Hunter Biden Steps Down From China Firm

Hunter Biden Steps Down From China Firm


Where is Hunter?

Not in China – anymore!

Hunter Biden, son of Joe Biden, who has been at the center of a national controversy over his sketchy lucrative positions on boards in the Ukraine and China, has just announced that he is stepping down from his seat on a Chinese equity firm’s board.

Trending: Trump Signs Four Sweeping Executive Orders; Federal Tax Holiday!

In the statement announcing this, which was posted onto Medium by Hunter’s lawyer, 

“When Hunter engaged in his business pursuits, he believed that he was acting appropriately and in good faith. He never anticipated the barrage of false charges against both him and his father by the president of the United States.”

Despite the defense of Hunter’s positions in the foreign nations, he is still resigning from the Chinese firm by the end of the month.

What do you think?

Do his actions fit his words?

Check out the breaking news on Twitter and decide for yourself:

There's also no word yet on if Hunter Biden will be giving up the millions he's made from his "foreign business interest" in China!

President Trump has seized the opportunity to taunt the never-present Hunter Biden over his resignation from his "totally legitimiate" position at a Chinese firm:

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Hunter Biden has also pledged not to do business with foreign nations if his father is elected president (fat chance!)

Here's an excerpt from the statement posted by Hunter Biden's lawyer George Mesires on Medium announcing the decision "on behalf of Hunter":

China: BHR (Shanghai) Equity Investment Fund Management Company (“BHR”)

Founded in 2013, BHR (Shanghai) Equity Investment Fund Management Company (“BHR”) is a Chinese limited liability company formed with the stated intent to invest Chinese capital outside of China. Hunter neither played a role in the formation or licensure of the company, nor owned any equity in it while his father was Vice President. He served only as a member of its board of directors, which he joined based on his interest in seeking ways to bring Chinese capital to international markets. It was an unpaid position.

BHR was capitalized with 30 million renminbi (RMB), or approximately $4.2 million USD at today’s currency exchange rates. In October 2017, Hunter committed to invest approximately $420,000 USD (as of 10/12/2019) to acquire a 10% equity position in BHR, which he still holds.

To date, Hunter has not received any compensation for being on BHR’s board of directors. He has not received any return on his investment; there have been no distributions to BHR shareholders since Hunter obtained his equity interest. Moreover, Hunter played no role in directing or making BHR’s investments. Hunter intends to resign from the BHR board of directors on or by October 31, 2019.

Conduct During a Biden Presidency

Hunter undertook these business activities independently. He did not believe it appropriate to discuss them with his father, nor did he. Hunter always understood that his father would be guided, entirely and unequivocally, by established U.S. policy, irrespective of its effects on Hunter’s professional interests. This was the standard observed throughout Hunter’s professional career. When Hunter engaged in his business pursuits, he believed that he was acting appropriately and in good faith. He never anticipated the barrage of false charges against both him and his father by the president of the United States.

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.

He will continue to keep his father personally uninvolved in his business affairs, while availing himself as necessary and appropriate to the Office of the White House Counsel to help inform his application of the Biden Administration’s guidelines or standards to his business decision-making.

NBC News has more to say on this:

Joe Biden’s son Hunter Biden will step down from a Chinese-backed private equity firm, his lawyer said in a statement posted to Medium defending the former vice president’s son’s work abroad for the first time since it has become a major issue in the 2020 presidential cycle.

Through his attorney George Mesires, the younger Biden defended his past relationships with foreign businesses while pledging to avoid any future work that might pose conflicts of interest should his father win the White House. Miseres said that at no time has the former vice president’s 49-year-old son engaged in any wrongdoing related to his affiliation with a Ukrainian energy company, and details the limited role he plays as a member of the board of directors with a private equity firm with ties to Chinese state-owned businesses.

Hunter took on both business relationships "independently," and "did not believe it appropriate to discuss them with his father, or did he," Mesires wrote. "Hunter always understood that his father would be guided, entirely and unequivocally, by established U.S. policy, irrespective of its effects on Hunter’s professional interests."

The younger Biden would commit, however, to "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," Mesires continues, and won’t serve on any boards or work on behalf of foreign-owned companies."

Regarding Bursima, the Ukrainian gas company Hunter sat on the board of until earlier this year, Mesires wrote that Hunter, of counsel with Boies Schiller Flexner LLP, advised the company on its "corporate reform initiatives" and joined the board after board member Aleksander Kwasniewski, the former president of Poland, recommended he join.

"Despite extensive scrutiny, at no time has any law enforcement agency, either domestic or foreign, alleged that Hunter engaged in wrongdoing at any point during his five-year term," Mesires wrote.

Mesires added that Hunter "intends to resign from" the board of directors of a Chinese-backed private equity firm by the end of the month.

The statement comes weeks after congressional Democrats took formal steps to launch an impeachment inquiry largely centered efforts from President Donald Trump and his allies in seeking foreign help to investigate the Bidens.

Breitbartadded:

President Donald Trump continued taunting former Vice President Joe Biden’s son on Sunday after Hunter Biden announced he was stepping down from a Chinese investment firm.

“Where’s Hunter? He has totally disappeared!” Trump wrote.

Hunter Biden’s lawyers released a statement on Sunday announced that he would step down from the board of the private equity fund backed by Chinese state-owned investment entities. After visiting China with his father in 2014, Hunter Biden secured a $1.5 billion investment.

In his statement from his lawyer, Hunter Biden promised not to serve on any other foreign-owned companies if his father was elected president.

That prompted Trump to question Hunter’s other possible financial ties.

“Now looks like he has raided and scammed even more countries!” Trump wrote. “Media is AWOL.”

It is unclear whether Hunter Biden will divest his business interests in the Chinese-backed investment firm, despite stepping down from the board.

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