In a breathtaking admission on Wednesday, leading Democrats on the House Oversight Committee conceded that Hunter Biden, the second son of former Vice President Joe Biden, had done business throughout his father’s tenure in the White House.
This news comes following a New York Times investigation that showed Hunter Biden had invested in a joint venture with a Chinese national days before his father visited Beijing in 2013. It also comes on the heels of President Donald Trump’s accusations that the Bidens were involved in potential acts of corruption.
According to the committee’s findings, a wealthy Chinese oil and gas tycoon who was a close friend and long-time business partner of Hunter Biden had handled the family’s financial matters while Joe Biden was serving as vice president.
The oil tycoon in question is identified solely as “MM,” and records revealed that the Biden family reportedly paid him a management fee of $5 million over the course of three years between 2009 and 2011.
The committee also uncovered hundreds of thousands of dollars in additional payments to Hunter Biden’s mother and sister.
Though the report did not provide any evidence of improper activity related to either the Bidens or the MM, the Democrats on the committee were uncharacteristically forthcoming in their conclusion about the revelations.
“Today’s report underscores why it is so important for people in public service to ensure that their financial affairs are conducted in an open and transparent manner in order to avoid even the appearance of impropriety,” they wrote.
The continued scrutiny into Hunter Biden’s financial dealings has put Joe Biden in a tough spot as he launches his run for the presidency in 2020. If his son’s business dealings raise legal issues or questions concerning his judgment, it could prove damaging to the former vice president’s bid for the White House.