Recently publicized bank records revealed that Hunter Biden and James Biden – President Joe Biden's son and brother – earned seven-figure salaries, thanks to a joint venture with Chinese businessmen. These businessmen, purportedly connected with the Chinese Communist Party's (CCP) intelligence services, invested almost $11 million in the joint venture.
Sens. Chuck Grassley (R-IA) and Ron Johnson (R-WI) issued the bank records, consisting of more than 200 pages, on Oct. 25. The records were sent to a Delaware prosecutor investigating Hunter's likely criminal business dealings with foreign countries. The Republican lawmakers had been investigating Hunter for almost four years now.
Grassley and Johnson also attached a letter berating U.S. Attorney David Weiss for his failure to respond to their congressional oversight requests. The lawmakers expressed concerns that maybe the federal prosecutor is holding up and not doing a complete investigation of the president's son or the Department of Justice is hampering the inquiry.
They added that the evidence amounts to possible criminal financial activity with respect to Hunter and James, who went by the name of "Jim" when he participated in the Chinese joint venture.
An examination of the bank statements by the Daily Mail showed Hunter's Chinese business partners transferred an amount of $10,736,413.50 to a Cathay Bank account for Hudson West III LLC, a corporation co-owned by Hunter's company Owasco PC and a CEFC subsidiary, between September 2017 and November 2018.
As CEFC showered millions into the joint venture, Hunter and Jim withdrew the cash and paid themselves $100,000 and $65,000 monthly salaries, respectively.
The operating agreement for the Delaware-incorporated company issued by the senators stated Hunter would also get a $500,000 one-time retainer fee.
Hunter, James and the latter's wife Sara had access to credit cards financed by CEFC to the amount of $101,098.61, which they used for big spending on Apple products, hotels and restaurants.
CEFC executive Patrick Ho paid Hunter $1 million from the company's capital as a retainer after he hired the president's son as his lawyer following his arrest in November 2017 on bribery and money laundering charges.
The report by the senators cited that Hunter and Jim's companies acquired $4,968,220.01 from Hudson West.
The millions of dollars were apparently for the Bidens' job of helping to land energy deals for CEFC worldwide, which Hunter and his family stashed away in only a year's time. (Related: Emails indicate Joe Biden was "assisting and benefiting" from son Hunter Biden's global business ventures.)
Biden family's business partners connected to CCP elements
According to Grassley and Johnson, the documents disclosed "the Biden family's connections to the Chinese regime and persons connected to its military and intelligence elements."
They pointed out that CEFC was not an ordinary private corporation since it had numerous close connections to the CCP. Company chairman Ye Jianming had links to the CCP and the People's Liberation Army. Aside from this, CEFC's subsidiaries were full of party committees.
Ye, also the founder of CEFC, has appeared as a regular figure in the Biden family's financial dealings with China.
Meanwhile, Gongwn Dong – another business partner of Hunter – served as a former CFO of Radiance Property Holdings, a company that has "deep connections to united front groups linked to Chinese intelligence."
"Gongwen served as a manager/officer of Hudson West III, Hudson West IV, and Hudson West V. These are business entities associated with Hunter Biden, which shows the close business and financial relationship between the two of them," said the two GOP senators.
Hunter had made several joint ventures with CEFC through his Hudson West businesses. These ventures, as stated by Senate investigators, served as channels of funding that were intended as ways to "move money."
The president's son also had a joint venture with CEFC known as Sinohawk Holdings, which involved his former business partner Tony Bobulinski.
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