President Joe Biden, Hunter’s son, holds a stake in a Chinese investment firm, although the White House says he is “relaxing his investments.”
White House Press Secretary Jen Psaki confirmed at a news conference on Friday that the president’s son still owns a 10 percent stake in Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co. (BHR Partners) – Despite President Biden’s promise in October that his family would be free of foreign trade.
HUNTER PRAYER OWNS ANOTHER 10% SHARE IN CHINESE PRIVATE EQUITY FIRM, SHOW BUSINESS RECORDS
“He worked to cut off his investment, but I’ll definitely point you out – he’s a private citizen – I’ll point you to him or his outside lawyers on any update,” Psaki said in response to a question regarding its continuing interest.
Hunter Biden’s legal team did not respond to a request for comment.
The younger Biden’s relationship with the Ukrainian energy company, Burisma Holdings, and his financial investments with the bank-financed equity company landed his father in a bit of hot water during his presidential match in 2020.
“No one in my family will have an office in the White House, will sit in meetings as if they were a cabinet member, and in fact have any business relationship with anyone related to a foreign corporation or a foreign country,” Joe Biden said in the run-up to the election.
Hunter Biden resigned from the board of BHR Partners after his father was increasingly under investigation during his presidential bid and stressed that his involvement in the company began after Joe Biden was no longer vice president under the Obama administration.
“Hunter did not play a role in founding or licensing the company, nor did he own any capital in it while his father was vice president,” his attorney, George Mesires, said in a 2019 statement. . “He only serves as a member of the board of directors, which he joined based on his interest in looking for ways to bring Chinese capital to international markets.”
“It was an unpaid position,” he added.
Hunter Biden invested $ 420,000 in October 2017 and achieved a 10 percent position in BHR Partners.
“Under a Biden administration, Hunter will comply with any guidelines or standards that President Biden may issue to address alleged conflicts of interest, or the occurrence of such conflicts, including any restrictions relating to overseas business interests,” Mesires said. added. “Either way, Hunter will agree not to serve on boards of, or on behalf of, foreign ownership.”
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A source close to Hunter Biden confirmed to Fox News late last year that he plans to downgrade his investment in the Chinese stock company, but the president’s son has given no indication as to when he will remove his stake.
Peter Hasson and Yael Halon contributed to this report.