Although Joe Biden promised way back in 2019 that his son Hunter would offload his stake in Bohai Harvest RST (BHR), a Chinese Communist Party-controlled venture capital firm, it appears that Hunter still holds that interest today – a major national security risk now that the elder Biden has been inaugurated as President of the United States.
The Daily Caller News Foundation reports that as of Wednesday, January 27, Chinese business records still reflected Skaneateles, LLC, solely owned and controlled by Hunter Biden, holds a 10 percent stake in BHR. As BHR controls approximately $2.1 billion in assets, Hunter’s shares are worth, well, quite a bit of money.
Hunter’s continued involvement in BHR is extremely problematic for a number of reasons. Obviously, it’s a massive national security risk to have POTUS’ son in business with the Chinese Communist Party and presents conflicts of interest since US policy decisions (both domestic and foreign) can affect the company’s finances positively or negatively.
In addition, Hunter had to take out a loan to fully meet his capital obligations in BHR. While Skaneateles was an original 10 percent owner of the firm when it was first registered in 2013, as of June 2017 Hunter hadn’t made his full contribution and took out a $150,000 loan from the CEO of Bohai Capital – a state-controlled company – to secure the remainder. An addendum to that loan document was signed in October 2018, which changed the amount due to $158,000 and the lender to Ms. Xin Wang, a Canadian citizen who is a BHR venture partner. There are unconfirmed reports that Xin Wang is a close family relative of a powerful CCP official, which is terrifying if true. Hunter Biden’s attorney did not respond to inquiries from the Daily Caller News Foundation about the status of that loan.
(RedState first reported the existence of that loan and the 2018 addendum/refinance on October 26, citing documents leaked by Guo Wengui, a self-described Chinese dissident. The same document was also found on Hunter Biden’s alleged laptop, according to a December report from the Daily Caller News Foundation.)
As we also reported in October, BHR acquired Henniges, a Michigan-based auto company whose anti-vibration technology is used in the F-35 stealth fighter, in a transaction in which they partnered with AVIC Auto, a state-owned entity (SOE) that manufactures fighter jets for the Chinese military. According to Xin Wang (yes, the woman Hunter Biden owed/owes $158,000), BHR was the majority owner in that partnership to “facilitate the transaction,” knowing that AVIC Auto’s status as a SOE might be a problem in receiving State Department approval (approval which was given during the Obama/Kerry/Biden administration).
The White House didn’t respond to requests for comment from the Daily Caller News Foundation about Hunter Biden’s continued business partnership with the Chinese Communist Party. Perhaps an intrepid member of the White House Press Corps can ask Jen Psaki on Monday, so she can fiddle with her binder and promise to circle back.