[Congressional Record Volume 168, Number 55 (Tuesday, March 29, 2022)]
[Senate]
[Pages S1821-S1823]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              Biden Family

  Mr. GRASSLEY. Yesterday, Senator Johnson and I discussed a joint 
investigation into the Biden family's foreign financial entanglements. 
We reviewed much of our earlier work and provided a brief preview of 
the new material.
  Today, we will give our second speech on our Biden investigation 
series. Once again, we are going to make public and we are going to 
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 the CEFC, a company that is 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 Russian-aligned Ukrainian oligarch. But 
that is 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, and it is very much involved in the energy sector.
  One of Ye Jianming's companies was a majority shareholder of CEFC 
International. Northern International purchased 123 million dollars' 
worth of CEFC's shares, binding the two companies together.
  We must also mention Hudson West III and its financial connection to 
CEFC. Hunter Biden was an investor and a manager of Hudson West III. He 
was tasked with advancing its interests. Hudson West III 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.
  I should note that Senator Johnson and I will make these documents 
public in full. We are providing snapshots for our presentation here on 
the floor of the U.S. Senate.
  Here we have one portion of an LLC agreement from a bank. It shows 
the companies that have bound themselves together: Hudson West V, 
Hudson West III, and Owasco. Owasco is 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.
  As we know from my and Senator Johnson's report from last August, 
some energy project explorations between the Biden family and China 
were here in the United States. One example is a multimillion-dollar 
natural gas project in Louisiana.
  Now let's move to the next paragraph at the bottom of this same 
poster, 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 III and Hudson West V 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 we 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. That project 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 also shows two additional findings: first, Hunter 
Biden's responsibility to advance Hudson West III's interests as of 
August 2, 2017; second, Hunter Biden's close association with Hudson 
West III, CEFC, and its affiliates as of August 2, 2017. That date is 
important as I will show you soon.
  Let's turn to a fifth poster. On this 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 III for $5 million. This 
is $5 million from a company that is 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 
associated with Hudson West III 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 was paid $100,000 per month; that James Biden was paid $65,000 
per month; and that Hunter Biden will be paid a onetime retainer fee of 
$500,000.
  Again, this is money connected to Hudson West III, a company 
connected to CEFC and Gongwen Dong. Both are connected, in turn, 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 energy 
interests.
  After the LLC agreement was signed, money flowed from CEFC and its 
shareholders into the bank account of Hudson West III, including the $5 
million from Northern International. This LLC agreement was the trigger 
point for high-dollar financial transactions involving Hunter and James 
Biden.
  Now let's turn to poster six and view the top.
  This is a Hudson West III bank record that shows a wire transfer on 
August 31, 2017, for $165,000. Notably, this is the same month as the 
$5 million wire from Northern International. It is also the same month 
that Hunter Biden signed the August 2, 2017, LLC agreement. The wire is 
to Wells Fargo Clearing Services.
  Now look at the bottom of this poster.
  Senator Johnson and I have acquired more than just the bank 
statement; we have acquired underlying wire data.
  So look at the fourth line at the bottom. It says:

       Further credit to Owasco PC.

  The underlying wire data shows that it went to Owasco, Hunter Biden's 
firm.
  Senator Johnson and I have years of bank records that show multiple 
$165,000 wire transfers from Hudson West III to Owasco. There were also 
wire transfers for other amounts--some for more, some for less. Most 
likely, some of those payments were for expenses under the LLC 
agreement.
  So you have an August 2, 2017, LLC agreement with Hudson West III and 
Owasco noting $100,000 a month to Hunter Biden and $65,000 to James 
Biden. Then you have an August 8, 2017, wire transfer of $5 million 
from Northern International to Hudson West III. After that August 8 
wire, you see years of wire transfers from Hudson West III to Hunter 
Biden's company. The majority of these is for $165,000--the exact 
amount due under the LLC agreement.
  Based on the timing of the transactions, Hunter Biden's and James 
Biden's payments under the LLC agreement came from that $5 million 
wire--a wire, mind you, that came from a company connected to Ye 
Jianming and CEFC, which is an arm of the Chinese Government.
  These years of records show that Hunter Biden and James Biden were 
more connected to the communist regime's elements than had been 
previously known. These records place them at the center of Hudson West 
III, Gongwen Dong, and CEFC.
  This is a finding that Senator Johnson and I made public in our Biden 
reports last Congress. These are the same reports that Members of the 
other political party in this body and the liberal press found fault 
with; that, somehow, it was Russian disinformation.
  So I say this to the liberal media and our Democratic colleagues who 
tried to smear our work all of these years and accuse us of peddling 
Russian disinformation: You have seen all of

