(TheProudRepublic.com) – In January Mervyn Yan a former associate of CEFC testified before lawmakers about the financial dealings involving Hunter and James Biden and the Chinese energy firm CEFC.
Yan detailed their involvement with Hudson West III, a joint venture formed in August 2017. He disclosed that Hunter Biden and James Biden received substantial monthly payments from this venture despite the failure of proposed energy deals.
Yan mentioned that Hunter Biden was paid $100,000 and James Biden $65,000 per month as part of the initial operating agreement of Hudson West III, which had a $5 million operating budget. These payments were described as “a draw” from the venture’s funds. Yan also noted that he was unsure why Hunter received more money than James.
During his testimony, Yan confirmed that Hudson West III aimed to secure five different energy deals in 2017, none of which materialized. Despite the absence of any financial gain from these endeavors, payments to both Bidens continued into the following year. According to bank records and Hunter Biden’s federal tax indictment in California, Hunter Biden received $1.4 million from Hudson West III in 2017, with about $550,000 transferred to James Biden. In 2018, $2.1 million was transferred to Hunter Biden from the venture, with $843,999 going to James Biden.
The indictment does not explicitly name James Biden but suggests his involvement based on the details of the Hudson West III operating agreement and Yan’s testimony, along with bank records and James Biden’s interview with federal investigators.
Yan also recounted conversations about potential U.S. business transactions in 2018 despite challenges, including the arrest of CEFC’s chairman by Chinese authorities and a CEFC executive by U.S. authorities. Despite these setbacks, the Bidens continued to receive payments from Hudson West III, which underwent a business agreement revision in 2018 to adjust compensation and roles within the venture.
Hunter Biden withdrew $400,000 from the Hudson West III account upon the business’s launch transferring a portion of this to James Biden’s firm Lion Hall Group. This chain of transactions included a $40,000 check to Joe Biden for a “loan repayment” from Sara Biden, who had a credit card from Hudson West III but no formal role in the venture.
The Oversight Committee disclosed a $100,000 payment from CEFC to Hunter Biden as part of a retainer agreement, emphasizing the complex financial relationships and transactions between the Bidens and CEFC. The inquiry into these dealings continues, with testimonies scheduled for James and Hunter Biden to further explore the extent of the Biden family’s foreign business engagements.
