Hunter Biden’s Chinese Firm Helped Buy Out Michigan Automotive Company to Create Jobs Overseas
Democrat presidential candidate Joe Biden delivered a speech in Macomb County, Michigan, on Wednesday, slamming the practice of outsourcing. Unmentioned was his son Hunter’s ties to a Chinese government acquisition of a Michigan company that is delivering jobs to China, Mexico, Europe, and South America.
“Make it in Michigan, make it in America, invest in our communities and the workers in places like Warren … Getting a good job in 2020 shouldn’t be a lottery … it should be an expectation,” Biden told American auto workers.
Biden’s pitch, though, is muffled by his son Hunter’s ties to the Chinese government.
First detailed in Peter Schweizer’s, president of the Government Accountability Institute and senior contributor at Breitbart News, 2018 New York Times bestseller Secret Empires, Hunter Biden sat on the board of directors of Bohai Harvest RST (BHR), a private equity firm he founded that was funded with $1.5 billion from the Chinese government via the Bank of China.
The dealings of BHR, from which Hunter Biden stepped down in October 2019, were most recently noted in Schweizer’s Profiles in Corruption.
Specifically, Hunter Biden sat on the board of BHR while the firm jointly acquired Michigan-based Henniges Automotive with the Chinese government-owned Aviation Industry Corporation of China (AVIC) for $600 million.
Before the Obama-Biden administration approved the acquisition, AVIC had been sanctioned five times since 1993 for military technology violations, according to a report by Seamus Bruner and John Solomon. In 2014, Obama’s Commerce Department was considering sanctions for an AVIC subsidiary.
Schweizer writes in Profiles of Corruption:
When the Chinese government’s BHR was established, Hunter Biden was given a slot on the board of directors — supposedly unpaid while his father was vice president. His actual compensation cannot be known; it is confidential. [Emphasis added]
…
BHR, with Hunter Biden on the board of directors and Devon Archer as the vice chairman and Investment Committee member, engaged in a series of financial deals that served the strategic interests of Beijing. In one of their first deals, the firm took an ownership stake in China General Nuclear Power Corporation (CGN), a nuclear energy company. The company was charged in 2016 with espionage against the United States. Also charged was an engineer who stole nuclear secrets from the United States. [Emphassi added]
BHR also helped buy out the American precision machining company Henniges. They bought the company in a joint deal with Aviation Industry Corporation of China (AVIC), a military contractor owned by the Chinese government. Because Henniges’s technology has military application, and therefore national security implications, the deal had to be approved by an interagency committee made up of Obama-Biden administration officials. [Emphasis added]
Hunter Biden’s BHR and the Chinese government-owned AVIC’s joint acquisition of Henniges was finalized in September 2015, giving BHR 49 percent control and ACIV the other 51 percent. The acquisition is one of the largest buyouts by China of an American automotive company in United States history, Bruner and Solomon note:
The $600 million acquisition was one of the largest Chinese takeovers of an American automotive company in history, topping AVIC’s 2010 takeover of Michigan-based Nexteer Automotive for $440 million. The purchase also revealed a pattern of Chinese state-backed takeovers of sensitive American companies which included China’s controversial purchase of A123 Systems for $256.6 million in 2013 after the Obama-Biden CFIUS approved the deal.
While the deal was finalized and afterward, executives at Henniges announced manufacturing expansions in China, Mexico, Germany, Poland, the Czech Republic, and South America.
https://www.breitbart.com/politics/2020/09/09/hunter-biden-chinese-firm-helped-buy-out-michigan-company-creating-jobs-in-china/