U.S. Senate Committee on Homeland
Security and Governmental Affairs
U.S. Senate Committee on Finance
Majority Staff Report
I. EXECUTIVE SUMMARY
In late 2013 and into 2014, mass protests erupted in Kyiv, Ukraine, demanding
integration into western economies and an end to systemic corruption that had plagued the
country. At least 82 people were killed during the protests, which culminated on Feb. 21 when
Ukrainian President Viktor Yanukovych abdicated by fleeing the country. Less than two months
later, over the span of only 28 days, significant events involving the Bidens unfolded.
On April 16, 2014, Vice President Biden met with his son’s business partner, Devon
Archer, at the White House. Five days later, Vice President Biden visited Ukraine, and he soon
after was described in the press as the “public face of the administration’s handling of Ukraine.”
The day after his visit, on April 22, Archer joined the board of Burisma. Six days later, on April
28, British officials seized $23 million from the London bank accounts of Burisma’s owner,
Mykola Zlochevsky. Fourteen days later, on May 12, Hunter Biden joined the board of Burisma,
and over the course of the next several years, Hunter Biden and Devon Archer were paid
millions of dollars from a corrupt Ukrainian oligarch for their participation on the board.
The 2014 protests in Kyiv came to be known as the Revolution of Dignity — a revolution
against corruption in Ukraine. Following that revolution, Ukrainian political figures were
desperate for U.S. support. Zlochevsky would have made sure relevant Ukrainian officials were
well aware of Hunter’s appointment to Burisma’s board as leverage. Hunter Biden’s position on
the board created an immediate potential conflict of interest that would prove to be problematic
for both U.S. and Ukrainian officials and would affect the implementation of Ukraine policy.
The Chairmen’s investigation into potential conflicts of interest began in August 2019,
with Chairman Grassley’s letter to the Department of Treasury regarding potential conflicts of
interest with respect to Obama administration policy relating to the Henniges transaction.1
During the Obama administration, the Committee on Foreign Investment in the United States
(CFIUS) approved a transaction that gave control over Henniges, an American maker of antivibration technologies with military applications, to a Chinese government-owned aviation
company and a China-based investment firm with established ties to the Chinese government.
One of the companies involved in the Henniges transaction was a billion-dollar private
investment fund called Bohai Harvest RST (BHR). BHR was formed in November 2013 by a
merger between the Chinese-government-linked firm Bohai Capital and a company named
Rosemont Seneca Partners. Rosemont Seneca was formed in 2009 by Hunter Biden, the son of
then-Vice President Joe Biden, by Chris Heinz, the stepson of former Secretary of State John
Kerry, and others.2
1 Press Release, Chairman Charles Grassley, S. Comm. on Fin., Grassley Raises Concerns Over Obama Admin Approval of U.S.
Tech Company Joint Sale to Chinese Government and Investment Firm Linked to Biden, Kerry Families (Aug. 15, 2019),
https://www.finance.senate.gov/chairmans-news/grassley-raises-concerns-over-obama-admin-approval-of-us-tech-companyjoint-sale-to-chinese-government-and-investment-firm-linked-to-biden-kerry-families.
2 Peter Schweizer, Inside the Shady Private Equity Firm Run by Kerry and Biden’s Kids, NEW YORK POST (Mar. 15, 2018),
https://nypost.com/2018/03/15/inside-the-shady-private-equity-firm-run-by-kerry-and-bidens-kids/; Peter Schweizer, The
Troubling Reason Why Biden is so Soft on China, NEW YORK POST (May 11, 2019), https://nypost.com/2019/05/11/the-troublingreason-why-biden-is-so-soft-on-china/; Tom Llamas et al., Biden Sidesteps Questions About His Son’s Foreign Business
Dealings but Promises Ethics Pledge, ABC NEWS (June 20, 2019), https://abcnews.go.com/Politics/biden-sidesteps-questionssons-foreign-business-dealings-promises/story?id=63820806 (Stating that Hunter Biden was a managing partner at Rosemont
Seneca Partners.).
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Access to relevant documents and testimony has been persistently hampered by criminal
investigations, impeachment proceedings, COVID-19, and several instances of obstructive
behavior. Accordingly, this investigation has taken longer than it should have. The Chairmen’s
efforts have always been driven by our belief that the public has the right to know about
wrongdoing and conflicts of interest occurring within government, and especially those conflicts
brought about by the actions of governmental officials. This is a good-government oversight
investigation that relies on documents and testimony from U.S. agencies and officials, not a
Russian disinformation campaign, as our Democratic colleagues have falsely stated.
What the Chairmen discovered during the course of this investigation is that the Obama
administration knew that Hunter Biden’s position on Burisma’s board was problematic and did
interfere in the efficient execution of policy with respect to Ukraine. Moreover, this
investigation has illustrated the extent to which officials within the Obama administration
ignored the glaring warning signs when the vice president’s son joined the board of a company
owned by a corrupt Ukrainian oligarch. And, as will be discussed in later sections, Hunter Biden
was not the only Biden who cashed in on Joe Biden’s vice presidency.
