Aime Williams in Washington, Sun Yu in Beijing and Roman Olearchyk in Kiev
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Hunter Biden’s business interests often show up in unexpected places. Now, they are at the centre of the biggest political crisis of the Trump presidency and the fourth impeachment inquiry in US history. 
The son of Joe Biden, former vice-president and 2020 presidential candidate, Hunter Biden’s business ties are under scrutiny after Donald Trump leaned on the president of Ukraine to investigate his activities in the country. Mr Trump has also publicly called on China to investigate the Bidens. 
The Ukraine revelations have led House Democrats to open an impeachment inquiry against the president, but the nature of Hunter Biden’s business dealings in Ukraine, China and further afield raise questions about potential conflicts of interest while his father was in office. The Bidens have denied any wrongdoing.
FILE - This Jan. 30, 2010 file photo shows Hunter Biden, right, son of Vice President Joe Biden, center, talking with President Barack Obama, and the vice president Joe Biden during a college basketball game in Washington. Biden's youngest son Hunter is joining the Navy. The Navy says the attorney and former Washington lobbyist was selected to be commissioned into the Navy Reserve as a public affairs officer. Because he is 42, he needed a special waiver to be accepted, but that is not uncommon. He is one of seven candidates recommended for a direct commission for public affairs. (AP Photo/Nick Wass, File)
Hunter Biden, right, in 2010 with President Barack Obama and his father, Vice-President Joe Biden © AP

In addition to his ties to Ukraine through Burisma, the scandal-plagued gas company, and politically connected business ventures in the US, public records show that Hunter Biden still sits on the board of BHR Partners, a private investment fund backed by a number of Chinese state entities including Bank of China, China Postal Savings Bank and China Development Bank. 
Here, the Financial Times examines Hunter Biden’s business ties at home and abroad: 

Burisma Holdings


Hunter’s Role: Board member 2014-April 2019
Remuneration: Reportedly $50,000 per month
Burisma, Ukraine’s leading privately owned natural gas producer, obtained some of its most prized production assets while its founder Mykola Zlochevsky headed a ministry that doled out gas licences under the kleptocratic administration of ex-president Viktor Yanukovich. After Mr Yanukovich fled to Russia in 2014, investigators started probing the company. 
That year Burisma appointed prominent westerners to its board, including Hunter Biden, who reportedly earned $50,000 per month for this role. Mr Trump’s calls for his Ukrainian counterpart Volodymyr Zelensky to investigate Burisma over links to Joe Biden, his potential Democratic rival in next year’s presidential election, triggered the impeachment probe.
In tweets and in a July phone call with Mr Zelensky, Mr Trump and Rudy Giuliani, his personal lawyer, alleged that Joe Biden protected Burisma and his son’s interests while he was vice-president. Ukraine’s western backers deny this narrative.
Mandatory Credit: Photo by STEPAN FRANKO/EPA-EFE/Shutterstock (10426053c) (FILE) - Ukrainian businessman Mykola Zlochevsky, founder of Ukrainian energy company Burisma Holdings Limited, attends a press conference in Kiev, Ukraine, 19 March 2012 (reissued 27 September 2019). An impeachment inquiry against US President Donald J. Trump has been initiated following a whistleblower complaint over Trump's dealings with Ukraine. The whistleblower alleges that the President had demanded Ukrainian investigations into US Presidential candidate Joe Biden and his son Hunter Biden's involvement in the Burisma Holdings company. Mykola Zlochevsky, Kiev, Ukraine - 19 Mar 2012
Ukrainian businessman Mykola Zlochevsky, founder of Burisma, in 2012 © EPA/Shutterstock

Paradigm Companies LLC


Hunter’s Role: 2006-2010
Remuneration: Reportedly $1.2m annual salary
In 2006, Hunter Biden acquired a stake in Paradigm, a hedge fund group, following a failed attempt to buy the entire company through LBB, a limited liability partnership set up with his uncle James Biden. Hunter Biden recently told the New Yorker that, while the failed deal sounded “super attractive”, it fell apart after he and his uncle learned that the company was worth less than they had thought. 
Both James and Hunter Biden faced a lawsuit from Anthony Lotito Jr, a former business partner, who accused them of defrauding him over the failed deal. The Bidens countersued Mr Lotito, accusing him of hiding company debts and falsely claiming he held securities licences. An independent audit of the fund conducted in 2008 found accounting problems at the firm including “failure to timely prepare financial statements” and “failure to reconcile Investment Advisors reimbursement of fund expenses”.
Paradigm itself was founded by James Park in 1991, the son-in-law of one of the founder’s of the Korean Unification Church, which some have called a cult. In 2009, a fund run by Paradigm became associated with Allen Stanford, a Texas financier, who was later convicted of running an $8bn Ponzi scheme. Stanford’s company was responsible for marketing one of Paradigm’s funds of hedge funds, and also invested millions of dollars in it. At the time, a lawyer representing Paradigm said neither Hunter nor James Biden had ever met Stanford. 
The Bidens filed for voluntary liquidation of the company in 2010.

