James Biden has abandoned the UK energy project after studying the White House

President James Biden’s brother James has left a clean energy project in the UK after examining potential conflicts of interest in the White House.

James Biden set up an investment vehicle in May with a lawyer for a UK corporation and two Argentine businessmen. But the plan was thrown out a few weeks later in the White House under strict new rules introduced by the Joe Biden administration. The company is asleep now.

James Biden and his wife, Sara Jones Biden, launched 2BT, a UK limited liability company, along with partner Reed Smith Peter Teare. 2BT created another vehicle, Shelbourne Partners, to “explore future investment opportunities, especially in the clean energy sector,” according to Tear.

A few weeks after the launch of Shelbourne, and after examining James Biden’s plans in the White House, Terek said the team had abandoned the project.

The White House attorney’s office presented James Biden’s planned U.S. business study to the new U.S. administration and designed President Biden to draw a line between his family’s financial interests and that of Donald Trump’s predecessor.

The new procedures would allow President Biden’s relatives to talk to them about business commitments or lawyers as soon as possible, and inform the White House attorney if necessary. After offering advice to the White House to move forward, the relatives make the final decision. The rules are designed to prevent the president’s family from having a conflict of interest with U.S. government issues.

A White House official said: “The President has adopted ethical rules and standards for his administration that go beyond any other administration in history and include standards for his relatives.”

James Biden could not comment.

The White House declined to comment on James Biden’s specific timing of the UK’s planned business review or its implications. It is understood that the White House counselor’s ethics studies need some time. The Financial Times contacted the White House on Friday to comment on James Biden’s UK business plans.

James Biden has invested in a string of U.S. business deals, including a controversial attempt to buy Paradigm hedge fund in 2006 with his nephew Hunter. 2BT was its first listing as a director in the UK, according to data presented by Companies House.

In January, Joe Biden told CNN that his family “would not be involved in any business, any company that is in conflict or appears to be in conflict, where there is a proper distance from priority and government.”

It is owned by Shelbourne 2BT and International Capital Investment. It is another new LLP launched by Argentine lawyer Ricardo Nicolás Mallo Huergo and former member of the Argentine Congress José Luis Manzano and the James Biden association. Huergo and Manzano, respectively, are the CEO and chairman of Integra Capital, a private equity firm in Buenos Aires.

According to Huergo, the two Argentines and James Biden are “old” acquaintances. Manzano served in the Argentine cabinet under the leadership of President Carlos Menem and founded the media group Grupo America, the second largest media company in the country. According to Spanish media, James Biden went to Manzano’s wedding in 2015.

The two Argentines are already investing in traditional energy projects between oil and gas through Integra. Huergo told FT that he plans to fund projects aimed at moving new businesses from fossil fuels to clean energy.