Hunter Biden’s investment business assisted a Chinese company in acquiring one of the world’s most profitable cobalt mines from an American corporation. The Shanghai-based Bohai Harvest RST (BHR) Equity Investment Fund Management Company owned 30% of the company and served on the board.
In 2016, the business signed a $2.65 billion transaction to transfer Congo cobalt and copper mine from American company Freeport-McMoRan to Chinese company China Molybdenum. A Canadian corporation held a section of the Congolese mine. The mine was sold for 80 percent of its value, with the remaining 20 percent controlled by Congo’s national mining firm.
Joe Biden’s lawyer claims that he no longer owns any stock in BHR Holdings, which he formerly ran. As of April 2020, according to Chinese documents, Biden was not a member of the board. According to the New York Times, Biden owned 10% of BHR through Skaneateles LLC.
According to Jen Psaki of the State Department, Hunter Biden has been seeking to unwind his investment in China. However, according to Chinese business records obtained by Fox News, Hunter still has a 10% share in a Chinese corporation that he invested in through his company.
Moreover, money from the sale, which the owners were not involved in, went to the operational funds, according to a former board member, and was not distributed among the owners. In an email, Vincent Zhou, a spokeswoman for China Molybdenum, stated, “We don’t know Hunter Biden, nor are we aware of his role in BHR.”
Furthermore, Mr. Biden expressed concern about China’s rising dominance in cobalt, a vital component in electric vehicle batteries. Last year, Tesla explored a plan to buy Glencore, a Canadian mining corporation, to boost its cobalt purchase for its electric vehicle batteries.