(This is the fifth in a series of articles exploring Hunter Biden and Chris Heinz’s business dealings with Chinese entities. Additional reporting and research have been provided by RedState’s Scott Hounsell.)
Documents have surfaced purporting to be a Loan Agreement between Jonathan Xiangsheng Li, CEO of Bohai Capital, and Hunter Biden for approximately one-third of the amount he needed to purchase a 10 percent stake in Bohai Harvest RST (BHR), a Chinese venture capital firm.
The documents, one dated July 2017 and an Amendment dated October 2018, were first posted on a website run by Guo Wengui, a self-described Chinese dissident, Friday. (There are also claims that Guo is a double-agent.) Over the weekend, though, U.S. sources with knowledge of ongoing investigations into Joe and Hunter Biden’s business dealings with foreign nationals/governments confirmed their authenticity to RedState.
From the time BHR was registered in December 2013 until July 2017, the document states that Hunter Biden paid two-thirds of his capital obligation to the company. His original obligation was paid through Rosewood Seneca Thornton, a partnership formed in May 2013, but after a series of partnership changes Hunter’s 10 percent interest was going to be held by his personal firm, Skaneateles LLC. Apparently, at that time the rest of the Bohai partners wanted to ensure that Biden upheld his capital commitment.
For some reason Hunter couldn’t come up with the dough, so the CEO of state-owned Bohai Capital helped him out. The July 10, 2017, Agreement states:
This Loan Agreement (this “Agreement”) is made on July 10, 2017 by and among Mr. Xiangsheng Li (a HK resident with HK ID No. P*******, the “Lender”) on the one hand, and Mr. Robert Hunter Biden (a USA resident with passport No. ********,”Mr. Biden”), Mr. Eric D. Schwerin (a USA resident with passport No. ********,”Mr. Schwerin”), and Skaneateles, LLC (a limited liability company registered under the laws of the District of Columbia, USA, “Skaneateles”, together with Mr. Biden and Mr. Schwerin collectively referred to as the “Borrowers” and individually as a “Borrower”) on the other hand.
Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co., Ltd is a company established in the People’s Republic of China (registration number 310000400727130) with a registered capital of RMB30,000,000 (“BHR”) on December 16, 2013 (“Registration Date”), of which Skaneateles subscribed to RMB3,000,000 (“Committed Capital”) in return for 10% of equity interest in BHR (the “Equity Interest”)
As of the date hereof, Skaneateles has paid RMB1,987,104 of its Committed Capital, with RMB1,012,896 committed but which remains unpaid (the “Unpaid Capital”);
It’s interesting that this document notes that on the date BHR was founded, in December 2013, Hunter Biden owned a 10 percent stake. This contradicts the statement issued by Hunter Biden’s attorney in 2019, which claimed that Hunter didn’t own any part of BHR until 2017.
Also interesting is the “Event of Default” clause, which states that “if Skaneateles ceases to be wholly-owned and controlled by Mr. Biden and /or Mr Schwerin,” Hunter Biden is considered to be in default.
On October 31, 2018, the Agreement was amended, changing the lender to a Ms. Xin Wang, who is apparently a Canadian citizen.
This Amendment added statements about the purpose of the loan and why a substitute lender was necessary:
The Original Lender and the Borrowers entered into a loan agreement dated June 30, 2017 (the “Loan Agreement“) pursuant to which it was agreed that the Original Lender would make certain advances to Skaneateles for the purpose of funding its registered capital obligations to BHR;
the Original Lender did not have sufficient funds to make the entire Loan as stipulated in the Loan Agreement and the New Lender stepped in to make a direct loan to the Borrowers in the amount of US$158,000 (the “New Loan“) on December 4, 2017;
So, who is Ms. Xin Wang? She is listed as a venture partner on BHR’s website, which contains the following bio:
Ms. Xin Wang received her Bachelor of Commerce from McGill University and Juris Doctorate from Boston University. She is a qualified lawyer in the State of California and Solicitor in England and Wales, with extensive experience in leveraged, acquisition and project financings as well as mergers & acquisitions. Ms. Wang served as Counsel with White & Case before joining BHR as Managing Partner.
Her LinkedIn page also lists her as Managing Partner of BHR Harvest.
So, were these “loans” ever repaid by Skaneateles/Hunter Biden, or is Hunter Biden literally indebted to China? (If you don’t believe that the people who are running BHR, whose majority stockholders are CCP shell companies, are CCP loyalists and enforcers, I’ve got a bridge to sell you.)