Joe Biden’s brother, James Biden, has abandoned the new clean energy investment company he launched in the United Kingdom after a new rule aimed at ethical review of the White House and the ban on conflicts of interest.
James Biden and his wife Sara Biden have launched a limited liability partnership called 2BT, the Financial Times reported.
Reed Smith’s partners Bidens and Peter Teare set up another venture through 2BT called Shellbone Partners, but the project was subsequently abandoned.
Teare told the Financial Times that it was a “mistake” to think that the decision to abandon the company was related to the review, but it seems to provide another explanation as to why the project was abandoned. There wasn’t.
James Biden and his wife Sara Biden have recently launched a limited liability partnership called 2BT in the United Kingdom to invest in the Green Project.
The project was subsequently canceled due to the White House’s ethical review and the establishment of new rules by the Biden administration aimed at banning conflicts of interest.
Joe Biden (left) is Ellen’s homemade ice cream in Charleston, West Virginia in 2008, painted with his brother James Biden (right).
He told the outlets that he could not discuss Videns’ private business, including why they might decide to pursue a particular opportunity.
Shelborn Partners was “established to explore future investment opportunities, especially in the clean energy sector,” Thea told the Financial Times.
However, just a few weeks after it began, the White House completed a review of its business plan to comply with the strict new rules introduced by President Biden’s administration.
The Biden administration has sought to draw a clear line between his approach to family business interests and former President Donald Trump’s approach, which often faced scrutiny for family business interests.
He hired his daughter Ivanka and his son-in-law Jared Kushner as senior advisors to the White House, and his son Donald Jr. was also a spokesperson for his dad’s campaign.
In the 2020 presidential election, Biden was accused of revealing that his son Hunter Biden was appointed to the board of a Ukrainian energy company called Burisma when he was Vice President during the Obama administration. I did.
The hunter did so despite his apparent disqualification, and by April 2019 he was paid up to $ 50,000 a month, triggering claims that he used his father’s name and influence to bag his work.
Prior to his inauguration, Joe Biden told Jake Tapper at CNN that his family would not participate in business interests that contradict his role as president.
“My son, my family, will not be involved in any business, any company that is in conflict or appears to be in conflict, at an appropriate distance from the president and the government,” Biden said. It was.
The Financial Times explained that under Biden’s new procedure, the president’s family would first need to reveal potential business plans to their lawyers and notify White House lawyers if necessary.
Filmed in May, Hunter Biden faced questions about his appointment to the board of directors of a Ukrainian energy company, despite his inexperience in the field.
The White House then advises on whether to proceed with the business plan, but allows the family to make the last and last call, the outlet reported.
“The president is superior to any other administration in history and has adopted the ethical rules and standards of his administration, including the standards of relatives,” a White House official said.
The conclusions drawn from the ethical review to Shelborn Partners were not revealed.
Shelbourne Partners is jointly owned by 2BT and another company, International Capital Investment.
According to the Financial Times, Argentine lawyer Ricardo Nicholas Maro Welgo started the company with James Biden’s associate, former Argentine congressman Jose Luis Manzano.
Huergo and Manzano lead Integra Capital, a private equity fund in Buenos Aires, as legal counsel and president, respectively. Through Integra, Huergo and Manzano have already invested in traditional energy projects, including oil and gas.
Huergo told the Financial Times that Shellborn partners are planning to fund a project aimed at migrating from fossil fuels to clean energy.
Joe Biden’s brother James abandoned a clean energy project in the UK after an ethical review of the White House
Source link Joe Biden’s brother James abandoned a clean energy project in the UK after an ethical review of the White House