A former Biden family business associate told Congress during a recent closed-door interview that he entered into a joint venture with Hunter Biden in 2017 but was unaware of any relevant industry expertise the first son had.
Mervyn Yan, who established a business relationship with President Joe Biden‘s son Hunter and brother James in 2017, testified that the first son did not appear to have any knowledge about energy infrastructure despite that being the industry in which they were doing business.
A Republican aide grilled Yan on the topic, according to a transcript of the interview released Thursday by the House Oversight Committee. The aide repeatedly asked what Yan thought Hunter Biden brought to the table.
“I don’t know,” Yan said.
“I don’t know what he can contribute to the—,” Yan added before he was cut off.
Yan said his venture with Hunter and James Biden would function as an investment management company in energy infrastructure projects in the United States but use third-party experts to advise on and carry out the projects. The venture was called Hudson West III and was fully funded by a Chinese company tied to CEFC, a now-defunct Chinese energy company linked to the Chinese government. Hunter Biden, who already had been involved in business dealings with CEFC, owned half of Hudson West III, while Yan owned the other half.
Pressed again on what Hunter Biden contributed to the venture, Yan indicated that the first son was well-sourced in the United States.
“He is going to show us the infrastructure investment projects in the United States,” Yan said. “That’s to the extent of the framework of what’s going to happen as Hudson West III transactions.”
The venture was poised to be lucrative for the Bidens. An agreement from August 2017 showed Yan, a signatory on Hudson West III’s bank account, would pay Hunter Biden $100,000 per month and James Biden $65,000 per month.
Hunter Biden received a $500,000 up-front retainer in addition to the salary, bank records obtained by the Oversight Committee show.
Hudson West III never secured any investment projects, however, and the company permanently dissolved by the winter of 2018, Yan said.
The interview came as House Republicans continue to question witnesses as part of their impeachment inquiry into the president. They have been examining whether Joe Biden abused his political power as vice president to help his family profit in their overseas ventures, but they have not at this stage produced evidence that he was directly involved in the business.
While the interview with Yan bolstered claims that Biden family members provided no real goods or services in exchange for massive payouts from foreign companies, it did not provide any new information tying Joe Biden to deals involving his son and brother.
Yan was at times questioned on whether Joe Biden’s name ever came up during Yan’s working relationship with Hunter Biden, and Yan said it did not.
“Not to my knowledge,” Yan said. “I don’t think he mentioned it.”
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Yan also was asked about an email Hunter Biden sent to him and others in 2017 referencing how a new financial proposal from a CEFC executive “was so much more interesting to me and my family.”
Yan said he did not know who Hunter Biden was referencing when he mentioned his family and emphasized that he only personally knew Hunter and James Biden.
