President Joe Biden’s son Hunter Biden continues to own a stake in a Chinese investment company, which undermines the promise the president made on the campaign trail that his family would be free of foreign business dealings.
The younger Biden, who was involved in a number of business deals while his father was vice president, including in China, retains a 10 percent stake in a Chinese private equity firm called Bohai Harvest RST Equity Investment Fund Management Co. (BHR), according to business records available online. BHR is co-owned by the state-controlled Bank of China.
The Daily Caller News Foundation first reported on Hunter Biden’s holding.
President Biden, while a candidate for office, promised Americans that no member of his 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.”
The president was inaugurated in January.
The younger Biden invested $420,000 in BHR in 2017, his lawyer, George Mesires, said in a previous statement. Hunter Biden also sat on the firm’s board of directors. He hadn’t received a return on his investment as of 2019, Mesires said at the time.
“Hunter makes the following commitment: Under a Biden Administration, Hunter will readily comply with any and all guidelines or standards a President Biden may issue to address purported conflicts of interest, or the appearance of such conflicts, including any restrictions related to overseas business interests. In any event, Hunter will agree not to serve on boards of, or work on behalf of, foreign-owned companies,” Mesires wrote.
The White House and Mesires didn’t immediately return requests by The Epoch Times for comment.
White House press secretary Jen Psaki told reporters on Feb. 5 that Hunter Biden “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.”