According to the memo, the Biden family and its business associates created over 20 companies and received more than $10 million from foreign nationals while Joe Biden served as Vice President. The committee has subpoenaed four banks and received "thousands of records in response."
The memo alleges that the Biden family took steps to "conceal the source and total amount received from the foreign companies." The committee is investigating the "opaque corporate structure of particular Biden-affiliated companies" and whether these companies maintained books and records.
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The memo states that the Biden family and its business associates "created a web of over 20 companies" during Joe Biden's vice presidency. These companies were formed mostly in Delaware and Washington, D.C., with the help of Hunter Biden's business partners Rob Walker and James Gilliar.
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The memo also alleges that the Biden family used business associates' companies to receive millions of dollars from foreign companies. The committee identified payments to Biden family members from foreign companies "while Joe Biden served as Vice President and after he left public office."
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The committee alleges that the Biden family may have collected money from foreign nationals trying to influence U.S. policy. For example, the committee discovered that Hunter Biden, through his associate Rob Walker, received more than $1 million from a foreign company reportedly controlled by Gabriel Popoviciu, the subject of a criminal probe and prosecution for corruption in Romania.
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Then-Vice President Biden met with Romanian leaders in 2014 and 2015 "regarding corruption in the country." The committee is concerned about the Biden family's pattern of courting business in regions of the world in which the then Vice President had an outsize role and influenced U.S. policy.
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The memo implies that the Biden family received millions of dollars from their Chinese partnership. Ye Jianming and Gongwen Dong, who were connected to Hunter Biden's joint-venture with Chinese energy company CEFC, posed "potential threats to American national security."
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Ye had "close ties to the highest levels of the Chinese Communist Party and was reportedly deputy secretary-general for an international outreach arm of the People's Liberation Army." Ye was later detained by the CCP in 2018. The memo alleges that the Bidens received money from Chinese nationals and companies "with significant ties to Chinese intelligence and the Chinese Communist Party."
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The White House has slammed the committee's investigation as "evidence-free" and "politically motivated." The White House has also maintained that President Biden has never been involved in his son's business dealings. The committee plans to gather additional bank records in the near future and continue following the money trail.
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