While Joe Biden decimated American coal, son’s firm made millions from Chinese govt-owned coal company

While Joe Biden decimated American coal, son’s firm made millions from Chinese govt-owned coal company

[Ed. – Hunter Biden can expect tons more ‘gifties’ to arrive in his lap if his father becomes president.]

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.”

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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.

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