It’s been less than one month into Joe Biden’s presidency and his son Hunter is already causing problems. Reports confirm that Hunter Biden still owns 10% stake in a Chinese company despite promises that the family would suspend all foreign business dealings during Joe’s presidency.
When asked about this conflict of interest, White House Press Secretary Jen Psaki said, “He has been working to unwind his investment, but I would certainly point you – he’s a private citizen – I would point you to him or his lawyers on the outside on any update.”
The company in question is Bohai Harvest RST (Shanghai), a private equity firm backed by the Bank of China.
Rumor has it the company was founded 12 days after Hunter and then-Vice President Biden took a trip to Beijing.
Hunter served on the company’s board of directors “based on his interest in seeking ways to bring Chinese capital to international markets,” claim’s Hunter’s lawyer, George Mesires. “Hunter neither played a role in the formation or licensure of the company, nor owned any equity in it while his father was Vice President.”
Mesires says the job was an “unpaid position.”
However, Hunter has obtained a 10% equity position in the company after investing $420,000.
Hunter stepped down from the board in 2019 after his family received criticism in relation to his father’s presidential campaign. The fact that he has failed to divulge his stake was first reported in December by the Wall Street Journal.
Author’s Note: As we at PBP predicted, the Bidens’ foreign business dealings are not likely to stop during Joe’s presidency. Rather, they will intensify given his elevated position.
Sources:
Press Sec Confirms Hunter Biden Still Owns 10% Stake in Chinese Company
Hunter Biden still ‘working to unwind’ investment in Chinese firm
Hunter Biden still owns 10% stake in Chinese private equity firm, business records show