[[Page S1822]]

these documents that we have presented. Are these official bank records 
Russian disinformation?
  To our Democratic colleagues and the liberal media, we deserve an 
answer because you made several efforts to smear our reputations as we 
were starting this investigation 2 or 3 years ago.
  Now I am going to turn it over to Senator Johnson to discuss a name 
that I gave you yesterday, Patrick Ho, and related records to Patrick 
Ho that we have acquired.
  The PRESIDING OFFICER. The Senator from Wisconsin.
  Mr. JOHNSON. Mr. President, as my colleague, the senior Senator from 
Iowa, has shown, Hunter Biden and James Biden received millions of 
dollars from companies connected to the communist Chinese regime. 
Frankly, it is worse than that. These companies were effectively an arm 
of the Chinese Government.
  This isn't Russian disinformation; these are hard facts backed up by 
bank records of actual financial records and transactions that prove 
just how connected the Bidens were and how compromised President Biden 
probably is.
  I use this next series of transactions to prove my point.
  The first chart here shows a bank record showing a $1 million wire 
transfer into the account of Hudson West III from CEFC Limited on 
November 2, 2017. As Senator Grassley and I have already established, 
CEFC is effectively an arm of the communist Chinese regime. It is also 
important to note that at the time of this transfer, in November 2017, 
Hunter Biden was already invested in and providing management for 
Hudson West III. So a company that was effectively an arm of the 
Chinese Government transferred $1 million in November 2017 to a company 
that Hunter Biden is managing and is invested in.
  I also bring up the second record. Focus on the $1 million wired out 
on March 22, 2018. Again, this is a record from Hudson West III's bank 
account. Like the previous record, this is showing the transfer of $1 
million, but this time the money is being transferred out of Hudson 
West III to OWASCO, another one of Hunter Biden's firms. This transfer 
took place on March 22, 2018, a little less than 5 months after the $1 
million transfer from CEFC to Hudson West III.
  Hunter is transferring $1 million between two firms he manages and 
has ownership in. So what is the purpose of these two $1 million 
transfers? This next record seems to answer that question. This record 
shows OWASCO's receipt of the March 22, 2018, $1 million transfer. It 
also shows what the transfer is for on the OBI line. ``OBI'' is an 
abbreviation for ``originating beneficiary information.'' It is like 
the memo line on your personal check; it tells you really what that 
check was about. In this case, the OBI indicates the transfer is being 
made for ``Dr. Patrick Ho Chi Ping representation.''
  So, to recap, on November 2, 2017, Patrick Ho's company, CEFC, wired 
$1 million to Hunter Biden's company, Hudson West III. On March 22, 
2018, Hudson West III wired $1 million to OWASCO, another Hunter Biden 
company. The bank record clearly states that the $1 million payment was 
being made for the purpose of representing Patrick Ho.
  Represent him for what? Here is where things get interesting. We know 
that Patrick Ho was arrested by U.S. authorities in November 2017 for 
international bribery and money laundering charges. Keep in mind that 
this arrest occurred in the same month that Patrick Ho's company, CEFC, 
is wiring $1 million to Hunter Biden's company, Hudson West III. 
According to the Department of Justice, ``Ho orchestrated and executed 
two bribery schemes to pay top officials of Chad and Uganda in exchange 
for business advantages for CEFC China, a Shanghai-based multibillion 
dollar conglomerate that operates in multiple sectors, including oil, 
gas, and banking.'' These are crimes for which Patrick Ho is eventually 
convicted and sent to Federal prison for committing.
  So the company that Patrick Ho was making bribes for sends $1 million 
to a company Hunter Biden manages and is invested in. That company, in 
turn, transfers a million dollars to another Hunter Biden company for 
the purposes of representing Patrick Ho, who is eventually convicted of 
international bribery and money laundering.
  Guess what Patrick Ho did around the same time he was arrested by the 
FBI for corruption and bribery. He contacted James Biden, President 
Biden's brother. Patrick Ho's decision to call the Biden family 
around the same time he got arrested is revealing, particularly in 
light of the fact that the same month, a million dollars just happened 
to be transferred to Hunter Biden's company.

