Former Vice President Joe Biden was the Obama administration’s “point person” for Ukraine and now it looks as though he connected in a shady Ukraine company that lost about $1.8 billion in aid funding and on the board of directors included Biden’s son Hunter, reports PJ Media.
The Biden family’s dealings with this Ukrainian company involved getting one of the country’s most notorious mob bankers, Ihor Kolomoisky, off the U.S. government visa ban list. Under Biden’s leadership, $3 billion in aid went to Ukraine, and his son’s company was implicated in the disappearance of $1.8 billion of that money.
Peter Schweizer reveals the former vice president’s role in his new book “Secret Empires: How the American Political Class Hides Corruption and Enriches Family and Friends.” The scandal drops with Biden reportedly mulling a 2020 presidential run.
Secretary of State John Kerry announced the U.S.’s support for Ukraine’s nationalist government in March 2014 after they pushed out their pro-Russia president, Viktor Yanukovych, which inspired a pr-Russia uprising in the east. Biden then became the “point person” for Ukraine.
On April 16, 2014, Biden met with Devon Archer, a former star fundraiser for John Kerry’s 2004 presidential run and business partner in Rosemont Capital with Biden’s son Hunter. (Federal agents would later arrest Archer in May 2016 for defrauding a Native American tribe.)
Less than a week later (April 22) came an announcement that Archer had joined the board of Burisma, a secretive Ukrainian natural gas company. On May 13, Hunter Biden would also join the company’s board.
On the day before Archer’s hiring, April 21, the vice president landed in Kiev for high-level meetings with Ukrainian officials. He spearheaded the effort to invest $1 billion from the U.S. and the International Monetary Fund (IMF) into Ukraine.
It is interesting that Burisma would hire Hunter and Archer to help with this foreign energy business venture even though neither of them had any experience in the energy sector. Schweizer notes, “The choice of Hunter Biden to handle transparency and corporate governance of Burisma is curious, because Biden had little if any experience in Ukrainian law, or professional legal counsel, period.”
Furthermore, Hunter Biden “seemed undeterred by the fact that as he was joining the Burisma board the British government’s Serious Fraud Office (SFO) was seizing $23 million from [founder Mykola] Zlochevsky’s bank accounts.” Furthermore, a year after Biden joined the firm, “experienced industry observers warned investors that Burisma was still a company to be avoided.”
On the other hand Ukraine is one of the most corrupt countries in the world, so it is no surprise that a business venture would go bad there, no matter who was handling it.
Out of 148 nations studied by the World Economic Forum, Ukraine ranks 143 for property rights, 130 for “irregular payments and bribes,” 133 for “favoritism in decisions of government officials,” and 146 for “protection of minority shareholders’ interests.”
Devon Archer left the company at the end of 2016, but Hunter Biden remains on the board and continues to provide legal assistance. Archer and Biden have not been required to disclose their compensation from Burisma, but Bowling Green State University professor Oliver Boyd-Barrett wrote, “Potentially, the Biden family could become billionaires.”
Biden’s dealings with Ukraine look as though it has the potential to be investigated by the FBI and should be if it means that millions of American taxpaying money were lost just so his family could become wealthier.