President Joe Biden’s son Hunter Biden continues to own a stake in a Chinese company, undermining a promise the president made on the campaign trail.
The younger Biden, who did a number of business deals while his father was vice president, including in China, owns a 10 percent stake in a Chinese firm called the Bohai Harvest RST Equity Investment Fund Management Co., according to business records available online.
The Daily Caller News Foundation first reported on Hunter Biden’s holding.
President Biden while a candidate for office promised Americans that no member of his family would “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.”
The president entered office in January.
The younger Biden invested $420,000 into Bohai Harvest RST in 2017, his lawyer said in a previous statement. Hunter Biden also sat on the firm’s board of directors. He had not received a return on his investment as of 2019, the lawyer, George Mesires, said at the time.
“Hunter makes the following commitment: Under a Biden Administration, Hunter will readily comply with any and all guidelines or standards a President Biden may issue to address purported conflicts of interest, or the appearance of such conflicts, including any restrictions related to overseas business interests. In any event, Hunter will agree not to serve on boards of, or work on behalf of, foreign owned companies,” Mesires wrote.
The White House and Mesires did not return requests for comment.
White House press secretary Jen Psaki told reporters on February 5, 2021 that Hunter Biden “has been working to unwind his investment, but I would certainly point you—he’s a private citizen—I would point you to him or his lawyers on the outside on any update.”
