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03.29.2022
Grassley, Johnson Release Bank Records Tying Biden Family To CCP-Linked Individuals & Companies

Prepared Floor Statement by Senator Chuck Grassley of Iowa
United States Senate
The Biden Family Investigation – Part 2
March 29, 2022
VIDEO

Yesterday, Senator Johnson and discussed our joint investigation into the Biden family’s foreign financial entanglements. We reviewed much of our earlier work, and provided a brief preview of new material.

Today, we will give our second speech in our Biden Investigation series.

Once again, we’re going to make public and describe new financial records relating to Hunter Biden and his connections to the communist Chinese government.

Most of that focus will be on his connections to CEFC, a company that’s effectively an arm of the Chinese Government.

But first, we must go back to 2015.

At that time, Hunter Biden served on the board of Burisma and was paid tens of thousands of dollars each month. Its owner was a corrupt Russia-aligned Ukrainian oligarch. But, that’s not all that Hunter Biden was up to.

In that year, CEFC International announced an agreement with Northern International Capital Holdings.

Northern International is incorporated in China. It’s involved in the energy sector.

One of Ye Jianming’s companies was the majority shareholder for CEFC International.

Northern International purchased $123 million worth of CEFC’s shares binding the two companies together.

We must also mention Hudson West Three and its financial connections to CEFC.

Hunter Biden was an investor and a manager for Hudson West Three. He was tasked with advancing its interests.

Hudson West Three also involved Chinese nationals connected to the communist regime, such as Gongwen Dong, whom I talked about yesterday.

Now, let’s look at this first poster. And I should note that Senator Johnson and I will make these documents public in full. We’re providing snapshots for these speeches.

Here, we have one portion of an LLC Agreement from a bank. It shows the companies that have bound themselves together: Hudson West Five, Hudson West Three and Owasco, Hunter Biden’s firm.

Now, let’s turn to the second poster. The paragraph at the top shows the purpose for which the LLC Agreement exists.

So, what this tells us is that Hunter Biden and James Biden linked up with companies connected to the communist regime to assist them with finding projects for global and domestic infrastructure and energy.

And as we know from my and Senator Johnson’s report from last Congress, some energy project explorations between the Biden Family and China were here in the United States.

One example is a multi-million-dollar natural gas project in Louisiana.

Let’s move to the next paragraph at the bottom, which defines the word “Affiliate” in the Agreement.

“For the avoidance of doubt, CEFC China Energy Company Limited or any of its Affiliates shall be deemed as an Affiliate of Hudson.”

Accordingly, this Agreement between Hunter Biden’s firm and Hudson West Three and Five directly connects Hunter Biden to CEFC.

So, was this agreement executed?

Let’s look at this third poster, which contains a signature block executing the agreement.

Here you see Hunter Biden’s signature with Gongwen Dong. As previously noted, Gongwen was an associate of Ye Jianming. Both men were connected to the communist regime including its military elements.

Notably, Hunter Biden worked for Ye Jianming to get him involved in the natural gas project in Louisiana. It eventually fell through.

Now, let’s bring up a fourth poster labeled a Joinder Agreement relating to the LLC Agreement.

Again, Hunter Biden is signing with Gongwen Dong with respect to the LLC Agreement.

Accordingly, we can now conclude the following: Hunter Biden was financially connected to CEFC, a company that was an arm of the communist Chinese regime, for the purpose of advancing its energy interests.

This Agreement shows two additional findings: First, Hunter Biden’s responsibility to advance Hudson West Three’s interests as of August 2, 2017. Second, Hunter Biden’s close association with Hudson West Three, CEFC and its affiliates as of August 2, 2017.

That date is important, as you’ll soon see.

Let’s turn to the fifth poster. Look at the top.

This is a bank record showing an August 8, 2017, wire transfer from Northern International Capital to Hudson West Three for $5 million.

This is $5 million from a company connected to Ye Jianming and CEFC and its affiliates, which are essentially arms of the communist Chinese regime.

And that transfer took place after Hunter Biden became closely involved with Hudson West Three as the LLC Agreement shows.

So, what was the money for? As noted, Hunter Biden was working with Chinese nationals linked to the communist regime to help them explore energy projects.

Now, look at the bottom of this poster.

This is a paragraph from the LLC Agreement. It shows that Hunter Biden will be paid $100,000 per month. James Biden will be paid $65,000 per month. And Hunter Biden will be paid a one-time retainer fee of $500,000.

Again, this is money connected to Hudson West Three. A company connected to CEFC and Gongwen Dong. Both are connected to the communist Chinese regime.

We can now conclude this with respect to James Biden: James Biden was financially connected to CEFC, a company that was an arm of the communist Chinese regime, for the purpose of advancing its energy interests.

After this LLC Agreement was signed, money flowed from CEFC and its shareholder into the bank account of Hudson West Three, including the five million from Northern International.

This LLC Agreement was the trigger point for high-dollar financial transactions involving Hunter and James Biden.

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