Hunter Biden’s company was paid with no apparent services rendered, an investigator said.
Payments from Chinese entities to businesses owned by President Joe Biden’s son raised concerns with a bank investigator, who said one of the businesses was apparently providing no services in exchange for the money, according to documents released on Nov. 29.
In a June 26, 2018, email, the investigator said they had been monitoring a law firm owned by Hunter Biden, Owasco P.C., and recent wire transfers from a Chinese company and Hudson West III, Mr. Biden’s joint venture with a Chinese businessman.
The $5 million initially sent to Hudson West was described as a business loan, but “there was no loan agreement document submitted,” the investigator, whose name and bank were redacted, wrote in the message.
The bulk of the funds were sent to Owasco across 16 wires, with labeling that they were for management fees and reimbursements.
“We find it unusual that approximately 58 percent of the funds were transferred to the law firm in a few months and the frequency of the payments appear erratic,” the investigator said. “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 PC.”
The investigator also highlighted how Mr. Biden was the son of then-former Vice President Joe Biden; that there were allegations—since confirmed by Mr. Biden—that Mr. Biden was spending extravagantly on drugs, strip clubs, and prostitutes; and that there were concerns over the Chinese regime “targeting children of politicians and [purchasing] of political influence through ‘sweetheart deals.'”
“Specifically, Hunter Biden’s $1.5 billion dollar deal with the Chinese-State to establish a private-equity firm in which they manage the funds over time and make huge fees,” the investigator wrote. “The management company’s purpose is to invest in companies that benefit [the] Chinese government. Thus, the activity on the account appears unusual with no current business purpose.”
The investigator suggested reevaluating the bank’s relationship with Mr. Biden.
Mr. Biden’s lawyer didn’t respond to a request for comment.
