USA: You can’t make this shit up…
House Speaker Nancy Pelosi’s son is the second largest investor in a Chinese tech company whose senior executive was arrested in a fraud investigation, according to DailyMail.com, raising questions about his secretive visit to Taiwan with his mother.
53-year-old Paul Pelosi Jr did not publicly disclose his stake before accompanying his mother on the taxpayer-funded trip to Taiwan.
Pelosi is not only a major investor in Borqs, a player in the Chinese internet-of-things and 5G sector, but has also worked as a consultant for the firm, rewarded for his services with 700,000 shares in the firm, at which time his holdings were exceeded only by CEO Pat Sek Yuen Chan.
Upon learning that Pelosi Jr. had tagged along with his mother’s delegation, several Taiwanese politicians, including the former chair of the island’s financial supervisory commission, Tseng Ming-chung, have demanded to know whether the island’s ruling Democratic Progressive Party had a financial relationship with the Pelosi family and whether the congresswoman’s visit involved business interests.
The younger Pelosi was not listed as a member of the delegation and had no government post or other stated mission to carry out.
It is unclear what Pelosi Jr.’s role at the company was.
Additionally, Pelosi Jr. was appointed to the boards of two lithium mining companies in 2020 and 2021. His appointments have drawn new scrutiny following his visit to Taiwan, a lithium mining capital.
His role involves “making explicit introductions between Altair and potential strategic partners in the various industries of interest for expansion,” according to a press release at the time.
As a reminder, Pelosi and her husband have been accused of insider trading regarding Paul Pelosi Sr.’s trades on tech giants Apple, Amazon, and Alphabet last month, which netted the family millions in profits.
While the House speaker makes $223,500 annually in her government role, her net worth is estimated as high as $252 million, according to her own financial disclosures.
One could be forgiven for seeing a pattern here among the highest ranking Democratic party officials whose offspring appear gifted at discovering lucrative positions in foreign companies while their parents ‘run’ the largest economy in the world.
by Tyler Durden
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