Hunter Biden has made plenty of fanfare about walking away from his board position at the Chinese BHR Investment Fund Management. He is hardly likely to take a step backward when it comes to the millions of dollars he apparently still has invested in the company, though.
Hunter Biden owns a 10 percent holding in BHR, something he obtained through a company he established called Skaneateles in 2017, reported Breitbart.
“It is difficult to imagine, if not incomprehensible, that a 10% stake in those economics is worth only $420K,” Steven Kaplan of the University of Chicago Booth School of Business told FactCheck.org. “The distinction they appear to be making is they capitalized the management company with $4.2 M even if the fund manages $2 B. The value of that management company is likely far in excess of $4.2 M if they are managing $2 B.”
Hunter Biden said in a statement through his lawyer, he would agree “not to serve on boards of, or work on behalf of, foreign-owned companies.” The agreement, however, didn’t make mention of any current foreign investments Biden has in the Chinese company.
For the past month, President Trump has consistently mentioned Biden’s corruption, suggesting the father and son need to be investigated. The president allegedly encouraged Ukrainian President Zelenskiy to investigate the Bidens’ corruption in a July 25 phone conversation. This led to House Democrats starting an impeachment inquiry against him last month.
“China should start an investigation into the Bidens because what happened in China is just about as bad as what happened with Ukraine,” President Trump told reporters.
“That’s probably why China for so many years has had a sweetheart deal where China rips off the U.S.A.” because they deal with people like “Biden where they give the son a billion and a half dollars,” the president told reporters on Oct. 3 on the South Lawn of the White House. He added, “You know what they call that? They call that a payoff.”
“It’s a disgrace what’s going on,” said the president.“For a guy to walk in from off the street with no experience, a bad track record, just got thrown out of the Navy, and he walks away with $1.5 billion?” Trump said, condemning the “fake news” for calling his claims “unsubstantiated.”
“Can you imagine if Don Jr. or if Eric Trump, or beautiful Ivanka … can you imagine if they walked out with $1.5 billion?” Trump asked. “They wouldn’t say ‘totally unsubstantiated.’ They would say, ‘Where is the nearest cell?”