Hunter Biden steps down from Chinese private equity board, promises no foreign work if dad Joe elected in 2020

Former Vice President Joe Biden’s son, Hunter, says he’ll stand down from doing any foreign work if his dad is elected president in 2020.

Hunter Biden has been in the middle of a storm of controversy over his dealings as a board member on Burisma, one of Ukraine’s largest private gas companies, led by President Trump and Rudy Giuliani,

Trump reportedly asked the president of Ukraine personally to investigate the Bidens, and made a similar request publicly of China.

In a statement issued by his lawyer Sunday morning, Hunter Biden announced he’ll step down from the board of BHR (Shanghai) Equity Investment Fund Management Company, a Chinese private equity firm that claims to manage about $2.1 billion in investments. Biden insisted he has earned no money from his role and said he paid about $420,000 in October 2017 to buy a 10% equity position in the company.

Biden said he’ll resign by Oct. 31.

The younger Biden also laid out ground rules for his career moves if his father is elected, including keeping the former VP “personally uninvolved in his business affairs.”

Related: Hunter Biden through the years

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Hunter Biden through the years
WASHINGTON, DC - APRIL 12: World Food Program USA Board Chairman Hunter Biden speaks on stage at the World Food Program USA's Annual McGovern-Dole Leadership Award Ceremony at Organization of American States on April 12, 2016 in Washington, DC. (Photo by Teresa Kroeger/Getty Images for World Food Program USA)
WASHINGTON, DC - APRIL 12: (L-R) U.S. Vice President Joe Biden, Hon. Dan Glickman, and Hunter Biden attend the World Food Program USA's Annual McGovern-Dole Leadership Award Ceremony at Organization of American States on April 12, 2016 in Washington, DC. (Photo by Teresa Kroeger/Getty Images for World Food Program USA)
WASHINGTON, DC - APRIL 12: World Food Program USA Board Chairman Hunter Biden (L) and U.S. Vice President Joe Biden attend the World Food Program USA's Annual McGovern-Dole Leadership Award Ceremony at Organization of American States on April 12, 2016 in Washington, DC. (Photo by Teresa Kroeger/Getty Images for World Food Program USA)
WASHINGTON, DC - APRIL 12: World Food Program USA Board Chairman Hunter Biden and Kathleen Biden arrive at the World Food Program USA's Annual McGovern-Dole Leadership Award Ceremony at Organization of American States on April 12, 2016 in Washington, DC. (Photo by Paul Morigi/Getty Images for World Food Program USA)
WASHINGTON, DC - APRIL 12: WFP USA Board Chair Hunter Biden speaks during the World Food Program USA's 2016 McGovern-Dole Leadership Award Ceremony at the Organization of American States on April 12, 2016 in Washington, DC. (Kris Connor/WireImage)
NEW YORK, NY - MAY 28: Hunter Biden attends the T&C Philanthropy Summit with screening of "Generosity Of Eye" at Lincoln Center with Town & Country on May 28, 2014 in New York City. (Photo by Astrid Stawiarz/Getty Images for Town & Country)
US Vice President Joe Biden (C) buys an ice-cream at a shop as he tours a Hutong alley with his granddaughter Finnegan Biden (R) and son Hunter Biden (L) in Beijing on December 5, 2013. Biden said on December 5 China's air zone had caused "significant apprehension" and Beijing needed to reduce Asia-Pacific tensions to protect its growing stake in regional peace and stability. AFP PHOTO / POOL / Andy Wong (Photo credit should read ANDY WONG/AFP/Getty Images)
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)
WASHINGTON, DC - MAY 01: Second Lady Dr. Jill Biden and World Food Program USA Board Chair Hunter Biden taking the Live Below the Line Challenge, eating and drinking on $1.50 a day to raise awareness of global hunger and World Food Programme school feeding efforts around the world, at World Food Program USA on May 1, 2013 in Washington, DC. (Photo by Paul Morigi/WireImage)
President Barack Obama, left, Vice President Joe Biden, center, and Hunter Biden share a laugh during the first half of the NCAA basketball game between Georgetown and Duke at the Verizon Center in Washington, D.C., Saturday January 30, 2010. Georgetown defeated Duke, 89-77. (Photo by Chuck Myers/MCT/MCT via Getty Images)
WASHINGTON - OCTOBER 29: Hunter Biden (l) and actor Woody Harrelson pose for a photo at the after party following the 2nd Annual IMPACT Film Festival's screening of "The Messenger" at Posh on October 29, 2009 in Washington, DC. (Photo by Paul Morigi/WireImage)
U.S. Vice President Joe Biden (2R) arrives at Arlington National Cemetery with his wife Dr. Jill Biden (R), his son Hunter (L) and his daughter-in-law Kathleen for the internment services for U.S. Senator Edward Kennedy in Arlington, Virginia, August 29, 2009. Kennedy died late Tuesday after a battle with cancer. AFP PHOTO/POOL/Jim BOURG (Photo credit should read JIM BOURG/AFP/Getty Images)
WASHINGTON, D.C. - JANUARY 20: Vice-President Joe Biden arrives with his family, wife Jill, sons Hunter and Beau at the reviewing stand to watch the Inaugural Parade from in front of The White House January 20, 2009 in Washington, DC. Obama was sworn in as the 44th President of the United States, becoming the first African-American to be elected to the President in the US. (Photo by Alex Wong/Getty Images)
WASHINGTON, DC - JANUARY 19: Hunter Biden and guest attend the Artists And Athletes Alliance red carpet event at Inaugural Honors ServiceNation, held at Cafe Milano in Georgetown January 19, 2009 Washington, DC. (Photo by Logan Mock-Bunting/Getty Images)
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“Under a Biden Administration, Hunter will readily comply with any and all guidelines or standards a President Biden may issue to address purported conflicts of interest, or the appearance of such conflicts, including any restrictions related to overseas business interests,” the statement reads. “In any event, Hunter will agree not to serve on boards of, or work on behalf of, foreign owned companies.”

As for Burisma and his work in Ukraine, Biden said he focused on “the principles of corporate transparency, governance and responsibility."

“Despite extensive scrutiny, at no time has any law enforcement agency, either domestic or foreign, alleged that Hunter engaged in wrongdoing at any point during his five-year term,” his attorney said.

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