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Testimony by Hunter Biden biz partner Schwerin challenges White House's account of China money loan

The White House has defended Joe Biden’s receipt of money from his brother as “loan repayments,” but Schwerin – who had access to Joe Biden’s accounts until 2017 – said he never saw any loans leave the accounts.

Published: March 18, 2024 2:41pm

Updated: March 18, 2024 2:45pm

The House Oversight Committee on Monday released a transcript of closed-door testimony from ex-Hunter Biden business partner Eric Schwerin that appears to contradict the White House's account of how Joe Biden received and sent loan money with his family members.

The White House and Biden's brother have categorized the money transfers from Biden family members to Joe Biden, shortly after he left the vice presidency, as “loan repayments.”

However, Schwerin, who prepared Joe Biden's taxes, free of charge, told congressional investigators that he never saw any loans to family members, which raise fresh questions about payments from family members to Joe Biden.

One of the key revelations from the interview is, that while he was in business with Hunter Biden, Schwerin did accounting work for Joe Biden at no expense. Schwerin told the committee because of his work, he had access to Joe Biden’s bank accounts “through 2017.”

“And then when you were compiling all of the documents for Vice President Biden, did he ever give any loans, that you can recall?” committee investigators asked, according to the transcript reviewed by Just the News.

“Not – when I was compiling the documents, not that I recall,” Schwerin answered. 

Schwerin told investigators he helped with the elder Biden’s taxes from 2009 until 2016 and continued to help with household finances through 2017—the year the committee documents the first “loan repayment” from Joe Biden’s brother, James.

“All right. So if there were loans made in 2017, you wouldn't have seen them potentially?” the committee asked Schwerin.

“Potentially. That's correct, yes,” he said.

In early September 2017, Joe Biden received a $40,000 check from his sister-in-law, Sarah Biden, directly from his brother’s personal account which was marked as a loan repayment.

The Oversight Committee traced these funds from a $5 million payment from Northern International Capital—a Chinese company affiliated with CEFC China Energy—to one of Hunter Biden’s business accounts in August. Later that month, Hunter Biden wired $150,000 of those funds to James Biden’s Lion Hall Group, where Sarah Biden ultimately withdrew the funds to deposit in the couple’s personal account.

“Comer’s lies and conspiracy theories are getting more desperate by the day,” spokesman for President Biden Ian Sams posted to X after the bank records were released by the Oversight Committee.

A similar pattern would emerge surrounding a later $200,000 claimed loan repayment from James Biden to his brother using funds he received from the failing healthcare company Americore, though this payment falls outside of the period where Schwerin was able to monitor the account.

“It’s a loan repayment from when President Biden loaned his brother money. When he was out of office in 2018, no less. It’s right there on the check!” Sams said of the second alleged loan repayment, referencing the image the Republicans released of the check.

James Biden separately  told the committee that he kept no documentation for the loans he says were provided by his brother and that he was not charged interest, according to his interview transcript.

James Biden claimed that he obtained the loans by contacting the law firm Monzack Mersky and Browder—Joe Biden’s personal lawyers—and requesting money directly from his brother’s accounts, though he was not sure whether the funds came from Joe Biden’s corporate accounts or his personal accounts.

In his interview with the committee, Schwerin confirmed he had access to both Joe Biden’s personal and corporate accounts in 2017, when he received the $40,000 alleged loan repayment.

“Yeah. He had a corporate account once he became a private citizen, and I did have some access to that for a period of time in 2017,” Schwerin said. He explained his access to the accounts ended “towards the end” of that year, when he stopped helping Joe Biden with his finances.

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