More information has come to light regarding former Vice President Joe Biden’s son, Hunter and his alleged shady business dealings with foreign entities. A Senate investigation revealed that Hunter Biden used his family name to land lucrative deals with foreign tycoons.
The Wall Street Journal reported that Biden’s deals got him a host of goodies, including a discounted stake in a private-equity firm in China and a consulting arrangement with a Romanian property magnate. A Chinese energy tycoon even gave him a 2.8-carat diamond, and entities tied to him wired almost $5 million to Biden’s law firm.
These are only some of the issues that have come to light and are casting a shadow over the former vice president. Earlier this month, it was revealed that the Justice Department has been investigating Hunter Biden’s business dealings and tax issues. Fox Business noted that “his business ties to well-connected people in China and other places could add to scrutiny of foreign-policy decisions taken by the Biden administration over possible conflicts of interest.”
Sen. Chuck Grassley (R-IA), who led the Senate Finance Committee whose staff helped in the investigation said that they would continue to look into possible counterintelligence and criminal acts. “Based on all the facts known to date, Joe Biden has a lot of explaining to do,” he said.
The Journal’s reporting did not find that Joe Biden was involved in Hunter’s business dealings. But the information that came from the New York Post’s report on the contents of Hunter’s laptop shows that the former vice president could have played at least a small role in Hunter’s activities.
The elder Biden told reporters that he is “proud” of his son. On Tuesday, he stated that he has not discussed the investigation into his son with any potential attorney general candidates.
“The attorney general of the United States of America is not the president’s lawyer,” he said. “I will appoint someone who I expect to enforce the law as the law is written, not guided by me.”
Many of Hunter’s deals did not get off the ground. But he still managed to find ways to generate income. The Senate Republicans’ report states that the millions of dollars in wire transfers from Ye Jianming, a Chinese energy entrepreneur and the head of CEFC, were characterized as payments for various services.
According to Fox Business, “the tycoons who sought out Mr. Biden as a business partner were looking to build ties to the Washington establishment that Joe Biden inhabited for decades, and by doing so, smooth the way for major deals or ward off legal troubles, according to interviews, documents and communications.”
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The report continued, “for businessmen in some countries, paying for introductions and getting close to people in power or their relatives is a normal part of doing business, and the son of a veteran American politician offered a potential trove of connections.”
In a 2017 text message exchange with one of his associates, Biden talked about starting a business venture with Mr. Ye. He brought up the influence his name carries. “Just happens that in this instance only one player holds the trump card and that’s me. May not be fair but it’s the reality because I’m the only one putting an entire family legacy on the line,” he wrote.
One of the primary focuses of the Senate’s investigation was Biden’s relationship with Ukrainian energy company Burisma. Mykola Zlochevsky, the company’s founder, wanted to increase Burisma’s standing in Washington, so he gave Biden a seat on the board of directors. The business paid Biden about $50,000 per month from 2014 to 2019. This would mean that he was working with the company while his father was still in office as vice president.
In the final months of Biden’s stint as “Hunter Biden’s overseas business activities picked up, moving beyond directorships into shareholding and consulting arrangements, primarily with Chinese entities,” according to Fox Business.
It appears that one of his main avenues for profit was Mr. Ye, who runs CEFC, China’s largest private oil company. The entrepreneur had connections to Chinese military intelligence and boosted his success by working to solidify relationships with politically influential individuals.
Biden, along with his associates, including Tony Bobulinski, formed a company called SinoHawk Holdings LLC. CEFC was supposed to hold a 50% stake and also promised to provide $10 million in funding. However, the deal eventually fell through and CEFC never gave the funding.
But this did not signal the end of the relationship between Biden and Ye. Fox Business noted, “starting in August 2017, entities linked to CEFC’s Mr. Ye executed the wire transfers listed as covering legal and advisory costs totaling $4.79 million to Mr. Biden’s Washington law firm, Owasco PC, according to the Senate Republicans’ report. The transfers also covered over $100,000 for bills on credit cards issued to Hunter, James and James’s wife, Sara Biden.”
It is clear that there is far more to Hunter Biden’s activities than the Democrats and activist media would like us to believe. Indeed, it can be expected that more information will come to light regarding his alleged illicit dealings. Even if evidence showing that the former vice president was involved doesn’t surface, it is sure to damage Joe Biden politically even with the media spin.