Oversight Committee reveals evidence of $40,000 payment traced back to Chinese energy firm

 November 2, 2023

The Republican-led House Oversight Committee, via the subpoenaed bank records of Hunter Biden and James Biden, recently showed how President Joe Biden, despite oft-repeated claims to the contrary, financially benefited from his family's apparent alleged influence-peddling.

Now Oversight Chairman James Comer (R-KY) has further revealed that the subpoenaed records show the president once received a $40,000 "loan repayment" in 2017 that can be traced back to China through a series of Biden family transactions intended to disguise the origin of the money, according to the Daily Mail.

Notably, that $40,000 represents 10% of an initial $400,000 received by Hunter Biden from a Chinese Communist Party-linked energy firm he did business with known as CEFC.

Payment to Joe Biden traced back to China

On Wednesday, Chairman Comer released a video statement outlining the committee's recent discovery via subpoenaed bank records and said, "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."

In that statement, along with a detailed memo, Comer went on to reveal the complicated series of transactions that the money flowed through from China to the president in 2017.

Following a threatening message from Hunter Biden to a Chinese business associate with CEFC in July 2017, a CEFC-affiliated company wired $5 million to a joint venture company with Hunter a week later, with $400,000 of that money being wired that same day from the joint venture to a company owned solely by Hunter.

A week after that in mid-August 2017, Hunter's company then wired $150,000 to a company owned by James and Sarah Biden, who then withdrew $50,000 in cash from their company two weeks later and deposited into a personal account, from which the $40,000 personal check labeled as a "loan repayment" was then cut several days later to Joe Biden in early September 2017.

Previously revealed payment traced to shakedown of bankrupt healthcare company

Chairman Comer proceeded to reference a committee press release nearly two weeks ago which revealed another "loan repayment" from James Biden to Joe Biden for $200,000 that, per the subpoenaed bank records, could be traced back to the family's influence-peddling, albeit this time of the domestic variety.

In that instance, the $200,000 payment appeared to originate from a near-bankrupt healthcare company known as Americore that, per bankruptcy court records, loaned James Biden $600,000 total "based upon representations that his last name, 'Biden,' could 'open doors' and that he could obtain a large investment from the Middle East based on his political connections."

Bank records show that on the same day in March 2018 that James Biden received a $200,000 wire from Americore he turned around and cut a personal check for the same amount to his brother Joe Biden.

WH claims checks were loan repayments; Comer demands evidence of alleged personal loan

In response to these damning revelations that appear to show President Biden financially benefiting from his family's dubious foreign and domestic business dealings, the White House has insisted that the personal checks received from James Biden were nothing more than repayments of a personal loan between brothers.

However, as Chairman Comer pointed out last week in a letter to White House Counsel, there is no documentary evidence to be found thus far in support of the claims of any sort of personal and interest-free loan from Joe to James that necessitated repayment.

"If Joe Biden did personally loan James Biden an amount that was later repaid by the $200,000 check, please provide the loan documents, including the loan payment, loan agreement, and any other supporting loan documentation," Comer wrote. "The current lack of documentation leaves reason to doubt claims that this transaction was repayment for a legal loan. We request documentation clarifying the nature of this payment and whether all applicable documentation and IRS filings were properly made."

"Whether it was a loan or not, James Biden’s March 1, 2018, check to Joe Biden aptly demonstrates one way he personally benefited from his family’s shady influence peddling of his name and their access to him," the chairman added. "Even if the transaction in question was part of a loan agreement, we are troubled that Joe Biden’s ability to recoup funds depended on his brother’s cashing-in on the Biden brand."

" A free people [claim] their rights, as derived from the laws of nature."
Thomas Jefferson
© 2015 - 2024 Conservative Institute. All Rights Reserved.