House Oversight Committee Alleges Joe Biden Received $40,000 via Loan Repayment Label from Chinese Company

By yourNEWS Media Staff

House Oversight Committee Chair James Comer (R-KY) released a bank records memorandum on Wednesday, suggesting that in 2017, Joe Biden received $40,000 from CEFC China Energy Co. via the account of his brother, James Biden, and sister-in-law, Sara Biden. This amount was labeled as a “loan repayment.” This is the second noted instance where Joe Biden reportedly accepted funds from his brother James, who had ties with the family’s overseas business operations. In the past, Joe Biden has denied participating in any family business dealings.

This recent finding has added weight to concerns raised by some Republicans regarding the Biden business possibly compromising Joe Biden’s position and also gives additional context to the ongoing impeachment inquiry into the president.

(Source: House Oversight Committee)

A six-step sequence was highlighted by the committee concerning the $40,000:

1. 
   July 30, 2017: Hunter Biden reportedly pressured Raymond Zhao, an associate at CEFC China Energy Co., for a $10 million payment. A screenshot of a WhatsApp message indicates Joe Biden was present during this exchange.


2. 
   August 8, 2017: Hunter Biden-associated bank accounts received about $5 million from Zhao. Northern International Capital, affiliated with CEFC, transferred $5 million to Hudson West III, co-established by Hunter Biden and Gongwen Dong, a CEFC associate.


3. 
   August 8, 2017: $400,000 was transferred to Owasco, P.C. from Hudson West III, another entity under Hunter Biden’s control.


4. 
   August 14, 2017: Hunter Biden wired $150,000 to Lion Hall Group, owned by James Biden and Sara Biden.


5. 
   August 28, 2017: Sara Biden withdrew $50,000 from Lion Hall Group and subsequently deposited the same amount into a joint account with James Biden.


6. 
   September 3, 2017: Sara Biden issued Joe Biden a $40,000 check labeled as a “loan repayment.” Republicans suggest this method has been utilized for money laundering.

Chair Comer provided a statement, saying, “The extortion scheme worked,” linking the transactions back to the summer of 2017. Comer added that accepting funds from a company linked to the Chinese Communist Party might expose Joe Biden to potential threats and place American interests second to personal monetary gain.

Comer previously revealed another transaction where Joe Biden allegedly received a $200,000 check from James Biden in 2018, also labeled as a loan. Comer believes this payment, channeled through the company Americore, is suspicious. However, both James Biden and the White House have denied any prior business relationship, with James Biden asserting it was a return payment for money Joe Biden previously lent him.

Comer concluded by emphasizing the importance of understanding the origin and purpose of the funds and pledged the House Oversight Committee’s commitment to holding President Biden accountable.

Further details on the investigations into these allegations are available here and here.