Hunter Biden’s business partner attempted to conceal large payments to the Biden family through a complex laundering scheme, a House Oversight Committee memo alleged Wednesday.
Gongwen “Kevin” Dong, Hunter Biden’s business partner, passed at least $100,000 to Biden’s company through an intricate web of limited liability companies in an attempt to hide their original source, the memo alleged, citing business and financial records. In total, the Biden family failed to disclose more than $10 million in payments from companies controlled by foreign nationals, the memo states.
In May 2017, Dong created a limited liability company in Delaware called CEFC Infrastructure, to which the “sole equity member” was a company called Hudson West V, where Dong served as the “director,” the memo states.
A week after CEFC Infrastructure’s formation, Hudson West V then “assigned 100 percent of its interest” to a company incorporated in China called Shanghai Huaxin Group, which, in turn, deposited $10 million into CEFC Infrastructure’s bank account, according to the memo.
On August 4, 2017, CEFC Infrastructure then wired $100,000 to Owasco P.C., “Hunter Biden’s professional corporation,” the memo states.
“The bank records establish Owasco P.C., Hunter Biden’s professional corporation, received $100,000 that was funded by Shanghai Huaxin in China,” according to the memorandum. “It also disproves President Biden’s claim that his family received no money from China.”
Biden and Dong each owned a 50% stake in Hudson West III through the respective companies they controlled, according to the memo. In a September 2017 email Hunter Biden authored, he characterized Dong as an “emissary” for the “chairman” of China Energy Fund Committee, Ye Jianming, who gifted Biden a diamond “worth up to $80,000” in 2017, according to the House Oversight Committee’s memo.
The House Oversight Committee characterized Dong’s financial transactions as “deeply concerning,” and cited an April 26, 2023 hearing on money laundering during which one witness stated that the practice of layering multiple limited liability companies on top of one another “with no unique or distinguishable services” potentially indicated a “money laundering set-up.”
Between June and August 2017, CEFC’s chairman, Ye, transferred over $130 million to various entities controlled by Dong, according to the memo.
The House Oversight Committee is investigating “individuals with ties to the Chinese Communist Party” who may have attempted to influence members of the Biden family through “lucrative business relationships,” according to the memorandum.
The White House did not respond immediately to the Daily Caller News Foundation’s request for comment.
Hunter Biden could not be reached for comment.
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