The younger brother of President Joe Biden, James Biden was recently involved in an undisclosed testimony to a congressional committee. According to various sources, he stated that a $40,000 check issued to the president back in 2017 leveraged funds he had acquired from a company with suspected ties to the Chinese government. The information also revealed that James had international income flowing in as late as the previous year.
Despite the apparent association with CEFC China Energy, a company believed to be overseen by the Chinese administration, the 74-year-old Mr. Biden maintains a different stance. He insists that he erred in his previous statement with the IRS earlier this year, where he stated that his nephew Hunter Biden, who had business affiliations with the company and James, had described its chairman Ye Jianming as a confidant of Chinese President Xi Jinping.
IRS officials probed James in February about his knowledge of the source of the funds aimed at Hunter Biden’s company, Owasco. ‘CEFC’, was James’s straightforward response after a significant amount of back and forth between his legal representation and the investigators. During the questioning, his lawyer, Paul Fishman, attempted to beat around the bush saying ‘money’s fungible’, until pointed out that James ‘did not have sufficient funds’ to make the supposed $40,000 payment independently, ‘so it is traceable’.
The testimony also shed light that James Biden had an additional revenue stream. Over the period between November 2022 and July 2023, he recalls receiving four separate transfers, amassing a total of $840,000. This cash influx was said to be from the proceeds of selling a portion of his stake in the holding of Argentinian natural gas firm Metrogas, owned by businessman Jose Luis Manzano.
James elaborated, saying that the mostly ‘sweat equity’ deal was a part of his capacity as a consultant for Manzano’s various enterprises. In one such venture, he had been tasked to convince Mexico’s billionaire tycoon Carlos Slim to inject funds into Argentina’s 4G market. While the meeting didn’t pan out as hoped, Manzano had a potential partnership in the works with CEFC.
Despite these proceedings, not all of James’s international business plans were successful. He disclosed that he resorted to utilizing a $200,000 loan he received from Americore – a failing rural hospital firm – to settle a different alleged loan with his brother Joe in 2018. He has mentioned his earnest attempts to secure investments from Qatar for infrastructure projects, with a focus on hotel establishment efforts in Miami.
The purported loan repayments to Joe Biden have been rationalized by several Democrats as highlighting the support he extends as a brother. James affirmed during his testament that there wasn’t any foul play involved with his elder brother. However, opponents from the Republican party imply that these fund transfers indicate potential benefit extraction by the president as a by-product of his family’s financial behaviors.
It is of significant interest to note the timing of the transfers which corresponds with President Biden’s frequent interactions with business associates associated with these ventures. Particularly, dealings with companies exhibiting a government-influence model, similar to CEFC, have drawn attention.
The financial activities are further scrutinized with the revelation that the account used by James to issue the aforementioned $40,000 check to his brother had a prior balance of merely $46.88. Following a deposit of $50,000 just a few days ahead of the issuance, the individual transaction has come under the spotlight.
A more detailed review of these transactions uncovers that the $50k originated from James’s business, Lion Hall Group. Prior to this, it received a hefty wire transfer amounting to $150,000 from the previously mentioned Owasco, which only held a balance of under $2,000 at the time. All this information came to light following a House Oversight Committee disclosure in November.
The Biden family’s business involvement with CEFC was not just extensive but also brought in a significant revenue stream. However, ties were abruptly cut in 2018 when CEFC’s chairman, Ye, disappeared in the face of corruption allegations in China.
The influence manifested by Ye’s company was not confined to international markets alone but closer home, Beijing’s ‘Belt and Road’ overseas influence campaign, where the firm claimed to be privately held yet widely speculated to be a part of.
It’s also on record from James’s testimony that both he and his nephew Hunter were scouting for prospective natural gas investment deals involving CEFC along the Gulf Coast. These potential investments did not materialize but the pair still managed to earn millions from the partnership. Furthermore, there are references that claim the president had several interactions with multiple CEFC business partners.
