James Biden, brother to President Joe Biden, has admitted during a House impeachment inquiry that the President received a $40,000 check in 2017, rooted in funds from a deal with CEFC China Energy Co., a company linked to the Chinese Communist Party (CCP). [Source]
According to a transcript reviewed by Breitbart News, James Biden disclosed that the payment was purportedly a repayment for a prior loan, a claim that has drawn scrutiny given the context of the transaction.
The House Oversight Committee, chaired by James Comer (R-KY), has spotlighted this transaction, pointing to the discrepancy between President Biden’s public statements and the reality of his family’s financial entanglements with China.
“Remember when Joe Biden told the American people that his son didn’t make money in China? Well, not only did he lie about his son Hunter making money in China, but it also turns out that $40,000 in laundered China money landed in Joe Biden’s bank account in the form of a personal check,” Comer stated, underlining the gravity of the situation.
Subpoenaed bank records have unveiled a labyrinth of financial transactions, with James Biden’s account receiving a sudden influx of funds from a network of entities just days before issuing the controversial check.
This revelation contradicts Hunter Biden’s deposition, in which he denied any financial benefits to his father from the CEFC deal.
The intricate web of wire transfers and shell companies associated with the Biden family’s business dealings suggests a pattern of using political influence for financial gain.
James Biden’s testimony revealed his role in scouting potential natural gas investments for CEFC along the Gulf Coast. Despite the collapse of these major proposals, the partnership with CEFC proved highly profitable for both James and Hunter Biden.
The $40,000 check, written by James’ wife, Sara Biden, to the future president, was described as repayment for a personal loan, a transaction devoid of any formal loan documentation or interest.
Further intensifying scrutiny, Rob Walker, a former business partner of the Biden family, disclosed that $3 million in funds from CEFC were directed to him in March 2017, shortly after Joe Biden met with Ye Jianming. [Source]
This encounter and the subsequent financial transactions highlight the depth of the Biden family’s engagement with CEFC.
Walker characterized the funds, a portion of which benefitted the Bidens, as a gesture of gratitude for initial efforts in identifying business opportunities, marking the beginning of a relationship that commenced in 2015.
The impeachment inquiry testimony further exposed James Biden’s recent financial dealings, including receiving $840,000 over four transfers from Argentinian businessman Jose Luis Manzano. [Source]
Despite attempts to frame these transactions as legitimate business endeavors, the connection to CEFC and the subsequent financial benefits to President Biden suggest a troubling blend of personal and political interests.
Republicans have pointed to the initial transfer of funds to James from a law firm associated with multiple Biden family members and business associates as evidence of a murky financial picture.
Communications between Biden family associates and CEFC officials have surfaced, including a May 2017 email suggesting Joe Biden’s entitlement to a 10% share in a joint venture with CEFC.
Additionally, a text message from July 2017 sent by Hunter Biden insinuated his father’s involvement, coinciding with a significant flow of funds to accounts associated with Hunter and James Biden.
The narrative of a President benefiting from his family’s business dealings with foreign entities, particularly those linked to the Chinese government, poses significant concerns for many, especially given the strategic rivalry between the United States and China.