[WSJ] Hunter Biden ramped up business activities with European and Chinese tycoons as his father exited the vice presidency four years ago. For him it was a potential path to income; for the tycoons, the Biden family name promised to burnish their reputations.The dealings got the younger Mr. Biden a discounted stake in a private-equity firm in China and consulting arrangements with a Romanian property magnate and overall allowed him to maintain a globe-trotting lifestyle, according to interviews, documents and communications reviewed by The Wall Street Journal. A Chinese energy tycoon gave Mr. Biden a 2.8-carat diamond, and entities linked to him wired nearly $5 million to Mr. Biden’s law firm, according to an investigation by Senate Republicans.
These arrangements now loom over President-elect Joe Biden. A federal criminal tax investigation into Hunter Biden’s business dealings is under way, with findings potentially trickling out in coming months. His business ties to well-connected people in China and other places could add to scrutiny of foreign-policy decisions taken by the Biden administration over possible conflicts of interest. All are likely to provide ammunition to Republicans.
Sen. Chuck Grassley (R., Iowa), who has led the Senate Finance Committee whose Republican staff helped investigate Hunter Biden, has said he would continue to look into what he says are possible counterintelligence and criminal concerns related to Mr. Biden’s business dealings.
"Based on all the facts known to date, Joe Biden has a lot of explaining to do," Mr. Grassley said recently.
Hunter Biden has said he takes the tax investigation "very seriously" and is "confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately." He declined to comment for this article and his lawyer, George Mesires, didn’t respond to questions. In 2019, Mr. Biden said he wouldn’t work with any foreign companies if his father were elected U.S. president.