President Biden’s brother James Ames has abandoned a clean energy project in the UK following a possible White House conflict of interest investigation.
James Ames Biden launched an investment vehicle in May with a British corporate lawyer, two Argentine businessmen. But he abandoned the plan just weeks after the White House assessed it under strict new rules introduced by the Biden administration. The company is asleep now.
James Ames Biden և and his wife, Sarah Ons Biden, co-founded 2BT, a UK limited liability company with Reed Smith partner Peter Thierry. 2BT has launched another car, Shelbourne Partners, to “explore investment opportunities, particularly in the clean energy sector,” according to Teare.
Weeks after launching Shelbourne, և After the White House’s study of Ames Biden’s plans, Thierry said the band had abandoned the project.
The White House’s Biden business plan’s oversight of the White House adviser’s office is part of an ethical regime introduced by President Biden’s approach to defining the financial interests of his family և the approach of his predecessor, Donald Trump և.
The new procedures mean that President Biden’s family members must first discuss possible practical involvement or deals with their own attorneys and then inform a White House adviser if necessary. After the White House offers to continue its advice, the family members make the final decision. The rules are designed to ensure that members of the president’s family do not have a conflict of interest with US government.
The White House official said. “The president has adopted rules of ethics for his administration, standards that go beyond any other administration in history, including standards for his relatives.”
James Ames Biden can not comment.
The White House declined to comment on the exact date or outcome of Ames Biden’s UK business review. Understandably, a White House consultant’s ethics review takes some time. The Financial Times contacted the White House on Friday to comment on Ames Biden’s UK business plans.
Biden Biden has invested in a number of US businesses, including a controversial attempt to buy the hedge fund Paradigm with his nephew Hunter in 2006. 2BT was shortlisted for directing in the UK, according to applications from the House of Commons.
In January, Joe Biden told CNN that his family “will not run any business, any enterprise that is in conflict or seems to be at a distance from the presidency or government.”
Shelbourne is jointly owned by 2BT և International Capital Investment, another new LLP launched by Argentine lawyer Ricardo Nicolas Malo Hiergo, former Argentine Congressman Jose Luis Manzano, James Ames Biden’s partner. Huergo և Manzano, respectively Chief Advisor և, is the President of the Buenos Aires Private Joint Stock Company, Integra Capital.
According to Huergo, the two Argentines and James Ames Biden are “old” acquaintances. Manzano served in Argentina’s cabinet under President Carlos Menem and founded Grupo America, the country’s second-largest media company. According to Spanish media LM, James Ames Biden attended Manzano’s wedding in 2015.
Both Argentines are already investing in traditional energy projects, including oil and gas through Integra. Huergo told FT that the new business plans to fund projects aimed at switching from fossil fuels to clean energy.