The Biden family received millions of dollars from a Chinese company as a "forgivable, interest-free" loan
According to a former associate of Hunter Biden, the president, identified as the 'Big Guy,' was secretly involved in the deal and received a 10% cut of the money.
President Joe Biden and his family collected an interest-free loan "intended to be forgivable" from a Chinese energy company, according to information released through a letter to the FBI by Republican Senator Charles Grassley. The letter contains evidence showing that CEFC Beijing International Energy Company Limited gave $5 million to a company that had a connection to Hunter Biden in August 2017.
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Biden - China Connection
A July 2017 email sent by a CEFC executive to Tony Bobulinski, a former business partner of Hunter Biden, noted that the Chinese company's leadership "fully support the framework of establishing the JV [joint venture]" with SinoHawk, a company associated with Hunter and James Biden, "based on their trust on (sic.) BD [Biden] family."
The email explains the reason for the "delay" in sending the money to SinoHawk. According to the letter:
Biden/China by Voz Media on Scribd
Direct money to the Biden family
At the time of the loan, Joe Biden had already left office as vice president and was planning his 2020 presidential bid. Bobulinski has said in several interviews that Biden was secretly involved with the transaction, identified in internal documents as the "the Big Guy" who would receive a 10% cut of the money.
Bobulinski told the FBI that the money was actually deferred compensation for work Hunter and James Biden had performed while Joe Biden was still vice president. According to Grassley:
The senator said that the scheme "to compensate the Bidens was supposed to consist of an unsecured $5 million loan, intended to be forgivable, from CEFC in 2017." He further noted that he has evidence that, a few months before the money was paid, "Hunter Biden yelled at CEFC officials at a meeting for failing to fund the joint venture" and that "James Biden considered calling CEFC officials and threatening to withdraw Biden family support from future deals."
The letter said that when the money was finally paid, it did not go to the Bobulinski and Hunter Biden's SinoHawk firm as initially planned. Rather, it was sent to a company connected to the Biden family called Hudson West III before being transferred to entities linked to the brothers.
Hudson WestLegal/ Biden by Voz Media on Scribd
Reporting to the FBI
Grassley said information his team gathered information from whistleblowers and other sources suggesting that the FBI already "possesses significant, impactful, voluminous evidence of potential criminality in Biden family business arrangements."