Seneca Global Advisors


Hunter’s role: Founder, 2008 onwards
Remuneration: Unknown
Hunter Biden launched his consultancy in September 2008, weeks after his father Joe Biden had been announced as Barack Obama’s running mate on the Democratic presidential ticket. Mr Obama was elected president in November 2008, with Joe Biden as his vice-president. 
The consultancy pitched itself as a firm that could help small and midsized companies expand across the US and into foreign markets. Clients included Achaogen, a pharmaceutical company focused on anti-bacterial treatments that filed for bankruptcy in April 2019, and GreatPoint Energy, an energy technology start-up. 
In 2012, GreatPoint received a $420m investment from China Wanxiang Holdings, an industrial conglomerate. It was the largest venture capital investment into the US that year. It is unclear if Hunter Biden was directly involved in securing this investment. 

Rosemont Seneca Partners


Hunter’s role: Co-founder, since 2009
Remuneration: Unknown
Hunter Biden co-founded Rosemont Seneca Partners in 2009 with Christopher Heinz, stepson of John Kerry, the former secretary of state, and scion of the Heinz processed food fortune, and Devon Archer, a financier and former Abercrombie & Fitch model who attended Yale with Mr Heinz.
In 2014, Rosemont Seneca was involved in an attempted $1.5bn fundraise for a new fund launched by Harvest Fund Management and Bohai Industrial Group, the Chinese asset manager, according to a Wall Street Journal report at the time. The Bank of China International Holdings was one of the biggest stakeholders in Bohai at the time.
Mr Archer first connected with Mykola Zlochevsky, co-founder of the Ukrainian gas company Burisma, in 2014 when he travelled there to pitch a Rosemont-linked real estate fund that he managed. Mr Archer joined Burisma’s board in 2014. Hunter joined soon after. 
Christopher Heinz of Center for a New American Security from their website
Christopher Heinz, one of Hunter Biden's business partners

BHR Partners


Hunter’s role: Director, 2013 to present
Remuneration: Unknown
BHR Partners, of which Hunter remains a director, is a private investment fund backed by some of China’s largest state banks, local government and the national pension fund.
At its inception in 2014, BHR listed Rosemont Seneca Thornton LLC, an investment firm co-founded by Hunter Biden, as a shareholder that owned 30% of the fund. 
A year later, the two partners in RST, a consortium of Rosemont Seneca and Thornton Group, a Massachusetts-based firm with local political ties, split their shares in BHR. Rosemont Seneca took 20% and Thornton 10%. Rosemont Seneca unloaded its BHR stakes in 2017, while Thornton kept its shares.
BHR is known for being an early investor in some of the fastest-growing technology start-ups, including Didi Chuxing, the digital transport group. It has also invested in Megvii, a facial recognition start-up whose technology has been used in Chinese government surveillance of Uighur populations in China’s western provinces. 
Li Xiangsheng, CEO of BHR, told local media that the fund’s strong government background would allow it to make super-big investments, saying the fund could take loans from its shareholders such as China Development Bank and Bank of China to complete transactions. 
The New Yorker reported in July that Hunter and his partners said they had not yet received a payment from BHR. 
BEIJING, CHINA - DECEMBER 04: U.S. Vice President Joe Biden waves as he walks out of Air Force Two with his granddaughter Finnegan Biden (C) and son Hunter Biden (R) at the airport December 4, 2013 in Beijing, China. Biden is on the first leg of his week-long visit to Asia. (Photo by Ng Han Guan-Pool/Getty Images)
Vice-President Joe Biden leaves Air Force Two with his granddaughter Finnegan Biden and son Hunter Biden at Beijing airport during an official visitin 2012 © Getty

