Hunter Biden Retains Stake in Chinese Private Equity Firm Despite Stepping down from Board

Hunter Biden announced Sunday that he will step down from the board of a Chinese private equity firm amid allegations of a conflict of interest involving his father, but his statement, issued through an attorney, made no mention of plans to divest his personal stake in the company.

Biden committed in the statement to giving up his unpaid seat on the board of BHR (Shanghai) Equity Investment Fund Management Co. but did not mention the ten percent stake in the company that he purchased in 2017.

In 2013, the company received a $1.5 billion investment from the Chinese government, and was officially registered after the Bidens flew together to China aboard Air Force Two.

“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,” said Trump in September, accusing the two of improper conduct.