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Mervyn Yan moved huge piles of money from CEFC China Energy to the Biden family but never had any idea what China was paying for. He’s a firm believer in never asking questions you don’t want to hear the answer to. That way, you don’t need to lie when you testify in front of Congress, as he did recently. He didn’t know what Hunter or James Biden brought to the table in the deal or why China wanted their help, even though they knew nothing about the energy business. All he knew about were the wire transfers. Big ones.
Big monthly money transfers
A whole bunch of money flowed from China to the Biden family, every month, Mervyn Yan testified. He was a recent guest of both the House Committee on Oversight and Accountability and House Committee on the Judiciary.
The Biden family associate detailed “the Bidens’ dealings with the Communist Chinese government linked energy firm, CEFC.” The House released his full transcript.
While under interrogation, Yan admitted that Hunter and James Biden “had no experience in the energy and infrastructure sectors and was not sure what they brought to the table.”
Mervyn Yan struggled to define what Hunter Biden’s value-add was to their business ventures. pic.twitter.com/cORlLSaIkx
— Oversight Committee (@GOPoversight) February 8, 2024
When asked to “define what Hunter Biden’s value-add was to their business ventures,” Yan “struggled.” They seem to have been paid a whole lot of money for doing not much.
Yan testified that he met with Hunter Biden and James Biden in May 2017 in New York City. The meeting was arranged by Kevin (Gongwen) Dong and “CEFC associate” Zhou Runlong “was also present.” Apparently it was pretty much a done deal before they ever started talking. Yan relates he was basically following Dong’s lead as the only one in the deal he knew beforehand.
All he had to do was move some money around by wire transfer and he was paid a $10,000 a month salary from CEFC. Beyond that, he “maintained that he had no knowledge of CEFC’s business activities.” He didn’t want to know.
Multiple wire transfers
Yan admitted being aware that “CEFC was a major investor in Mr. Dong’s investment fund, and Mr. Dong managed all of CEFC’s U.S.-based funding.” Even though he had a “close, years-long relationship with Mr. Dong,” Yan swore up and down “he had no awareness of CEFC’s business activity or ties to the Chinese government.” He didn’t have a clue where the money came from or why it was being paid out.
When the interrogator handed him a document to refresh his recollection, about when he asked Hunter if he should “resign” from CEFC when it hit the fan. Ye changed his story to explain “he worked for CEFC U.S. as an independent contractor.”
As a fully independent unit with no direction from anybody, “Mervyn Yan facilitated multiple wire transfers from Hudson West III—a company owned jointly by Hunter Biden and CEFC—to James and Hunter Biden for expenses he could not specify.” CEFC paid for everything.
🚨PRESS RELEASE: Oversight and Judiciary Committees Release Mervyn Yan Transcript https://t.co/ajttZbdm3Z
— Oversight Committee (@GOPoversight) February 8, 2024
“Hudson West III was a company jointly owned between Hunter Biden and CEFC. CEFC provided all the capital to start and maintain the LLC during its short lifespan.” There was a big pile of money in there for Hunter and one almost as big for Joe’s brother James.
“Email correspondence indicates that Hunter Biden originally demanded $30 million in payment for introductions alone despite his lack of experience with the energy infrastructure field.” It doesn’t look like he got that much but “Yan wired Hunter Biden $100,000 a month and James Biden $65,000 a month for the duration of their joint business venture.” Congress asked him point blank about that.
“Despite these large salaries, Mr. Yan did not know the nature of the work either of the Bidens had completed to earn such compensation.” It looks to just about everybody that they got all that money simply because they have the name Biden. Yan testified that “he had no business relationship with Sara Biden.” It seems that “Sara Biden also received a Hudson West III credit card despite having no formal role within the business. Mr. Yan could not explain why Sara Biden needed a business credit card beyond that she requested one. He could also not articulate what business expenses Mrs. Biden used the card for.“
