Hunter Biden still owns a 10% stake in a Chinese private equity firm, less than one month before his father, President-elect Joe Biden, is set to take office, business records reviewed by Fox News show.
Joe Biden pledged in October 2019 that his family members wouldn’t engage in foreign business dealings if he was 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,” Joe Biden said at the time.
Chinese business records reviewed by Fox News on Wednesday show that a U.S. company, Skaneateles LLC, owns a 10% equity stake in Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co.
Hunter Biden is the sole beneficial owner of Skaneateles, according to Washington corporate records reviewed by Fox News on Wednesday.
Hunter Biden’ss continued ownership stake in BHR was first reported by the Wall Street Journal on Tuesday evening. BHR’s financial backers include the Bank of China, according to the Journal.
Hunter previously sat on the Chinese firm’s board before announcing in October 2019 that he would be stepping down from the position.
A source close to Hunter told Fox News that he is still in the process of offloading his stake in the Chinese investment firm. The Biden transition team didn’t return an email seeking comment for this article.
Hunter Biden revealed on Dec. 9 that his “tax affairs” are under federal investigation.
“I learned yesterday for the first time that the U.S. Attorney’s Office in Delaware advised my legal counsel, also yesterday, that they are investigating my tax affairs,” Hunter Biden said in a statement at the time. “I take this matter very seriously but I am confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately, including with the benefit of professional tax advisors.”
HunterBiden is a “subject/target” of a grand jury investigation, a well-placed government source told Fox News. A “target” means that there is a “high probability that person committed a crime,” while a “subject” is someone you “don’t know for sure” has committed a crime, according to the source.
Joe Biden is not a subject of any grand jury investigation at this time, the source added.
Fox News’ Brooke Singman and Jacqui Heinrich contributed reporting.