During his testimony in the impeachment inquiry, James Biden admitted that a Chinese government-linked company, CEFC China Energy, funded a $40,000 check that went to Joe Biden in 2017.
James Biden claimed that he did not believe that CEFC China Energy was under the control of the CCP. He clarified, stating, "I just misspoke" about a previous statement he made during a 2022 IRS interview. In that interview, James had indicated that his nephew Hunter was collaborating with him and had characterized CEFC chairman Ye Jianming as a "protégé" of Chinese President Xi Jinping.
“Where did you believe the source of the money that was going into [Hunter Biden’s company] Owasco, prior to being sent to you, was coming from?” an investigator asked James during the Feb. 21 interview.
“CEFC,” James conceded — following an extended back-and-forth in which the first brother’s attorney Paul Fishman tried to argue that “money’s fungible” before being reminded by a House staffer that James “did not have sufficient funds” to make the $40,000 alleged loan repayment on his own, “so it is traceable."
The interview also established that James Biden received $840,000 over four transfers between November 2022 and July 2023 from Argentinian businessman Jose Luis Manzano, which the first brother said came from selling half of his stake in Manzano’s holding of Argentinian natural gas company Metrogas.
“It was sweat equity, mainly, in dealing with him in terms of his other ventures,” James told the investigators, saying Manzano asked him to woo Mexican billionaire Carlos Slim to invest in 4G in Argentina, an attempt that was unsuccessful.
Manzano was at one point “in discussions” about working with CEFC, James also confirmed.
According to subpoenaed bank records, James Biden's bank account — the one the $40,000 check to Joe Biden came from — had a balance of just $46.88 before a $50,000 deposit mere days before.
The $50,000 had come the same day from funds withdrawn from James’ entity Lion Hall Group, which had received a $150,000 wire from Owasco on Aug. 14 (having had a balance below $2,000 at the time), according to a bank record memo released by the House Oversight Committee in November.
The Biden family’s relationship with CEFC was one of its most lucrative and controversial — ending in 2018 when Ye disappeared amid corruption allegations in China after making a splash in international markets with his firm, which purported to be privately held but was widely considered part of Beijing’s “Belt and Road” foreign influence initiative.
James testified that he scouted out natural gas investments for CEFC along the Gulf Coast, but that the major proposals fell through — though he and Hunter Biden still netted millions from the partnership.
The first brother said he was repaying a personal loan to Joe when James’ wife, Sara Biden, cut the $40,000 check to the future president on Sept. 3, 2017. He said there was no loan paperwork or interest.
Hunter Biden's testimony this week also confirmed many details that the House Oversight Committee's investigation uncovered.
Related: Hunter Strengthened the GOP’s Impeachment Case Against Joe Biden
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