According to information obtained by DailyMail, Nancy Pelosi’s son is the second-largest investor in a $22 million Chinese company whose top executive was detained in connection with a fraud probe. This raises concerns regarding his covert trip to Taiwan with his mother.
Paul Pelosi Jr, 53, worked for the telecom firm Borqs Technologies in a board or consulting capacity in addition to investing, according to Securities and Exchange Commission records.
As compensation for his services, he received 700,000 shares, leaving him the fifth-largest shareholder in the business. He surpassed one of the company’s two co-founders in stock ownership when other insiders sold shares in June 2021, and was only surpassed by CEO Pat Sek Yuen Chan.
In connection with a reported fraud probe, Chinese law enforcement detained the president of one of Borq’s subsidiaries in September 2019 and took copies of contracts and accounting data.
Pelosi Jr. was not mentioned among the top 10 stockholders in a later SEC filing from May 2022, indicating that he has fallen in the list since the previous year.
Neither company has connections to Asia, and none processes lithium that has been mined, according to Nancy’s spokesman Drew Hammill. Both presently bring in no money.
The role Pelosi Jr. played in the Beijing-based business was only recently made public, following a trip to Taiwan by him and his influential mother to demonstrate support for the country that China controvertibly claims as a section of its own territory.
The formal delegation that the Speaker’s office sent out did not include Pelosi Jr. The Speaker acknowledged in a statement this week that when questioned by the press, her son served as her “escort” on the trip instead of her husband.
The House Speaker’s current drive to combat Chinese government aggression abroad and its corporate influence in the United States may be complicated by Nancy’s son’s connections to the Chinese company.
