Hunter Biden surprisingly still owns a 10% stake in a Chinese private equity firm, less than one month before his father, Joe Biden, is set to be inaugurated into office.
Joe Biden repeatedly said in October 2019 that his family members wouldn’t engage in foreign business dealings if he was 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 at the time.
Chinese business records reviewed on Wednesday show that a U.S. company, Skaneateles LLC, owns a 10% equity stake in Bohai Harvest RST Equity Investment Fund Management Co.
Hunter Biden’s continued ownership stake in BHR was first reported by the Wall Street Journal. BHR’s financial backers include the Bank of China, according to the Journal.
Hunter previously sat on the Chinese firm’s board before announcing in October 2019 that he would be stepping down from the position.
“I learned yesterday for the first time that the U.S. Attorney’s Office in Delaware advised my legal counsel, also yesterday, that they are investigating my tax affairs,” Hunter Biden said in a statement at the time. “I take this matter very seriously but I am confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately, including with the benefit of professional tax advisors.”