Biden received $40K 'loan repayment' funded by China from brother's account, bank records indicate
The money trail began when Hunter Biden demanded in July 2017 that Raymond Zhao, an associate linked to the Chinese Communist Party and the now-bankrupt CEFC China Energy, pay him $10 million.
Before becoming president, Joe Biden received a $40,000 check marked as a "loan repayment" from his brother's account, but the money may have come from a Chinese company, according to evidence released Wednesday by House Oversight and Accountability Committee Chair James Comer, R-Ky.
The money trail began when first son Hunter Biden demanded in July 2017 that Raymond Zhao, an associate linked to the Chinese Communist Party and the now-bankrupt CEFC China Energy, pay him $10 million, according to Comer.
Northern International Capital, a Chinese company connected to CEFC, sent $5 million in August 2017 to Hunter Biden's company.
Later that month, Hunter Biden wired $150,000 to Lion Hall Group, a company owned by Biden's brother, James Biden, and his sister-in-law Sara Biden, evidence shows. Days later, Sara Biden took out $50,000 in cash from Lion Hall Group and then deposited it into her and James Biden's personal account that same day. The following week, Sara Biden sent a $40,000 check to Joe Biden marked as a "loan repayment."
"It’s certainly plausible that this payment where James and Sara used funds from China was indeed a loan repayment to Joe," Comer said. "But even if this $40,000 check was a loan repayment from James Biden, it still shows how Joe benefited from his family cashing in on his name – with money from China no less."
Comer released records last month showing that James and Sara Biden wrote a personal check marked as a "loan repayment" to Joe Biden in 2018 for $200,000.
CNN reviewed the banking records and reported that they "provide substantial evidence in support of the Democrats’ assertions that there was indeed a $200,000 loan from Joe Biden to James Biden less than two months before the James Biden 'loan repayment ' check to Joe Biden for the same amount."