Hunter Biden ramped up business with European and Chinese tycoons when his father left the vice presidency four years ago. For him it was a potential route to income; to the tycoons, the Biden family name promised to polish their reputation.
The transactions earned the younger Mr. Biden a reduced stake in a private equity firm in China and consultancy agreements with a Romanian real estate magnate and generally enabled him to maintain a global lifestyle, according to interviews, documents and communications reviewed by The Wall. . Street Journal. A Chinese energy magnate donated Mr. Biden, a 2.8-carat diamond, and entities affiliated with him, have transferred nearly $ 5 million to the law firm of Mr. Biden.
These arrangements now loom over President-elect Joe Biden. A federal criminal tax investigation into Hunter Biden’s business dealings is underway, and the findings could trickle out in the coming months. His business ties with well-connected people in China and other places could help control foreign policy decisions made by the Biden government over potential conflicts of interest. All of them will likely supply ammunition to Republicans.
Senator Chuck Grassley (R., Iowa), who headed the Senate Treasury Committee, whose Republican staff assisted in the investigation of Hunter Biden, has said he would continue to investigate what he believes are possible counterintelligence and criminal objections in connection with the business. Mr. Biden’s transactions. .
“Based on all the facts known so far, Joe Biden has a lot to explain,” Mr. Grassley said recently.