Hunter Biden business records show that the former Vice President’s son still holds a sizeable stake in a Chinese Communist Party-linked private equity firm.
First reported by the Wall Street Journal, a review of Biden’s business records appears to directly contradict Joe Biden’s October 2019 pledge for his family to divest their investments in foreign companies if he were elected 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,” Joe Biden said in 2019.
Chinese business records show that a U.S. company called Skaneateles LLC owns a 10 per cent equity stake in Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co. According to the records, Hunter Biden is the sole beneficiary owner of the company, reports Fox News.
Skaneateles was a billion-dollar venture between Rosemont Seneca Partners, which was founded by Hunter Biden and John Kerry’s stepson in 2009, and the CCP-owned Bank of China. Curiously, Bohai Harvest was created less than two weeks after Hunter Biden traveled to China alongside then-Vice President Joe Biden.
Hunter previously sat on the Chinese company’s board of directors, whose investors include the state-owned Bank of China, before announcing in October 2019 that he would be stepping down amid his father’s run for office.
Fox News reports:
His attorney, George Mesires, claimed that Hunter joined the board “based on his interest in seeking ways to bring Chinese capital to international markets” but said he had no role in the formation or licensure of the company.
He also pushed back on reports that it was founded 12 days after the younger Biden joined his father — the then vice president — aboard Air Force Two for a trip to Beijing, arguing that Hunter did not own a stake in the company until Biden was out of office in October 2017, and received no return on his investment as of the date of his resignation.
Hunter Biden’s lawyer claimed Hunter would “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.”
A source close to Hunter told Fox News on Wednesday that he is still in the process of offloading his stake in the Chinese firm, contradicting previously made claims that he would do so by the time Joe Biden was elected President.
Hunter Biden is currently understood to be the “subject/target” of a grand jury investigation, which means that he is under suspicion of committing a crime.
“A ‘target’ means that there is a ‘high probability that person committed a crime,’ the source said, while a ‘subject’ is someone you ‘don't know for sure’ has committed a crime,” reports Fox News.