White House Press Secretary Jen Psaki has again stirred up controversy over President Joe Biden’s son, Hunter Biden, by confirming that he still has an equity stake in a Chinese firm.
According to what Psaki reported in official statements to the press, Hunter Biden is still “working to unwind” his financial investment in a company with the Chinese Communist Party (CCP). The controversy arose after Joe Biden himself has assured that his son has no relationship with companies abroad.
The awkward situation arose when a reporter asked about Hunter Biden’s involvement in Bohai Harvest RST Shanghai Equity Investment Fund Management, commonly known as BHR Partners.
Psaki’s comments confirmed an initial Daily Caller report claiming that Hunter Biden still has a stake in the Chinese company.
Then, at the journalist’s insistence, Psaki advised reporters to contact Hunter Biden himself for more information, although he is known not to respond to the press.
Hunter Biden continues to hold a 10% stake in Chinese private equity firm BHR Partners, Chinese business records show, despite multiple reports in December suggesting he had sold his position in the company.
Fox News reported in December that Hunter Biden was in the process of divesting his stake in BHR citing an unnamed source. However, it is now confirmed that this never happened.
This situation manifests President Biden’s lack of integrity as in October 2019 he promised to keep his family free of foreign entanglements if elected president.
“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,” Biden said at the time.
Hunter previously served on the Chinese company board, whose financial backers include the Bank of China, among others. But in October 2019, he announced he would step down as a director because of the growing possibility of his father’s presidential candidacy and went on to hold only the 10 percent shareholding he retains to this day.
BHR manages the equivalent of $2.1 billion in assets and is co-owned by China’s state-controlled Bank of China.
According to the Daily Caller, Hunter Biden’s lawyer, George Mesires, has not responded to numerous requests for comment seeking confirmation as to whether his client is in the process of divesting his stake in BHR or when he expects that process to be completed.