James Biden, the brother of President Joe Biden, reportedly changed his stance on his involvement in a business deal between Hunter Biden and a Chinese corporation during testimony before U.S. House investigators. According to insiders familiar with his testimony, James Biden initially claimed no knowledge of the deal, but he shifted his position after investigators presented documents containing his signature.
The business deal in question occurred in 2017 and proposed a joint venture agreement between Biden associates and CEFC, a Chinese company linked to the country’s communist government. Documents obtained by investigators revealed that James Biden had signed an agreement memorandum alongside Hunter Biden and another associate, contradicting his earlier testimony.
House Republicans are conducting an extensive investigation into the earnings of Biden family members during Joe Biden’s time as vice president and subsequent years. House Oversight Chair James Comer has publicly disclosed a network of shell companies that received profits from deals like the one with CEFC, with proceeds distributed among other shell entities and family members, including James and his wife Sarah. Bank records show that the couple forwarded $40,000 to President Biden’s personal bank account, categorizing the transaction as a loan repayment.
The CEFC deal is noteworthy due to text messages between Hunter Biden and a Chinese business associate, suggesting potential political repercussions if a $5 million advance payment was not made immediately.
Senator Chuck Grassley (R-IA) has contributed to the investigation by revealing that the joint venture, SinoHawk, never received the promised seed funding. However, $5 million was ultimately transferred to a separate joint entity, Hudson West III, later that year.
Former Biden business associate Tony Bobulinski, who was excluded from the deal, testified that President Biden was intimately aware of efforts to defraud others and trade on the family name after his time in the White House. Bobulinski accused the Biden family of knowingly and aggressively defrauding him and violating fiduciary duties in their dealings with CEFC.
