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Biden planned to join son’s China-backed firm after vice presidency, former partner tells Congress

The new witness testimony from Jason Galanis reinvigorates the House impeachment inquiry with fresh evidence of Biden family influence peddling.

Published: February 23, 2024 6:33pm

In his opening statement to House impeachment investigators, former Hunter Biden business partner, Jason Galanis, said Joe Biden planned to join the board of his son’s firm which was being backed by a Chinese businessman and state-owned enterprises.

Galanis delivered his opening statement on Friday morning to congressional investigators from inside a federal prison in Alabama where he is serving a prison sentence for engaging in an illegal scheme to enrich Burnham Asset Management.

Galanis also unequivocally told investigators his firm originally partnered with Hunter Biden because of his family name.

“The entire value-add of Hunter Biden to our business was his family name and his access to his father, Vice President Joe Biden,” he said in his opening statement, obtained by Just the News.

He also described the purpose of the joint venture with Hunter Biden.

“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,” he said.

After the group, which included Galanis, Hunter Biden, and Devon Archer, acquired Burnham & Co., the intention was for the firm to become “the focal point for integrating a 'Biden Family Office' into a large-scale financial company with international influence.”

Later, the group decided to partner with a Chinese firm called Harvest Fund Management, which was headed by Henry Zhao and backed by Chinese state-owned enterprises. Galanis made clear why Zhao was so eager to partner with Hunter Biden and his associates despite having the backing from some of the largest financial firms in China.

“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.

Even more attractive for Zhao was the eventual promise of Joe Biden joining the firm after he left the vice presidency. Hunter Biden reinforced this expectation in an email draft Galanis provided to the committee.

“Michael, please also remind Henry [Zhao] of our conversation about a board seat for a certain relation of mine. Devon 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,” it reportedly reads. Ultimately, this phrase was removed from the final email draft; however, it has been preserved in Galanis’ records.

“Mr. Zhao regularly sought reassurance about what he termed the 'intangible goods' that Vice President Biden serving on the Harvest board would bring to the business plan. He wanted assurances so that he would not ‘lose face’,” Galanis added.

Galanis also told investigators that Joe Biden called in to meetings Hunter Biden organized with the Burnham partners and funders, which included Yelena Baturina, her late husband Yuri Luzhkov, the former mayor of Moscow, and Devon Archer.

"It was clear to me this was a pre-arranged call with his father meant to impress the Russian investors that Hunter had access to his father and all the power and prestige of his position,” Galanis said of the phone call.

After House Democrats this week argued that the impeachment inquiry led by the House Oversight Committee was “essentially" over, as Maryland Democratic Rep. Jamie Raskin claimed, this new witness testimony will likely add new fuel to the fire as the committee plans to interview Hunter Biden himself next week.

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