According to Republican Senator Ron Johnson of Wisconsin, Cathay Bank has provided data to Senate Republicans that indicate millions of dollars flowing to President Biden’s son Hunter Biden from Chinese corporations.
Concerns were first raised by Republicans during President Biden’s successful 2020 White House campaign, if not before, that Hunter Biden had used the family name and influence to make millions in overseas business deals while his father was vice president, agreements that may have compromised U.S. national security.
Records show Biden family ties to the now demised CEFC China Energy. Johnson alleged that the enterprise had ties to the Chinese Communist Party.
According to documents obtained from a bank, the company transferred $1 million to Hudson West III, a partnership between Hunter Biden and Gongwen Dong, a business colleague of CEFC’s founder and chairman, Ye Jianming.
In Johnson’s view, the Chinese government is essentially telling Joe Biden that they “have the goods on him,” and they have no qualms about dishing it out.
The bank has given records from President Biden’s brother, James Biden.
Cathay Bank has stepped forward to deny the claims and clarify that the bank is based in the United States.
The company issued a statement, saying that Cathay Bank, a NASDAQ-listed, U.S. banking institution with a history dating back more than six decades, has complied with the request for information from the House Committee on Oversight and Accountability.
According to the statement, the bank plans to keep working with the committee.
They reiterated that Cathay Bank, established by an American more than 60 years ago and now operating with over $20 billion in assets and more than 60 locations in 9 states, is a significant financial institution in the United States. The Chinese government does not own Cathay Bank and has no official ties to the government.
Johnson claims that the bank provided the documents to him and fellow Republican senator from Iowa, Chuck Grassley.
The senators’ demands for records from other banks have been turned down.