The final weeks of the presidential election cycle were in part defined by a growing scandal involving Democratic nominee Joe Biden’s son, Hunter, and his dubious foreign business dealings.
Since the elder Biden was inaugurated last month, the controversy has only grown, including a recent confirmation that Hunter Biden still owns a 10% stake in a state-owned Chinese firm.
“I would point you to him or his lawyers”
Despite the fact that the president pledged in October that his family would not maintain any foreign financial entanglements if he won the race, White House press secretary Jen Psaki revealed on Friday that his son still maintains an ownership stake of Bohai Harvest RST Equity Investment Management Co. — though he is apparently attempting to unload the investment.
“He 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 of any update,” Psaki told reporters.
According to Fox News, Hunter Biden’s legal team did not respond to a request for comment on the matter.
Multiple independent verification services also confirmed the younger Biden’s stake in the company, as reported by the Daily Caller. As of the latest updates available, it is unclear when or how he will be able to divest his holdings in the foreign company.
In addition to his interest in the Chinese firm, other foreign business deals — notably a profitable position on the board of Ukraine-based Burisma Holdings — led to pointed questions during his father’s campaign regarding possible efforts to trade on the former vice president’s name.
Other questionable business ties
Hunter Biden has since cut ties with Burisma, admitting that it was likely a bad look for him to be involved in the foreign energy company.
While his father denied having any specific knowledge of the international ties, leaked emails appeared to belie those claims.
One correspondence even suggested that Joe Biden might have had his own stake in a Chinese-owned company and another sparked speculation that he might have been on the receiving end of some of his son’s business income.
A former Hunter Biden associate confirmed that the email about Joe Biden’s stake was genuine, including an acknowledgement that the term “big guy” used therein was a reference to him.
Hunter Biden has also come under recent fire for signing a lucrative deal to write his memoir, Beautiful Things, which is set to be published in April.