House Speaker Nancy Pelosi’s son Paul Pelosi Jr. is the second-largest investor in Chinese telecom firm Borqs Technologies, a recent Daily Mail report has revealed. The younger Pelosi did not publicly disclose his stake in the $22 billion firm before accompanying his mother on the taxpayer-funded trip to Taiwan.
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.
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, according to US Securities and Exchange Commission data provided by the Daily Mail. He was 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, the report says.