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According to a New York Times report, an investment firm that considers Hunter Pitton one of its founders helped a Chinese company buy one of the world’s most profitable cobalt mines from an American company.
Biden co-founded Bohai Harvest RST (BHR) Equity Investment Fund Management Company in 2013 with two Americans and a few Chinese partners. U.S. members controlled 30% of Shanghai-based transactions and sat on the board.
The company reached an agreement in 2016 to transfer the Cobalt and copper mines in the Congo from the US-based Freeport-McMoran to the Chinese company China Maliptin for $ 2.65 billion.
CNN presenter John King said on Wednesday that Hunter Biden was a “swamp creature” who used his powerful father to make money. (Photo by Theresa Groger /.) (Photo by Theresa Groger /.)
BHR repurchased about $ 1.14 billion in shares of Lundin Mining in Canada, which held a minority stake in a Congo mine.
According to Hong Kong documents, China Molybdenum bought BHR shares in the mine two years later. The deal allowed China to own 80% of the molybdenum mine, with the rest owned by the Congolese State Mining Company.
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The Times reports that Biden controlled 10% BHR through Sconidels LLC, a Washington-based company.
Fiden’s lawyer Chris Clark said he was “no longer directly or indirectly interested in the BHR or Skaneateles” and that Chinese records indicate that Fiden was not a member of the panel until April 2020.
Hunter Biden, son of the new US President Joe Biden, attended his father’s 46th inauguration as President of the United States on January 20, 2021 at the United States Capitol, DC, Washington. (Photo by Jonathan Ernst / Pool /.) (Image by Jonathan Ernst / Pool /.) (.)
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But the Chinese business records reviewed by Fox News in April 2021 show that Hunter Biden is a Chinese private equity firm Bohai Harvest RST Equity Investment Fund Management Co. Shows that Hunter holds a whopping 10% stake through Sconidels LLC.
“He tried to recoup his investment, but I’ll definitely point you out – he’s a private citizen,” Zaki said at the time. “I will point you to him or his external lawyers for any updates.” “
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A former board member said the money from the transaction – which the owners were not involved in – went into operational funds and was not distributed among the owners.
“We do not know Hunter Pita, we do not know if he was involved in PHR,” said Vincent Zhao, a spokesman for China Molybdenum.
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Hunter Biden’s business dealings are subject to media scrutiny, especially his business in China. As cobalt is a key ingredient in fuel cells, President Biden particularly warned against the growing Chinese dominance of cobalt as an impediment to US efforts to transition from gas to petrol to electric cars.
Tesla last year agreed to buy Canadian mining company Glencore with the aim of increasing its purchase of cobalt for its electric car batteries.
On Monday, May 11, 2020, vehicles were parked at the Tesla Auto plant in Fremont, California. The parking lot at Tesla’s electric car plant in Tesla was almost full on Monday, a sign that the company may resume production in defiance of departmental health officials’ orders. (AP Photo / Ben Margot)