Paul Pelosi Jr., who received 700,000 shares of Borqs Technologies as compensation for his services, became the second-largest investor after CEO Pat Sek Yuen Chan when other company insiders sold their shares in June 2021, the Daily Mail reported, citing Security and Exchange Commission filings.
As of March 2022, Pelosi Jr. still owned around 147,000 shares — or about 0.07% of outstanding shares.
The report said Pelosi Jr., 53, also worked for the company, which has a market value of about $22 million, in a board of consultancy role.
He traveled with his mother as she led a Democratic congressional delegation to Asia that included stops in South Korea, Singapore, Malaysia, Japan and Taiwan, but his name wasn’t included in the official list of officials on the trip released by the speaker’s office.
While in Taiwan, Pelosi (D-California), a longtime critic of China’s human rights abuses, voiced America’s “unwavering commitment to supporting Taiwan’s vibrant Democracy.”
Paul Pelosi Jr. joined his mother, House Speaker Nancy Pelosi, on her controversial trip to Taiwan. Photo: JIJI Press / AFP / Getty Images
“America’s solidarity with the 23 million people of Taiwan is more important today than ever, as the world faces a choice between autocracy and democracy,” she said in a statement.
China responded the visit by Pelosi, the highest-ranking US elected official to travel to the island since House Speaker Newt Gingrich in 1997, by extending military exercises in the Strait of Taiwan.
Paul Pelosi Jr. still owns about 147,000 shares of Borqs Technologies. Photo: Chien Chih-Hung / Office of The President / Getty Images.
Pelosi Jr. joined his mother as she led a Democratic congressional delegation to Asia that included stops in South Korea, Singapore, Malaysia, Japan and Taiwan. Photo: Reuters / Issei Kato.
Pelosi Jr.’s name wasn’t included in the official list of officials on the trip released by the speaker’s office. Reuters / Issei Kato.
China believes Taiwan, which is self-ruled, to be part of its sovereign territory and has threatened to reunify the country — by force if necessary.
A spokesman for the speaker’s office said there are 10 larger shareholders than her son and that he now has about 43,000 shares.
“Per decades-old policy, spouses and adult children are allowed to travel on Congressional delegations for representational purposes at no expense to the taxpayer,” the spokesman said.
Main photo: Pinterest.com
Source: New York Post.