President Joe Biden promised the American people that he and his family members would rescind their foreign investments, but his son, Hunter Biden, reportedly has nearly a half million dollars invested in a Chinese company.
These financial ties to the Chinese Communist Party appeared only a few days after new emails confirmed Hunter’s use of his father’s influence to score high-dollar payoffs in Libya and China.
Psaki then sought to distance Hunter’s Chinese investments from the president’s earlier promise that neither he nor his family would have any foreign entanglements that could compromise him.
“But I would certainly point you—he’s a private citizen,” she said. “I would point you to him or his lawyers on the outside on any update.”
White House Deputy Press Secretary Andrew Bates refused to comment on the news that Hunter still holds this investment three months later.
Three Chinese websites list Hunter as a “sponsor/shareholder” in Skaneateles LLC, a company that has investments in private equity firms, the New York Post reported.
Hunter has ¥3 million ($464,000) invested in Skaneateles.
Skaneateles, in turn, holds a 10% stake in the private equity firm Bohai Harvest RST Equity Investment Fund Management Co., which began as a collaboration between CCP-backed investors and Hunter’s Rosemont Seneca firm.
The deal was reportedly sealed after Hunter accompanied his father—then the vice president—on a state visit to China aboard Air Force Two in December 2013.
Skaneateles has “access to tens or hundreds of millions of dollars for Chinese and global investments and set up a complicated web of China-based and Cayman Island shell companies and subsidiaries,” according to the Washington Examiner.