Hunter Biden reportedly still owns a stake in a private Chinese firm even though President Joe Biden, his father, said he will not allow family members to take part in foreign business dealings.
President Biden made the pledge in late 2019 following a heated debate about his and Hunter’s activities in Ukraine, where Hunter served as a board member on a controversial energy firm dubbed Burisma while Biden was vice president.
“No one in my family will have an office in the White House, will sit in on meetings as if they are a cabinet member, will, in fact, have any business relationship with anyone that relates to a foreign corporation or a foreign country,” then-candidate Biden said in October 2019.
However, details obtained from a laptop belonging to Hunter, whom he left at a Delaware repair shop, but never received, shed light on Hunter’s ties to Chinese firms as well.
The documents showed Hunter owned a 10% equity stake in a firm called Bohai Harvest RST Equity Investment Fund Management Co., or BHR Partners.
Among the firm’s backers is the Bank of China.
Hunter was previously a member of the Chinese company’s board but stepped down in October 2019 amid increased scrutiny into his foreign business dealings during his father’s presidential bid.
Hunter’s lawyer, George Mesires, previously acknowledged Hunter’s 10% stake but claimed it was “based on his interest in seeking ways to bring Chinese capital to international markets.”
“BHR was capitalized with 30 million renminbi (RMB), or approximately $4.2 million USD at today’s currency exchange rates. In October 2017, Hunter committed to invest approximately $420,000 USD (as of 10/12/2019) to acquire a 10% equity position in BHR, which he still holds,” Mesires said in an October 2019 statement, according to Fox News.
Mesires said at the time that “Under a Biden Administration, Hunter will readily comply with any and all guidelines or standards a President Biden may issue to address purported conflicts of interest, or the appearance of such conflicts, including any restrictions related to overseas business interests. In any event, Hunter will agree not to serve on boards of, or work on behalf of, foreign owned companies.”
After Fox revealed Hunter continues to hold the 10% stake, the network asked the White House for a comment.
The White Hosue directed Fox to a February statement from press secretary Jen Psaki.
“He has been working to unwind his investment, but I would certainly point you — he’s a private citizen,” Psaki said at that time. “I would point you to him or his lawyers on the outside on any update.”
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Author: Damjan Tutarkov
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