wall Street ran deep. He was anticipated to sell off dozens of holdings so he could head the Treasury without conflict.

His company RatPac-Dune Entertainment, for example, was launched in 2013 with filmmaker Brett Ratner in addition to also Australian businessman James Packer.

of which firm has financed movies like “American Sniper,” “Batman v Superman” in addition to also the “Lego Movie” franchise.

Mnuchin also sold millions of dollars worth of holdings in various other companies earlier This particular year.

of which included his stake in CIT Group (CIT), the financial holding company where he used to be a board member. He resigned his board seat there before he took office.

Financial forms released earlier show of which Mnuchin sold his CIT Group holdings — along with stakes in Verizon (VZ, Tech30), Microsoft (MSFT, Tech30), AT&T (T, Tech30) in addition to also various other companies — in April.

Federal officials are often allowed to defer paying capital gains taxes when they divest problematic holdings, so long as they put the money in a diversified investment fund approved by the government. the item was not immediately clear Tuesday whether Mnuchin had obtained such approval in these cases.

–sy88pgw’s Cristina Alesci in addition to also Donna Borak contributed to This particular story.

sy88pgw (completely new York) First published August 8, 2017: 6:04 PM ET

Mnuchin sold companies for $15 million to avoid ethics conflicts

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