Exclusive: How the Bidens Made Off With Millions in Chinese Cash

 Exclusive: How the Bidens Made Off With Millions in Chinese Cash

New documents show that as regulators closed in, Hunter struck a fresh deal with his Chinese partners

World Food Program USA Board Chairman Hunter Biden speaks at the World Food Program USA’s Annual McGovern-Dole Leadership Award Ceremony at Organization of American States on April 12, 2016 in Washington, DC. (Photo by Paul Morigi/Getty Images for World Food Program USA)

The Senate’s report on Hunter Biden’s activities released several months ago, which was spun by the New York Times as having shown “no evidence of wrongdoing,” nevertheless had several important gaps in the business activities of the troubled son of the former vice president.

Draft legal documents and 2017 bank records obtained by The American Conservative show at least $5 million was transferred to Hunter and Jim Biden from companies associated with the Chinese conglomerate CEFC, with millions coming after the company had come under legal scrutiny both in the United States and China.

CEFC official Patrick Ho was arrested in November 2017 and charged by the Southern District of New York with corruption, and was convicted last year. In addition, on or about March 1, 2018, CEFC Chairmen Ye Jianming was arrested in China for economic crimes and hasn’t been seen since. CEFC assets in China were seized by Chinese state agencies. In the U.S., major beneficiaries were Hunter and Jim Biden.

What the following documents show is that as regulators moved to seize CEFC’s assets, Hunter Biden attempted to take control of the company founded in partnership with it. Instead, after striking a deal with two CEFC employees in the U.S., the funds were disbursed over the next six months to his and his uncle’s companies until it was all gone, in total at least $5 million.

2017 Bank Records

On August 5, 2017, the Bidens and CEFC entered into a 50-50 limited liability company agreement (Hudson West III) between Owasco, Hunter Biden’s company, and Hudson West V (CEFC). The Sep 22, 2020 report from the Senate Judiciary Committee (the “HGSAC Report”) surmised an agreement like this, but a copy can be seen, for the first time here. In early 2017, CEFC was ranked as one of the top 500 corporations in the world.

Hudson West III set up two bank accounts with Cathay Bank, with the first set up on or about August 5. A company associated with CEFC deposited $5 million into the account on August 8; no contribution was made by the Bidens. On Nov 2, 2017, CEFC Limited deposited a further $1 million into the account. (Subsequently, the Hudson West III account shows a wire of $1 million back to CEFC Limited on Nov 21, followed a few days later on Nov 27 by a cred

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Redak staff

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