Hunter Biden is the gift that keeps on giving, if one substitutes the word “gift” with “scandal.”
According to Fox News, the president’s son was instrumental in helping a Chinese company buy a lucrative American cobalt mine in a staggering $3.8 billion business deal that began in 2013. Recent reports point to the possibility that his involvement with the Chinese firm included in the deal might have still been active while his father, Joe Biden, took over the White House in January.
Shockingly, it was The New York Times that broke the story, recalling a series of maneuvers made by Hunter Biden and various holding companies and Chinese firms that eventually landed a Chinese majority stake in the American mine.
As Fox noted, Hunter first established Bohai Harvest RST (BHR) Equity Investment Fund Management Company with two American partners and several Chinese partners in 2013, with the two Americans holding roughly a 30% share in the company.
From there, Chinese firm China Molybdenum made a series of acquisitions that included buying out BHR’s shares in the mine, giving the Chinese company an 80% stake in the mine.
Through a company called Skaneateles LLC that Hunter Biden formed, at one point he owned 10% of control in the operation. Hunter’s lawyers have insisted that when his father assumed office, Hunter no longer held any interests in BHR.
However, in a Fox report earlier this year, Chinese business records indicated that the president’s son did, in fact, still hold a 10% stake in BHR through his firm, Skaneateles LLC, as recently as April 2021.
“He has been working to unwind his investment, but I would certainly point you — he’s a private citizen,” White House Press Secretary Jen Psaki said at the time of Hunter’s interest in the company. “I would point you to him or his lawyers on the outside on any update.”
While it’s unlikely that Hunter Biden — or the White House — will admit that he had a stake in the communist Chinese firm when his father took the White House, it’s clear that his shady, but highly lucrative business deals will continue to haunt the current White House.