This report not only details examples of extensive and complex financial transactions
involving the Bidens, it also describes the quandary other U.S. governmental officials faced as
they attempted to guide and support Ukraine’s anticorruption efforts. The Committees will
continue to evaluate the information and evidence as it becomes available.
Key Findings
In early 2015 the former Acting Deputy Chief of Mission at the U.S. Embassy in Kyiv,
Ukraine, George Kent, raised concerns to officials in Vice President Joe Biden’s office
about the perception of a conflict of interest with respect to Hunter Biden’s role on
Burisma’s board. Kent’s concerns went unaddressed, and in September 2016, he
emphasized in an email to his colleagues, “Furthermore, the presence of Hunter Biden
on the Burisma board was very awkward for all U.S. officials pushing an
anticorruption agenda in Ukraine.”
In October 2015, senior State Department official Amos Hochstein raised concerns with
Vice President Biden, as well as with Hunter Biden, that Hunter Biden’s position on
Burisma’s board enabled Russian disinformation efforts and risked undermining U.S.
policy in Ukraine.
Although Kent believed that Hunter Biden’s role on Burisma’s board was awkward for
all U.S. officials pushing an anti-corruption agenda in Ukraine, the Committees are only
aware of two individuals — Kent and former U.S. Special Envoy and Coordinator for
International Energy Affairs Amos Hochstein — who raised concerns to Vice President
Joe Biden (Hochstein) or his staff (Kent).
The awkwardness for Obama administration officials continued well past his presidency.
Former Secretary of State John Kerry had knowledge of Hunter Biden’s role on
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Burisma’s board, but when asked about it at a town hall event in Nashua, N.H. on Dec. 8,
2019, Kerry falsely said, “I had no knowledge about any of that. None. No.” Evidence
to the contrary is detailed in Section V.
Former Assistant Secretary of State for European and Eurasian Affairs Victoria Nuland
testified that confronting oligarchs would send an anticorruption message in Ukraine.
Kent told the Committees that Zlochevsky was an “odious oligarch.” However, in
December 2015, instead of following U.S. objectives of confronting oligarchs, Vice
President Biden’s staff advised him to avoid commenting on Zlochevsky and
recommended he say, “I’m not going to get into naming names or accusing individuals.”
Hunter Biden was serving on Burisma’s board (supposedly consulting on corporate
governance and transparency) when Zlochevsky allegedly paid a $7 million bribe to
officials serving under Ukraine’s prosecutor general, Vitaly Yarema, to “shut the case
against Zlochevsky.” Kent testified that this bribe occurred in December 2014 (seven
months after Hunter joined Burisma’s board), and, after learning about it, he and the
Resident Legal Advisor reported this allegation to the FBI.
Hunter Biden was a U.S. Secret Service protectee from Jan. 29, 2009 to July 8, 2014. A
day before his last trip as a protectee, Time published an article describing Burisma’s
ramped up lobbying efforts to U.S. officials and Hunter’s involvement in Burisma’s
board. Before ending his protective detail, Hunter Biden received Secret Service
protection on trips to multiple foreign locations, including Moscow, Beijing, Doha, Paris,
Seoul, Manila, Tokyo, Mexico City, Milan, Florence, Shanghai, Geneva, London,
Dublin, Munich, Berlin, Bogota, Abu Dhabi, Nairobi, Hong Kong, Taipei, Buenos Aires,
Copenhagen, Johannesburg, Brussels, Madrid, Mumbai and Lake Como.
Andrii Telizhenko, the Democrats’ personification of Russian disinformation, met with
Obama administration officials, including Elisabeth Zentos, a member of Obama’s
National Security Council, at least 10 times. A Democrat lobbying firm, Blue Star
Strategies, contracted with Telizhenko from 2016 to 2017 and continued to request his
assistance as recent as the summer of 2019. A recent news article detailed other
extensive contacts between Telizhenko and Obama administration officials.
In addition to the over $4 million paid by Burisma for Hunter Biden’s and Archer’s board
memberships, Hunter Biden, his family, and Archer received millions of dollars from
foreign nationals with questionable backgrounds.
Archer received $142,300 from Kenges Rakishev of Kazakhstan, purportedly for a car,
the same day Vice President Joe Biden appeared with Ukrainian Prime Minister Arsemy
Yasenyuk and addressed Ukrainian legislators in Kyiv regarding Russia’s actions in
Crimea.
Hunter Biden received a $3.5 million wire transfer from Elena Baturina, the wife of the
former mayor of Moscow.
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Hunter Biden opened a bank account with Gongwen Dong to fund a $100,000 global
spending spree with James Biden and Sara Biden.
Hunter Biden had business associations with Ye Jianming, Gongwen Dong, and other
Chinese nationals linked to the Communist government and the People’s Liberation
Army. Those associations resulted in millions of dollars in cash flow.
Hunter Biden paid nonresident women who were nationals of Russia or other Eastern
European countries and who appear to be linked to an “Eastern European prostitution or
human trafficking ring.”
Source – more https://www.finance.senate.gov/imo/media/doc/HSGAC%20-%20Finance%20Joint%20Report%202020.09.23.pdf
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