Hunter Biden was paid tons of money in his joint venture with Chinese Communist Party-linked Chinese energy firm CEFC, according to new testimony from one of Hunter’s former associates.
But this same associate, Mervyn Yan, said he didn’t know what Hunter was contributing to the deal.
Here’s more from Fox News:
Hunter Biden was paid $100,000 a month and James Biden was paid $65,000 a month in 2017 from their joint-venture with Chinese Communist Party-linked Chinese energy firm CEFC, a former associate testified to the House Oversight and Judiciary Committees.
Mervyn Yan, who testified behind closed doors at the committees last month, said he did not know the nature of the work the Bidens provided, according to a transcript of the testimony obtained by Fox News Digital.
Yan testified that he met Hunter Biden and James Biden in May 2017 through a CEFC business partner Gongwen Dong, also known as “Kevin.” Yan said that meeting lasted less than 15 minutes, but that it was the impetus for the joint-business venture, Hudson West III, with the Bidens.
Yan said the business venture was intended to facilitate the investment of Chinese energy infrastructure firms – like CEFC – into U.S. energy companies in exchange for energy exports to China.
“It was in May 2017, four of us. And then Kevin asked me to come to a meeting. And then eventually we met. I met Hunter Biden and James Biden and Kevin, just four of us… in Midtown. That was a relatively quick meeting, roughly 15 minutes, because I noticed the time because I couldn’t even get a water in that place,” Yan told the committees.
“So basically we shake hands and basically say we can work together,” Yan continued, adding that he would be “sort of like on-the-ground person who executes and pretty much sources the infrastructure deals.” Yan said he would be “working closely with Hunter.”
Yan was asked what he thought Hunter Biden “brought to the table” in the joint-venture.
“I don’t know,” Yan testified. “I don’t know what he can contribute.”
Yan said he did not know if Hunter Biden had “knowledge” in the energy infrastructure field.
Yan said Hunter Biden was given a $500,000 retainer, and then paid $100,000 per month. Yan also testified that Hunter Biden had been working for CEFC prior to their introductory meeting, but did not know for how long.
Yan testified that he didn’t know anything about Joe Biden being involved in the deal…
Meanwhile, Yan testified that none of the five infrastructure deals he worked on with the Bidens in 2017 came to fruition, but said Hunter and James Biden were still compensated for their work in attempting to bring business.
Yan testified as part of the House impeachment inquiry against President Biden.
Yan told congressional investigators that Joe Biden was not involved in the joint-venture, and said neither Hunter nor James Biden ever suggested he would be involved.
Yan also testified that he was not aware of any funds from the joint-venture going to Joe Biden. Yan maintained that he was never in contact with Joe Biden, and that Hunter and James Biden did not discuss the then-former vice president in their conversations.
Yan was pointedly asked if he was ever told that he could receive political favors from Joe Biden if he engaged in business with Hunter Biden, to which he replied in the negative.
“Did you engage in a business relationship with Hunter and James with the expectation that you would receive political favors from Joe Biden?” Yan was asked.
“No,” Yan said.