According to an explosive new memo released by congressional investigators Wednesday, a money laundering investigator for a bank raised serious concerns in 2017 about a $5 million loan that the Biden family received from the arm of a Chinese energy firm, labeling the transaction as “high risk” and possibly tied to communist efforts to gain influence through Hunter Biden.
According to the memo released by House Oversight Committee Chairman James Comer, the unnamed examiner specifically raised concerns that the loan had no paperwork, that a Biden family firm distributed large sums of money to a Hunter Biden law firm, and that the recipient firm within the Biden family did not appear to have an investment in need of a loan.
“We have been monitoring the subject customer due to the PEP designation and observations on the account activity as well as recent negative news Indicate this entity to be high risk,” the money laundering investigator wrote bank official as he traced the money from Northern International Capitol Holdings (HK) Limited, a firm tied to China CEFC Energy, through the Biden family’s Hudson West III firm and to Hunter Biden’s Owasco PC law firm.
“These payments were indicated as management fees and reimbursements. We find It unusual that approximately 58% of the funds were transferred to the law firm in a few months and the frequency of payments appear erratic,” the investigator’s memo noted, “It was also previously indicated Hudson West III LLC does not currently have any investment projects at this time, which raises further concerns as millions in fees are being paid but does not appear to have any services rendered by Owasco PC.”
The message further said that the $5 million loan from China had “no loan agreement document submitted” and that there had been public press reports that Hunter Biden was experiencing financial troubles.
“There has been negative news regarding the beneficial owner of Owasco PC, Robert Hunter Biden (son of former U.S. Vice President-Joe Biden) regarding allegations by his ex-wife that there were financial concerns about his extravagant spending on his own Interests (drugs, strip clubs, prostitutes, etc,) which may put his family ln a deep financial hole,”
“More recent negative news indicate China targeting children of politicians and purchase of political influence through ‘sweetheart deaIs,’” it added.
Comer stated that the bank’s concerns about the deal were also aroused because some of the earnings from the China loan, namely $40,000 in August 2017, were routed through presidential brother James Biden to Joe Biden.
“The bank investigator was so concerned about Hunter Biden’s financial transactions with the Chinese company, he wanted to re-evaluate the bank’s relationship with the customer,” Comer said. “Even worse, we know that the sitting President of the United States knew about, participated in, and benefited from his family’s shady China dealings.
“Joe Biden showed up to his son’s CEFC meetings and benefited from the money wired from China. The White House and their Corporate Media allies’ efforts to excuse and coverup this blatant corruption is appalling to the American people. House Republicans will continue to unearth the facts and provide the accountability the American people deserve,” he added.
The House Oversight Committee disclosed bank documents earlier this month that showed a $40,000 transfer branded a “loan repayment” from James and Sara Biden’s personal bank account to family patriarch Joe Biden. This payment happened less than a month after Hunter Biden got the $5 million loan from his Chinese business friends, which the money laundering investigator had highlighted.
Hunter Biden deposited $150,000 to James and Sara Biden’s Lion Hall Group after obtaining the loan. Sara Biden withdrew $50,000 in cash from Lion Hall Group and placed it into her and her husband’s personal accounts just days thereafter. According to the prior report of the Oversight Committee, the money were then transferred to Joe Biden.
The new document is the latest piece of evidence found by the House Oversight Committee’s inquiry into financial institutions that raises questions about Hunter Biden’s alleged business operations and scams.