Despite Democratic Presidential candidate Joe Biden declaring “no coal plants in America” and suppressing the industry as Vice President, an investment fund directed by his son Hunter has funneled hundreds of millions of dollars into Chinese Communist Party-owned coal companies.
The former Vice President gutted American coal while in office, echoing a similar sentiment on the 2020 campaign trail with dictums such as “getting rid of fossil fuels” and telling coal miners to “learn to code.”
Meanwhile, Bohai Harvest, a private equity firm Hunter Biden directed since its 2013 founding, inked a lucrative contract with Yancoal. The majority shareholder of the coal company is a Chinese state-owned enterprise Yankuang Group.
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.”
The Wall Street Journal identified Bohai Harvest as gaining “control” of the mines.
Announced in February 2016, while Biden was still Vice President, the current arrangement stands for nine years and is set to expire in 2024.
While Hunter Biden pledged to divest of his stake in the company in 2019, the Daily Caller revealed he retained shares for months after his announcement.
Now, it is alleged he still owns 10 percent of the fund, meaning that if his father’s presidential ambitions materialize, his son would ostensibly be beholden to the interests of a foreign government. And not just any foreign government: the hostile and repressive Chinese Communist Party (CCP).
It’s also a testament to Biden’s routine monetization of his political connections and credentials: Bohai Harvest was a billion-dollar joint venture between Rosemont Seneca Partners, an investment fund founded by Hunter Biden and Obama-era Secretary of State John Kerry’s stepson in 2009, and the state-owned Bank of China notoriously birthed less than two weeks Hunter traveled to China alongside his father.
Another level of hypocrisy, Biden bills himself as a fierce environmental advocate despite his family directly profiting from China’s dirty coal industry, disproportionately responsible for carbon emissions and air pollution.
Meanwhile, Biden is keen on issuing inoperable regulations on American coal companies: under his administration’s quest to “bankrupt” American coal, the industry lost over 80,000 jobs and 400 coal mines in just eight years.