Hunter Biden still holds a 10 percent stake in BHR Partners, an equity firm co-owned by the Bank of China — which is exclusively owned by the Chinese government.
The connection goes against a promise newly-inaugurated President Biden made during his campaign that no one in his family would keep their business relationships with foreign corporations.
The president made the promise during a campaign stop in Iowa, where he said: “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. Period. Period. End of story.”
But Hunter Biden does still have one of these relationships — at least for now.
As the Washington Examiner reports, the younger Biden announced last year that he was “in the process” of divesting his share. But, he has not yet done so.
The Washington Examiner adds:
Hunter Biden’s business dealings became a hot-button issue during the 2020 presidential campaign after a New York Post report revealed emails that raised questions about Joe Biden’s connection to his son’s overseas business dealings.
Business records show Hunter Biden holds a 10% stake in BHR Partners.
Multiple news outlets reported last year Biden was “in the process” of divesting his share.
BHR manages over $2 billion in assets and is co-owned by the Bank Of China.https://t.co/ioYvEPhTXe
— Washington Examiner (@dcexaminer) January 30, 2021
As the Washington Examiner also reports, the revelation comes as Hunter Biden still faces a criminal investigation into his financial dealings with China.
Earlier this week, Republicans on three major House committees continued their own inquiry into the Biden family and their ties to the University of Pennsylvania and China.
“Understanding whether the University of Pennsylvania’s Biden Center for Diplomacy and Global Engagement received funds from China or other adversarial nations at the behest of the Biden family or future Biden Administration officials will shed light on the depth and breadth of the potential improper influence these nations enjoy over the Biden family,” the Republicans said in a letter.
The letter noted that the University of Pennsylvania announced the formation of the Biden Center on Feb. 1, 2017, less than two weeks after Biden finished his eight-year run as former President Barack Obama’s vice president. According to the lawmakers, the Ivy League university received millions of dollars in undisclosed funds from China prior to and after the formation of the Penn Biden Center, suggesting it is an example of Biden’s “illicit ties to foreign adversaries.”
The Republican members previously sent a letter to the University of Pennsylvania and other universities in early August, citing multimillion-dollar contributions from China and other rogue nations to higher education.
The donations are considered to be a mounting national security threat, with lawmakers asking whether institutions of higher education that receive federal taxpayer dollars should be legally allowed to accept money from foreign adversaries.