Despite being an alleged advisor to his father, Hunter Biden still holds a 10 percent stake in a Chinese private equity firm.
Sources like Fox News and Daily Mail previously reported that Hunter Biden was planning on getting rid of his stake, but reports have shown otherwise.
Hunter’s stake and business in the Chinese firms tend to go through his company Skaneateles LLC. Hunter Biden is the sole beneficial owner of this company.
Specifically, Hunter Biden’s stake lies in the Chinese firm BHR Partners. BHR is co-owned by the Chinese Communist Party’s Bank of China and manages around $2.1 billion in assets.
Daily Caller, who first reported the lack of change in Biden’s stake, reached out to Hunter’s lawyer for comment but only received radio silence.
In October of 2019, Hunter Biden said that he would be stepping down from the BHR board of directors. Joe Biden, his father, applauded this move and called it an example of “the kind of man of integrity he is.”
Joe Biden defended his families influence in the White House on the campaign trail when 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.”
This past December, Hunter Biden also informed the press that he was under federal investigation for his “tax affairs.”
Sources claim that the prosecutors are looking to see if Hunter Biden violated money laundering laws in his Chinese business affairs.
Hunter Biden’s extensive involvement with Chinese money controlled by the Chinese government could be a reoccurring problem for the White House if they don’t nip it in the bud.
If Hunter Biden does not sell his stake in the Chinese equity firm, it could present a rather large problem to his father and the rest of the Biden Administration.