One of Hunter Biden’s former business associates told lawmakers he was “not sure” what the Bidens were there to provide, House Oversight Committee Chairman James Comer said Thursday.
Mervyn Yan, a business associate involved in the Biden family’s dealings with Chinese energy firm CEFC, testified Thursday and said the Bidens had no experience in the energy sector and he did not know what they brought to the table, according to Comer. (RELATED: Five Questions That Need Answers From Biden Associate Rob Walker)
🚨BREAKING🚨
Today, we interviewed Mervyn Yan, a Biden family associate affiliated with the Bidens’ dealings with the Chinese government linked energy firm, CEFC.
Mervyn Yan admitted on the record the Bidens had no experience in the energy and infrastructure sectors and was not…
— Oversight Committee (@GOPoversight) January 25, 2024
“Mervyn Yan admitted on the record the Bidens had no experience in the energy and infrastructure sectors and was not sure what they brought to the table,” Comer said in a statement. “His testimony raises many questions about the Bidens’ dealings with the Chinese government-linked energy firm and we hope to learn more tomorrow from Rob Walker, another Biden family associate. We will release the transcript from Mervyn Yan’s interview soon.”
Yan played a role in Hunter Biden’s Hudson West III business venture when CEFC launched in 2017, an email provided to the House Ways and Means Committee by IRS whistleblower Joseph Ziegler shows.
READ THE EMAIL:
“My Understanding is that the original agreement with the Director was for consulting fees based on introductions alone a rate of $10M per year for a three year guarantee total of $30M. The chairman changed that deal after we me in MIAMI TO A MUCH MORE LASTING AND LUCRATIVE ARRANGEMENT to create a holding company 50% percent owned by ME and 50% owned by him,” Hunter Biden emailed business associate Gongwen Dong in a conversation about Hudson West III income.
Earlier that day, Yan sent Biden his thoughts on the regions and business deals Hudson West should focus on and how the income from those projects would be divided, the emails showed. (RELATED: Chinese Business Associate Paid Hunter Biden $1,000,000 For Non-Existent Legal Services, Docs Show)
The business was supposed to be managed by two managers of Hudson West V, a CEFC holding company, and two managers from Hunter Biden’s business account Owasco PC, according to a copy of the Aug. 2, 2017, business agreement.
HW3 AGREEMENT:
Hunter Biden and James Biden were the Owasco PC managers and were supposed to make $100,000 per month and $65,000 per month, respectively, the business agreement showed. Hunter was also entitled to a $500,000 one-retainer fee per the terms of the agreement and does not appear to have invested any capital into the business.
In August 2017, Hunter Biden received a $400,000 payment from Hudson West III and distributed $150,000 of the funds to James Biden and his wife Sara Biden’s business account, according to bank records released in November by the Oversight Committee.
James and Sara Biden wired $50,000 of the funds to their personal account and then Sara Biden wrote a $40,000 check to Joe Biden in September 2017. The check was classified as a loan repayment and the White House has said the purpose of the check was a loan repayment. (RELATED: Bank Investigator Flagged Chinese Money Sent To Hunter Biden That Funded Check To Joe Biden, Comer Reveals)
Hunter Biden ended up receiving monthly transfers of $165,000 from Hudson West III and made roughly $890,000 from the business in 2017, according to his federal tax indictment in California.
READ THE INDICTMENT:
The next year, he brought in around $1.2 million from Hudson West III. Over the course of two years, he distributed about $1.4 million of Hudson West III transfers to a business associate who appears to be James Biden, the indictment says. Hunter Biden pleaded not guilty to the federal tax charges on Jan. 11.
Yan’s testimony is part of the House GOP’s impeachment inquiry into President Joe Biden based primarily on his son’s lucrative foreign business dealings from roughly 2014-19.
Hunter Biden is set to testify on Feb. 28.