Trump accuses Joe Biden’s son Hunter of using his position of influence to secure Chinese investment in his business
- U.S. President Donald Trump on Thursday called on China to investigate Joe Biden, a main Democratic contender in the 2020 race for the White House, about the involvement of his son in a fund that sought to raise Chinese capital.
“When Biden’s son walks out of China with $1.5 billion in a fund, and the biggest funds in the world can’t get money out of China, and he’s there for one quick meeting and he flies in on Air Force Two, I think that’s a horrible thing,” Trump said last month. In 2012, the younger Biden and Archer talked to Chinese private equity investor Jonathan Li about joining forces on a fund that would invest Chinese capital - and possibly capital from other countries - outside of China, the New Yorker magazine reported in a profile of Hunter Biden in July.
George Mesires, a lawyer for Hunter Biden, has said his client started out on the advisory board for BHR and only became an investor in the fund with a 10% stake in 2017. That deal was subject to review by the Committee on Foreign Investment in the United States , and last month Senate Finance Committee Chairman Chuck Grassley raised concern about the CFIUS process, citing potential conflicts of interest.BHR’s website says it is the cross-border investment arm of a state-approved Chinese private equity firm and is supported by some of China’s largest financial institutions, including the Bank of China.
Schweizer’s book referenced a July 2014 Wall Street Journal article that said the BHR consortium aimed to raise $1.5 billion to invest outside China, citing a Bank of China spokesman.From the beginning, the firm appeared to be aiming to leverage its ties to state-backed lenders to make big investments.
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