The Trudeau government announced on Wednesday that Canadian representatives would no longer participate in the Asian Infrastructure Investment Bank (AIIB). . Asian bankA view of the headquarters building of the Asian Infrastructure Investment Bank in Beijing. .However, they have not yet decided to sell Canada's ownership stake in the AIIB located in Beijing, according to Blacklock's Reporter. .This decision was made in response to concerns raised by a Canadian executive working for the AIIB, who stated that the Communist Party “runs the joint.”.“The Government of Canada will immediately halt all government-led activity at the Bank and I have instructed the department of Finance to lead an immediate review of the allegations raised and of Canada’s involvement in the Asian Infrastructure Investment Bank,” Finance Minister Chrystia Freeland told reporters..Freeland chose to keep Canada's funds in the AIIB, pending a review of the AIIB..The examination comes after the sudden departure of Bob Pickard, a public relations professional from Toronto who was the AIIB chief of communications. .“As a patriotic Canadian, this was my only course,” Pickard said in a statement. .“The Bank is dominated by Communist Party members.”.In a series of Twitter posts, Pickard described the Bank as a “cesspool” with “useful idiots” as directors. .“The Party runs the joint, but that’s not transparent,” wrote Pickard of Signal Leadership Communications Incorporated. .“It’s only after working there for many months that I became aware of how that’s where the true power is concentrated inside the Bank, the Chinese Communist Party crowd who operate like a secret police.”.“I am happy to be gone from that cesspool,” wrote Pickard. .“The Communist Party hacks hold the cards at the Bank. They deal with some board members as useful idiots. I believe my government should not be a member of this People’s Republic of China instrument. The reality of power is that it’s Chinese Communist Party from start to finish.”.“Western publics are not being served by their membership in the Asian Infrastructure Investment Bank,” wrote Pickard. .“I saw with my own eyes the extent to which Communist Party hacks occupy key positions in the Bank like in-house KGB or Gestapo or Stasi.”.In 2017, the Parliament approved the Asian Infrastructure Investment Bank Agreement Act, which allowed the department of Finance to purchase AIIB shares worth up to $375 million USD, approximately $510 million CAD at the time..“Thousands upon thousands of Canadian jobs are reliant on our current trading relationship with China,” then-Finance Minister Bill Morneau said at the time..In 2020, the Conservative Party advised Parliament to sell the shares it holds in the AIIB..“We don’t believe the government should have ever put money into the Asian Infrastructure Investment Bank,” then-Opposition Leader Andrew Scheer told reporters. .“I’ve never understood why Canadian tax dollars have to go help build roads and bridges in other countries.”.Opposition Leader Pierre Poilievre on Wednesday said the shares must be sold. .“We’ve been proven right,” said Poilievre..“Where is our money?” Poilievre asked in Commons Question Period. .“How will we get it back?”
