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Presumptive Democrat presidential nominee and professed environmentalist Joe Biden has made it explicit that he is a foe of the U.S. coal industry in the U.S., but his son is allegedly cashing in on the coal industry in China in a venture with a CCP-controlled enterprise.
Although these arrangements are complicated to sort out unless you’re a forensic accountant, Hunter Biden reportedly owns 10 percent of a private equity firm called Bohai Harvest, which apparently is also known as BHR Partners, that entered into a contract with a company called Yancoal.
The younger Biden allegedly entered into this deal while his dad was still in office as vice president under Obama.
“The majority shareholder of the coal company is a Chinese state-owned enterprise Yankuang Group,” The National Pulse claimed about the lucrative plan.
“Alongside two state-owned Chinese banks, Bohai Harvest pledged $950 million, and in return ‘collect[ed] interest of 8.55% a year on $760 million of the bonds, plus interest of up to 15% a year on the remainder.'”
An unpaid member of the board upon its founding in 2013, Hunter Biden obtained an equity stake in BHR with a $420,000 investment in October 2017.
As of April, Hunter Biden reportedly had not divested his shares in the company, which he apparently owns through an LLC, although he did finally step down from its board.
🚨🚨🚨While Joe Biden Decimated American Coal, Son’s Firm Made Millions From Chinese Govt-Owned Coal Company – #LiberalPrivilege https://t.co/NENXAitFo8
— Donald Trump Jr. (@DonaldJTrumpJr) July 29, 2020
The deal is “a testament to Biden’s routine monetization of his political connections and credentials,” The National Pulse added. “Meanwhile, Biden is keen on issuing inoperable regulations on American coal companies.”
Joe Biden has promised that his family would not participate in any foreign business activities if he is elected president.
In December 2019, Sleepy Joe declared that displaced U.S. coal owners should learn to code as an alternative career path.
He is on record essentially vowing to put the fossil fuel industry out of business, and sacrifice thousands of blue-collar jobs in the process, in the furtherance of combating climate change. China, however, is said to be the world’s biggest greenhouse-gas producer.
“Under his administration’s quest to ‘bankrupt’ American coal, the industry lost over 80,000 jobs and 400 coal mines in just eight years,” the Pulse recalled.
President Trump has repeatedly criticized Joe Biden for being unwilling to stand up to the authoritarian regime in China. Biden was part of the political establishment in both parties, as well as corporate America, that outsourced American manufacturing to China and sent massive numbers of U.S. workers to the unemployment line. Trump previously called for an investigation into Biden’s business ties to China.
President Trump has imposed tariffs on China in an attempt to level the playing field in international trade.
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Robert Jonathan is a staff writer for BizPac Review. He is a longtime writer/editor for news aggregation websites and has also developed content in the legal and financial publishing sectors as well as for online education. He earned a Juris Doctorate from the University of Connecticut School of Law, “a law school the basketball teams can be proud of.”
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