Democratic 2020 hopeful Joe Biden’s son Hunter Biden likely still has millions of dollars invested in a China-backed investment fund, according to reports.
Hunter Biden announced Sunday that he was stepping down from his board position at BHR Equity Investment Fund Management. Biden has a 10 percent stake in BHR, which he acquired though a company he created named Skaneateles LLC in 2017.
However, although an attorney for Biden claimed his client’s stake in the company is only valued at $420,000, a FactCheck.org analysis estimates its value to be millions of dollars.
“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.”
Breitbart.com reports: FactCheck.org cited Kaplan estimating that Hunter Biden’s share in the investment company could be valued at around $20 million and up to “hundreds of millions of dollars” over the investment lifetime.
Hunter Biden’s lawyer said that if Joe Biden won the race for president, he would agree “not to serve on boards of, or work on behalf of, foreign-owned companies,” but did not mention his current foreign investments in BHR.
President Donald Trump continues to target Hunter Biden’s foreign investments as corrupt, questioning Vice President Joe Biden’s knowledge of his son capitalizing on his father’s specific diplomacy with China and Ukraine on behalf of former President Barack Obama’s administration.
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