Hunter Biden, the son of Democratic presidential candidate Joe Biden, requested $5 million in investments from a company linked to the Chinese Communist Party (CCP), in exchange for linking it to influential people in Washington, according to a lawsuit.
John Galanis, 77, an American financier convicted of investment crimes, testified under oath that his son, Jason Galanis, had learned of those facts from Hunter Biden’s former business partner, Devon Archer, according to The Washington Free Beacon of Sept. 18.
According to Galanis, partners Biden and Archer managed to raise $15 million from China’s Harvest Fund Management in 2015, and the company eventually agreed to invest only a portion of the requested money.
The money was to be paid to Biden and Archer’s consulting firm Burnham Asset Management, which was in serious financial trouble at the time, Galanis said.
“To induce the Chinese, Biden sent an email to Henry Zhao, President/Founder of Harvest,” saying the money was important to his family. The Chinese agreed to invest only $5 million in Burnham Asset Management,” Galanis said.
Among the documents that accompanied Galanis’s complaint was a record of Burnham Asset Management’s board meeting, which mentioned the possible investment by Harvest Fund Management, on one hand.
Another document listed Biden as the vice president of Burnham & Co. and the CEO of Burnham Advisors, promising Harvest access to Washington.
Another lawsuit also highlights the business ties between Jason Galanis and Devon Archer, and their boastful claims about their relationships with important people in Washington, according to The Washington Free Beacon.
On the other hand, Hunter Biden’s transactions with companies in other countries, particularly with companies depending on the CCP, are numerous.
In another such case, China’s BHR Partners, in which Hunter Biden and Chris Heinz, the stepson of former Secretary of State John Kerry, had investments, helped the top military aircraft manufacturers of the CCP—Aviation Industry Corporation of China (AVIC)—buy the Michigan-based auto parts manufacturer Henniges Automotive in 2015, according to Just The News.
The Chinese company had been sanctioned five times by U.S. authorities and was also blacklisted by the Department of Commerce.
For Senate Finance Committee Chairman Chuck Grassley (R-Iowa), the purchase of Henniges Automotive established a potential conflict of interest, given that Hunter Biden’s father, Joe Biden, was the vice president when the transactions took place.
“The direct involvement of Mr. Hunter Biden and Mr. Heinz in the Chinese government’s [PCC’s] acquisition of Henniges creates a potential conflict of interest,” Grassley said in an Aug. 14, 2019 letter.
“Both are directly related to high-ranking Obama administration officials. The Department of State, then under Mr. Kerry’s leadership, is also a CFIUS member and played a direct role in the decision to approve the Henniges transaction” Grassley explained.