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Hunter still owns stake in Chinese private equity firm, business records show

Posted by JJ The Psychotherapist on April 30, 2021 at 11:10 AM

Hunter still owns stake in Chinese private equity firm, business records show

According to business records, Hunter Biden still owns a minority stake in a Chinese private equity firm 100 days into President Joe Biden's term.


According to Qixinbao and Baidu, two independent services that provide business records on Chinese corporations based on China's National Credit Information Publicity System, Hunter Biden owns a 10% equity stake in BHR Partners through his company, Skaneateles LLC.


In October 2019, Joe Biden promised that if elected president, no one in his family would do business with any foreign corporation or country.


“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 told journalists in Iowa. “Period. Period. End of story.”


According to business records, BHR is co-owned by the Chinese state-controlled Bank of China and manages the equivalent of $2.1 billion in assets, according to its website. According to a statement released by his lawyer in October 2019, Hunter Biden purchased his 10% stake in the firm with a $420,000 investment in October 2017.


According to the records, BHR's business file was last updated on July 28, 2020.


In early February, White House Press Secretary Jen Psaki stated that Hunter Biden was in the process of selling his stake in the private equity firm.


“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,” Psaki stated.


Hunter Biden's expectation for a return on his investment in the company after his divestment is complete is unknown.


George Mesires, Hunter Biden's lawyer, and BHR have not responded to requests for comment.


Hunter Biden did not receive a return on his investment in BHR, according to Mesires' October 2019 statement.


According to Washington D.C. business records, Hunter Biden is the sole beneficial owner of Skaneateles LLC, the company that owns his 10% stake in BHR.


However, emails found on a copy of Hunter Biden's alleged laptop show that his business partner Eric Schwerin told him on multiple occasions that he could expect significant payments from BHR beginning in 2019, according to the Daily Caller News Foundation.


“BHR is due to have a significant distribution in 2019 because of the CATL exit,” Schwerin notified Hunter Biden in a November 2018 email.


Schwerin told Hunter Biden in an email the following month that he can expect BHR to generate income for him "over the next couple of years."


Following his election victory, Joe Biden changed his promise about his family's foreign business dealings, saying in December that no one in his family will "be involved in any business, any enterprise, that is conflicted with or appears to be in conflict, with the appropriate distance from, the presidency and government."

Categories: Politics

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