US president Joe Biden's son Hunter plotted to set up a shadowy fund to cash in on his influence — so says a former business partner.
Independent US media outlet Just the News has obtained a recent statement by Hunter Biden's business associate Jason Galanis to the House impeachment inquiry.
He said Hunter and his business buddies planned to build a global hedge fund with Joe Biden as its "central asset."
"The entire value-add of Hunter Biden to our business was his family name and his access to his father, Vice President Joe Biden," Galanis told the House impeachment investigators. "Our objective was to build a diversified private equity platform, which would be anchored by a globally known Wall Street brand together with a globally known political name."
Hunter Biden sought "strategic relationships to the venture" with tycoons from all over the world, including from post-Soviet space.
Just the News quoted emails from Hunter Biden's infamous "laptop from hell" which allegedly confirm the ambitious plan.
"This is a global cooperation group that will assist each other in our respective regions in whatever manner possible," Hunter's other associate, Jeff Cooper, wrote in March 2014. The younger Biden proposed a list of billionaire investors for the new venture, including tycoons from China, Spain, Kazakhstan, Russia, South America, Africa and the Middle East.
One of Hunter's partners, Chinese businessman Xuejun "Henry" Zhao, showed interest in the plan based on the prospect that Joe Biden would join the venture after his vice presidential term ended.
"Mr. Zhao was interested in this partnership because of the game-changing value add of the Biden family, including Joe Biden, who was to be a member of the Burnham-Harvest team post-vice presidency, providing political access in the United States and around the world," Galanis said.
Galanis's lawyer provided a draft email backing up the businessman's testimony.
“Michael, please also remind Henry [Zhao] of our conversation about a board seat for a certain relation of mine," Hunter reportedly wrote. "Devon [Archer] and I golfed with that relation earlier last week and we discussed this very idea again and as always he remains very very keen on the opportunity."
According to Galanis, the "certain relation" was nine other than Joe Biden. Even though the phrase was removed from the final email, it remained in Galanis' records.
The group's plan to assemble a "dream team" of international billionaires and create a global Biden business empire took a serious knock when Archer and Galanis were charged and convicted of a plot to steal $43 million in tribal bonds.
Hunter Biden avoided scrutiny despite "then-available documentation that we were partners, were involved in the decision making that involved illegal self-dealing, and all of us had financially benefited from these schemes," Galanis claimed.
Galanis told House investigators that the illegal tribal bond scheme was part of a larger effort to create a financial platform for the Biden hedge fund.
"In an effort to build this financial platform, I engaged in unlawful conduct. Our companies were entrusted with $11 billion of union members’ pension fund money whose trust I betrayed," Galanis stated. "I pleaded guilty. I have had eight years in federal custody to reflect on my actions and I am profoundly sorry for my role."
Hunter Biden is expected to appear before the Oversight Committee on Wednesday and testify to the Republican-led impeachment hearing about his family's business dealings and Joe Biden's role in his son's financial schemes.
Congressional investigators argue that Joe Biden was used by his son as a "brand" due to his vice presidential position. They say he not only knew about Hunter's deals but participated in them, likely profiting. Biden has so far denied being aware of his son's business operations.
House Republicans have been running their investigation into the Biden family's apparent influence-peddling for several years.
According to US media, Hunter's testimony will take place behind closed doors — even though he previously insisted on a public hearing — and will not be video-taped, although the transcript will be released to the public.