It is commonly assumed that Ye’s company was involved in China’s “Belt and Road” initiative, which aims to gain political control over developing countries by building infrastructure and controlling markets.
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The brother of the president disclosed a number of business transactions, including those involving foreign nationals. James gave the committee an explanation of how he paid back money from an earlier purported loan to Joe Biden in 2018 with a $200,000 loan from the rural hospital chain Americore. He mentioned looking to Qatar for funding for infrastructure projects, such as building hotels in Miami.
The House impeachment investigation is centered on James Biden’s repayment of his brother’s loan. The White House disputes Republican claims that it demonstrates President Biden’s involvement in his relatives’ international business.
The bank account that James Biden used to wire his brother the $40,000 purported loan repayment had only $46.38 in it a few days prior to August 28, 2017, according to previously made public bank records.
Owasco gave $150,000 to James Biden’s Lion Hall Group on August 14. A later transfer of $50,000 of that money from Lion Hall Group raised the account balance from $2,000 to $52,000.
James Biden looked for natural gas investments for CEFC along the Gulf Coast, but he was unable to close any deals. James and Hunter Biden nevertheless made millions from the business in spite of this.
There are allegations against President Biden that he made money from his family’s business dealings, particularly with CEFC. Former business partner Rob Walker disclosed in January that he made $3 million personally from the CEFC deal, part of which he claimed went to the Bidens.
As stated in his testimony, President Biden met with Ye Jianming in 2017.
