A bank money laundering investigator expressed concerns about money sent from a Chinese firm to Hunter Biden’s joint business venture that eventually made its way into Joe Biden’s bank account, according to House Oversight.
House Oversight Committee Chairman James Comer released a June 2018 email from the money laundering expert to colleagues laying out his concerns about $5 million sent from a Chinese firm to Hudson West III, Hunter Biden’s business entity, and subsequent payments to Hunter Biden’s Owasco P.C. bank account. (RELATED: House Republicans Tell Hunter Biden He Must Answer Questions Behind Closed Doors Before Public Hearing)
READ THE EMAIL:
“Since the initial funding of $5,000,000.00 from Northern International Capital Holdings (HK) Limited on 08/08/17 as a business loan, it was noted that there was no loan agreement document submitted,” the email revealed by Comer reads. The bank and the names of its employees are redacted.
“The funds in the account have primarily funded 16 wires ranging from $157,494.19 to $400,000.00 totaling $2,915,375.25 to [redacted] CLEARING SERVICES LLC (Further Credit Owasco PC — Law Firm in D.C). 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 the payments appear erratic,” the email continues.
“It was also previously indicated that 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 P.C.”
The bank investigator went on to note allegations of financial impropriety by Hunter Biden from his ex-wife and news reports of a book by conservative author Peter Schweizer describing how China allegedly uses business deals to influence prominent political families.
The bank expert concludes by suggesting to his colleagues they re-evaluate the relationship with Hunter Biden because of his bank account’s unusual behavior and legal issues faced by Hunter Biden’s former business associate Patrick Ho.
WASHINGTON, DC – NOVEMBER 29: Rep. James Comer (R-KY) attends a news conference with House Republican leadership at the U.S. Capitol November 29, 2023 in Washington, DC. The House Republican leadership spoke on a range of issues, including their impeachment inquiry into U.S. President Joe Biden. (Photo by Drew Angerer/Getty Images)
Comer unveiled bank records on Nov. 1 showing how the $5 million flowed into the Hudson West III bank account and then $400,000 went from there to Owasco P.C. after the joint venture was established in August 2017. Hunter Biden proceeded to send $150,000 to Lion Hall Group, the business account used by Hunter Biden’s uncle James Biden and his wife Sara Biden, the bank records show.
James and Sara Biden deposited $50,000 of the funds into their personal account and Sara Biden sent $40,000 of the funds to Joe Biden in September 2017.
The check from Sara Biden to Joe Biden is classified as a loan repayment. The White House has said the check was sent to repay a loan from Joe Biden.
“Those are the words of a bank investigator who was just doing his job. 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 in a statement.
“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,” Comer added.
Hunter Biden offered to testify publicly before the Oversight Committee in December. Comer countered with an offer for the first son to appear privately for a deposition in compliance with the Oversight Committee’s subpoena before he testifies publicly.
Comer is also seeking depositions from James Biden and Hunter Biden’s former business associates.
Henry Rodgers contributed to this report.