Republican presidential candidate Jeb Bush’s oil shipping business is partly financed by progressive billionaire George Soros’s Chinese business partner and protégé.
Bush’s ties to the left-wing Democratic donor could cast further suspicion on his personal business dealings during the Republican primary season.
Bush is the chairman of BH Logistics, a $26 million private equity fund that was incorporated in April 2014. Who invested in BH Logistics?
Bush’s firm received a major investment from HNA Group, a Chinese private equity firm. Bush took the money from HNA Group and spent it to invest in the gas shipping company Dorian LPG, which is incorporated in the Republic of The Marshall Islands.
What is HNA Group? And more importantly, who funds it?
Look no further than George Soros.
HNA Group’s chairman Chen Feng is one of China’s wealthiest businessmen, and he has Soros to thank for it. Feng, chairman of Hainan Airlines, secured a $25 million investment from Soros in 1995 after a personal New York City meeting. In 2000, he formed HNA Group to become the parent company of Hainan Airlines. Soros invested an additional $25 million in Hainan Airlines in 2005.
HNA Group now reports $17.5 billion in revenue and owns $58 billion in assets.
Soros and HNA Group launched a joint venture in 2007 called Grand China Airlines Holding Company, which is now the majority stakeholder in Hainan Airlines. The group announced in 2014 that it was increasing its investment in Hainan Airlines. Soros owns 18.6 percent of Grand China Airlines Holding Company, with HNA Group holding 32.8 percent, and the Hainan provincial government owning the other 48.6 percent. HNA Group owns 500 operational jets through Hainan Airlines.
The Bush campaign did not provide comment for this report.