Galanis alleges that this perceived advantage, stemming from Hunter Biden's familial connections, was instrumental in securing business deals that they believed could generate billions of dollars.
In transcripts released on Monday, Galanis explained to Republican impeachment investigators that the "Biden lift" was essentially a form of access. "Being in the business of acquiring other businesses, access meant to us at the time, the ability to persuade third-parties to do business with us," he stated. Galanis further elaborated that foreign investors would be enticed by the prospect of political access to the leadership of the United States, a country widely admired for its power.
Galanis also suggested that domestically, the "Biden lift" could facilitate the closing of deals within sectors where President Biden had established strong connections. He cited union pension funds as an example, stating that their business plan involved acquiring two union pension fund managers, which would provide a "stamp of credibility."
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Both Galanis and Devon Archer, another former associate of Hunter Biden, were convicted of fraud after they persuaded a Native American tribe to issue economic development bonds, which they then misused for personal gain. Hunter Biden was not implicated in this scheme.
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Galanis, who hails from a notorious New York crime family, asserted that having Hunter Biden on their team "lent credibility" to their ventures and partnerships, as it indicated a direct line to the corridors of power. He revealed that they often leveraged Joe Biden's industry contacts, such as those within unions, which had been cultivated through his political relationships.
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Galanis told investigators from the House Oversight and Judiciary Committees that he collaborated with Hunter Biden and Devon Archer on business deals in the insurance and finance industry from 2012 to 2015. He claimed that they "owned and acquired with total audited assets of over $17 billion."
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Galanis also disclosed that he offered Hunter Biden and Devon Archer equity ownership of a new business venture, Burnham Group, at no cost, due to the "relationship capital" they would bring to the company.
Hunter Biden served as the vice chairman of Burnham Group and brought strategic relationships to the venture, including those from Kazakhstan, Russia, and China. Galanis testified that in 2014, he, Devon, and Hunter agreed to form a partnership with Harvest Fund Management, a Chinese financial services company with close ties to the Chinese Communist Party (CCP).
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Henry Zhao, the director of Harvest, was a contact of Hunter's. Galanis testified that Zhao was interested in the partnership due to the potential value-add of the Biden family, including Joe Biden, who was reportedly considering joining the board of the Burnham-Harvest team post-vice presidency.
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Galanis quoted a draft email written by Archer for Hunter that suggested a board seat for a "certain relation" of his, presumably referring to Vice President Biden. Galanis testified that he was certain this phrase referred to Vice President Biden and that Devon had informed him about this conversation shortly after it occurred.
Galanis further testified that Zhao frequently sought reassurance about the "intangible goods" that Vice President Biden serving on the Harvest board would bring to the business plan.
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