Hunter Biden still holds 10% stake in Chinese firm despite pledge to divest

Hunter Biden still holds 10% stake in Chinese firm despite pledge to divest
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Hunter Biden still appears to hold an ownership stake in a Chinese government-linked firm that has invested in companies sanctioned by the United States despite repeated pledges from President Joe Biden that his family would not have any foreign business ties and claims from White House press secretary Jen Psaki that Biden’s son was ending his investment.

When the Washington Examiner asked the Biden administration whether Hunter Biden had followed through on his divestment yet, White House deputy press secretary Andrew Bates said only that “we refer you to Jen’s comments and Hunter Biden’s representatives.”

Joe Biden said in December his family would not be involved in "any business, any enterprise that is in conflict with or appears to be in conflict with an appropriate distance from the presidency and government.”

Psaki was asked about that pledge and whether Hunter Biden had divested from the Chinese company in February, and she replied, “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.”

She was subsequently asked again in July and said he was "working to unload that."

HUNTER BIDEN HOLDS STAKE IN CHINESE COMPANY WHICH INVESTED IN COMPANIES SANCTIONED BY U.S.

Hunter Biden still appears to hold a 10% equity stake in Bohai Harvest RST (Shanghai) Equity Investment Fund Management Company, according to Chinese business records.

Through one of his lawyers, George Mesires, Hunter Biden had promised to leave the board of the Chinese firm, dubbed “BHR,” by the end of October 2019, but his resignation was submitted to China’s National Credit Information Publicity System in the spring of 2020.

Three Chinese business websites, run by Baidu, Qixin, and QCC, all show updates with Hunter Biden's name being removed from the BHR board of directors in April 2020, but the sites also currently show a limited liability corporation, Skaneateles, owned solely by Hunter Biden, as still being a “sponsor/shareholder” with 3 million yuan ($464,000) invested in the company, purportedly comprising a 10% stake in the China-based business venture.

The business records for Skaneateles found on the Department of Consumer and Regulatory Affairs website list Hunter Biden as the “executing officer” of the company, although the records now say that the “entity status” has been “revoked.” The address for the LLC is a multimillion-dollar home in Hollywood Hills, Los Angeles. That is where the Washington Examiner previously reported Hunter Biden and his wife, Melissa Cohen, had been renting a $12,000-a-month home. A report in June said Hunter had moved on from the rental.

A review of BHR’s financial documents, including 2019 company board meeting minutes found on Hunter Biden’s purported laptop and provided to the Washington Examiner by former Steve Bannon's War Room podcast co-host Jack Maxey, show the firm had access to tens or hundreds of millions of dollars for Chinese and global investments and set up a complicated web of China-based and Cayman Island shell companies and subsidiaries.

Mesires reached out to the Washington Post in April 2020, with Glenn Kessler sharing a letter from BHR’s CEO Jonathan Li, which said: “Mr. Robert Hunter Biden no longer serves as an unpaid director on the board of Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co., Ltd. effective from October 2019.”

Mesires wrote a lengthy post on Medium in mid-October 2019, saying, “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. To date, Hunter has not received any compensation for being on BHR’s board of directors.”

It appears that Hunter Biden still has a substantial financial stake in the Chinese company.

BHR and Mesires, as well as another lawyer for Hunter Biden, have not responded to the Washington Examiner’s questions about whether Hunter Biden would relinquish his holdings in the Chinese firm.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

BHR has made extensive investments in multiple controversial Chinese companies, including Megvii, sanctioned in 2019 for its alleged participation in China's repression and high-technology surveillance in Xinjiang, and the state-owned China General Nuclear Power Group, blacklisted in 2019 for having allegedly attempted to acquire U.S. nuclear technology for military use in China. The Chinese investment firm also teamed up with the state-owned Aviation Industry Corporation of China, which was hit with sanctions in 2021 for its role in China’s military-industrial complex. BHR and AVIC purchased Michigan-based Henniges Automotive in 2015.

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Tags: News, Jen Psaki, China, Hunter Biden, Joe Biden

Original Author: Jerry Dunleavy

Original Location: Hunter Biden still holds 10% stake in Chinese firm despite pledge to divest

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