BHR Partners portfolio companies:
CompanySector & LocationNotes
Didi ChuxingTransportation, ChinaCashed out. China’s largest ride-hailing service. BHR invested in Didi in 2015 and exited two years later.
MegviiImage recognition, ChinaCurrent. Leading facial recognition company whose technology was linked to Beijing’s mass surveillance of Uighurs in Xinjiang. BHR was an investor in Megvii’s Series C funding round in 2017.
Sinopec Petroleum Sales CoEnergy, ChinaCurrent. Retail unit of one of world’s largest oil refiners. Sinopec participated in China’s mixed ownership reform of the state sector by selling shares in its retail business in 2014 to an investor group that includes BHR. The fund paid Rmb6bn for a 1.7% stake.
Yancoal AustraliaEnergy, AustraliaCurrent. Australian subsidiary of China’s third-largest coal producer. BHR teamed up with two Chinese banks in 2016 to purchase a nine-year bond issued by Yancoal Australia and valued at $950m.
CGN Power GroupElectricity, ChinaCurrent. Major nuclear power company that was placed under US export blacklist in August over accusations of stealing US technology for military use. BHR was a cornerstone investor in CGN’s Hong Kong IPO in 2014.
TuniuOnline travel, ChinaCurrent. Major online travel agency. BHR invested in Tuniu in 2016.
Contemporary Amperex TechnologyBattery, ChinaCurrent. World’s largest lithium-ion battery maker. BHR invested Rmb100m in CAT in 2015 and cashed out for Rmb197m three years later.
3SBioPharmaceutical, ChinaCurrent. Leading biopharmaceutical firm in which BHR has invested. 
Tenke copper mineMining, Democratic Republic of CongoCashed out. BHR paid $1.1bn for a 24% stake in DRC’s Tenke copper mine, one of the world’s largest, from Canada-based Lundin Mining. BHR acted as middleman in the deal, as it later sold its stake to China Molybdenum, a state-backed miner, allowing the latter to gain full control of Tenke.
Henniges AutomotiveAuto parts, USACurrent. In 2015, BHR teamed up with Chinese state-owned Avic Auto to acquire Michigan-based Henniges Automotive, which makes auto components. The deal, valued at $600m, gave BHR a 49% stake in Henniges. A research institute under Avic Auto’s parent company, China’s largest defence contractor, was added to the US export blacklist in 2014. 
Jilin Zhishi Dairy CoFood, ChinaCurrent. BHR-invested dairy product maker based in northeastern China.
Chengdu Xijiao Rail Transportation Technology CoTransportation, ChinaCurrent. Leading railway technology firm in which BHR has a 10% stake.
Additional reporting and production by Adrienne Klasa
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As someone who commented previously, I feel this article adds considerably to the discussion: only half of what is written in this New Yorker article is true, then Hunter Biden is a troubled individual - and if I were his father I would be deeply concerned. I still want to know how BHR came into the Tenke Fungurume mining transaction, and who pocketed the fees. I also want to know more about the reputation laundering and the opening of a gateway for dirty money from Ukraine. That said, since the fall of the Berlin Wall members of the western elite and various wannabees have looked for ways to make quick, easy money in the former-Communist east. I was there to watch some of it happen with my own eyes.Meanwhile, I am reminded of what Jesus once said: "He that is without sin among you, let him first cast a stone...".
 In reply to David Edick Jr.
Hunter Biden survived, but was seriously injured by the car accident that killed his mother and sister. He was a toddler at the time. Most adults who experienced serious trauma as children, are “troubled”. When a person’s memories contain details that most people find upsetting, it can create troubling situations.Now his brother, Beau is also dead. How could that not be upsetting? Hunter Biden is actually doing shockingly well. I wish him nothing but the best.
Extraordinary, absolutely game-changing revelatory reporting by Financial Times. How the Democrats have chosen to impeach the president on the basis of such a mess of nepotism in their own ranks is beyond comprehension. 
So people are using the fact that Hunter Biden (a person, based on comments here, that people actually know nothing about) has been successful and made money as proof of corruption? That's an incredibly low standard of proof, and totally inconsistent with the far higher standard of proof that's been applied to Trump and his children. Given that Hunter Biden has actually founded and co-founded his own successful firms, it seems to me very likely that he's actually a skilled businessman. That's not a crime.
 In reply to Eucalyptus
Eucalyptus Sure. And your family dog growing up actually just went to go live on a farm.
 In reply to Eucalyptus
Hunter Biden hasn’t actually even been accused of a specific crime. Trump is just attacking him because he considers it a way to get at Joe Biden.
Shouldn't this be investigated ? It does appear that it is based on facts and on evidence collected over a period of time by people like John Salomon (AP, Whasington Post, The Hill etc)

