President Joe Biden’s son continues to hold his investment in a Chinese private equity firm funded by the Bank of China and other Chinese government-owned financial firms, the White House Press Secretary Jen Psaki said on Friday.
Responding to a question during a press conference at the White House on Hunter Biden’s 10% stake in the Chinese private equity firm BHR Partners, 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,”.
After facing allegations during the presidential contest that his relatives profit enormously from his status as senator and vice president, the Biden White House announced that it will establish firm ethical standards for family members.
In December, Biden sough to assure the American citizens that he and his family would not be involved in any business dealings that appear to conflict with the office of the president.
“My son, my family will not be involved in any business, any enterprise that is in conflict with or appears to be in conflict with the appropriate distance from the presidency and government,” Biden reiterated during a television appearance.
Hunter Biden first became an unpaid director of BHR Partners when it was founded in 2013 and paid $420,000 in October 2017 to become a shareholder. BHR, whose largest shareholder is the Chinese government-controlled Bank of China, has invested about $2.1 billion.
According to a report in The Wall Street Journal, BHR had been involved in at least 10 major transactions that left it with more than $1 billion in assets, but the cost of Hunter’s stake — worth $100 million at the time — was based on the company’s startup value.
During the run up to the presidential election, leaked emails published in media outlets showed that Hunter Biden had entered into a consulting contract with China’s largest private energy company that initially earned him $10 million a year “for introductions alone”.
In a leaked email thread published by The New York Post , Hunter Biden discussed in detail a deal with the former chairman of CEFC China Energy, Ye Jianming, saying Ye agreed to change the terms of Biden’s three-year consulting contract with CEFC, which initially promised Biden $10 million per-year “for introductions alone,” to make it “much more lasting and more lucrative,”
In December, CNN had reported that U.S Federal agencies are investigating business dealings of Hunter Biden in China. CNN reported that investigation in part concerns a 2.8 carat diamond that Hunter Biden received in 2017 from Ye Jianming, former chairman of CEFC China Energy and a former business partner of Hunter.
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