  Now, Hunter Biden isn't a criminal defense attorney. Patrick Ho was 
charged and convicted for bribery and related Federal offenses and 
crimes. So what kind of representation was Patrick Ho's company paying 
Hunter Biden's firm to provide? Were they paying for his firm's legal 
expertise or for Hunter's political connections?
  In March 2021, Senator Grassley and I asked the Justice Department 
about Patrick Ho. Why? Because there is a Federal court filing that 
says the Department has FISA records on Patrick Ho. We requested these 
records. In response, the Department would not confirm whether they 
even had his records. Unfortunately, the Attorney General refuses to 
clarify that outrageous contradiction for Congress.
  Oh, and one more tidbit. In a recently uncovered audio extracted from 
his laptop, Hunter Biden referred to Patrick Ho as the ``[expletive 
deleted] spy chief of China.'' Let that sink in a minute. Hunter Biden 
referred to Patrick Ho in an audio as the ``[expletive deleted] spy 
chief of China.'' This quote alone tells you that Hunter Biden knew 
exactly who he was dealing with. He knew exactly who he was dealing 
with. He was dealing with the ``[expletive deleted] spy chief of 
China.'' Now, that fact should alert the media and our Democrat 
colleagues to seriously consider the implications the Biden's family 
vast web of foreign financial entanglements have in the conduct of this 
administration's foreign policy and our national security, but I am not 
holding my breath.
  In October 2020, Senator Grassley and I requested to interview Hunter 
and James Biden about their financial dealings. If they had nothing to 
hide, they could have volunteered to come in and sit for an interview. 
If there was an innocent explanation for these foreign financial 
transactions, they could have used that interview to clarify what those 
transactions were about. Unfortunately, rather than being transparent, 
honest, and forthcoming, they declined to speak to us. Their silence 
speaks volumes.
  Fortunately, facts are stubborn things. As the Bidens, our Democrat 
colleagues, and the media are learning, it is difficult to keep them 
hidden forever. Senator Grassley and I will continue to investigate the 
Biden family's foreign financial entanglements and provide the American 
people with the truth to the best of our ability.
  Our challenge is that the deep state does not give up its secrets 
easily. New evidence of Biden family influence peddling is surfacing on 
a regular basis, often coming from records from Hunter Biden's laptop--
the same laptop, by the way, that the media and deep state foreign 
intelligence agency officials inferred--strongly inferred--was, you 
guessed it, Russian disinformation. And their guile worked.
  Prior to the election, people bought the fact that that laptop was 
probably Russian disinformation. It wasn't. As the New York Times just 
admitted about a year too late--more than a year too late--that laptop 
is authentic, and the evidence it is producing is real. But, of course, 
that laptop wasn't Russian disinformation, nor is any of the 
information we presented in our reports and here on the floor of the 
Senate.
  We may never know all the details of the Biden family foreign 
entanglements or the full extent to which those entanglements 
compromise our current President, but I am pretty confident I know who 
does know--intelligence operatives in Russia, China, Iran, and North 
Korea. Elements within our U.S. intelligence agencies probably also 
know; they are just not going to tell us or you, the American people.
  Senator Grassley and I will return for our third speeches in this 
series on the Biden family's foreign financial entanglements.
  Until then, Mr. President, I yield the floor.
  The PRESIDING OFFICER. The Senator from Texas.

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