This is a very impressive article. I congratulate the FT on its research. It is understable for Vice President Biden to let his only son left to do what he wants but maybe it is about time he could be persuaded to be less greedy. Could you do the same for the Trump's family, especially Trump Jr. and Ivanka?
Well, not making excuses for any politicians, but true to form, they're all at it. Wasn't Chelsea Clinton added to the Pepsico board around age 30? I'm sure she's highly educated but certainly lacks the kind of experience required to be on a board at such a young age. She pulls in about $600k annually at the moment just from her board positions. I'm sure a few tax-exempt donations to the "Clinton Global Tax-Dodge", I mean "Initiative" were also made. The Bidens aren't the 1st nor will they be the last to do this. In the end, it's all about access. When Barack Obama was elected to the senate, his wife's salary tripled over-night. Those are just a few recent examples I think of, but I'm sure there's enough to fill the FT for a few weeks solid.
Excellent credentials for a future US president!
With Hunter’s recent resignation from Burisma, there is a new job opening posted online:Title: Board MemberResponsibilities: NoneQualifications: NoneExperience: NoneAttendance: NoneSalary: $600,000 per annumNow accepting applications.... *Must be politically connected*
President Trump has asked the Ukrainian president Zelensky to investigate Biden Jr for corruption and re-open the case as to why the magistrate at the time was fired. Trump's critics say that Trump's motive was to get dirt on Biden Sr. The error there is to assume not only that this was in fact Trump's motive, but to assume that a person may not have more than one motive. It is perfectly legitimate for a US President to pursue corruption suspects and to enlist foreign aid.  Dems have trying to impeach Trump ever since he was elected.   First in order to avenge Mrs Clinton, and now as an instrument to help them win in 2020. But, of course, they too can argue that they have another motive: loyalty to justice and the Constitution.  And they too, like Trump, can have more than one motive. The full process of impeachment requires a two thirds Senate majority.  The Dems must know it is highly unlikely that they will achieve this.
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Great investigative reporting, FT! Now someone pls explain to me how it is appropriate for the POTUS to involve foreign governments in opening a criminal investigation against Hunter Biden. Whether or not he misbehaved is irrelevant to the issue at hand: Trump is alleged to have committed an impeachable offence, and should be held accountable. The rest is important, but secondary.
Oddly, no widely read periodicals or other media are quantifying the same 'misdeeds' of Hunter Biden as they apply to Trump's adult children: Don, Eric and Ivanka.         
Trump should be worried about Elizabeth Warren, not Joe Biden. 
 In reply to Investor0007
Investor0007 that's exactly the reason why he's going after Biden, he wants to choose his opponent
When will we see an article about the financial interests of the Trump children?
 In reply to David
David Two wrongs don't make something right.
 In reply to S.T. More
S.T. More David "Two wrongs don't make something right." Yep. So let's actually start talking about Trump children interests because it either matters or it doesn't and both sides should be held to a standard, just pick one. Luckily for Trump there are two teams (D and R) and each has a distinctly separate mental construct of how things operate and biases that go with so the Trump admin/campaign is able to perfectly straddle both sides of the issue. The rest of us talk around it with things like "Two wrongs don't make something right."
 In reply to S.T. More
S.T. More David Indeed,   but the issue is faithful compliance with the rule of law.        Ivanka Trump left an easy to follow paper trail of her illegal activities for the Trump Group at their Trump Tower Azerbaijan (, investigations by foreign nations involved have found no credibility to these reports about Biden, whereas the Ivanka incident is well documented as violating USA Foreign Investment law.
 In reply to David
David Media already tried digging deep...nothing panned out. Biden story, however, mentioned in Moneyland: The Inside Story of the Crooks and Kleptocrats Who Rule the World, by Oliver Bullough. This was an "Economist" Book of the Year. 
 In reply to David
The trump children owe their interests to the fact they are scions of a rich and famous family_one can question the legitimacy of those private gains but they are private.. Hunter Biden owes his to the fact his father has held high elected office. There is a qualitative differemce.
This is wrong and US should investigate to the bottom of it
Release the Biden Transcripts!
Hunter Biden is incredibly corrupt and his Dad has facilitated this. Crooked Joe. Great that the FT is reporting on this.Scandalous pay for play. Donald Trump is right to investigate this one very closely.Who in Ukraine and China does Joe Biden owe what? 
Lionel Barber is sat in a pair of Hunter Biden's excellent wellington boots, hammering out a blistering expose of Lord Grosvenor's tax free inheritance of billions.  He's on a roll.
This cult is dangerous. It twists everything. Members effuse while living in degrading conditions. They cannot leave, often force is used to coerce them to carry out meaningless, repetitive tasks. Half their wages are taken to pay for tthe luxurious lifestyle of the top few founders.Noliberalism is poison.
Greetings. President Warren.
 In reply to A.F
A.F I don't think Warren (Trump calls her Pocahontas and I'm sure he will use this nickname profusely during the campaign) is electable in the US. Maybe in some northern European countries, yes, but I doubt voters will elect her once they realise what she's actually proposing to do once she became president. Ditto with Jeremy Corbyn in the UK.