The Canadian government said it does not know the number of jobs created after half a billion dollars in spending on the Asian Infrastructure Investment Bank in Beijing led to contracts for a handful of companies, according to Blacklock’s Reporter. .“The Government of Canada is aware of five Canadian firms having signed contracts as part of the bank’s corporate procurement,” said cabinet in a report tabled in the Senate. .“As these are private contracts with private companies, the Canadian government cannot estimate how many jobs have been created.”.Parliament passed the Asian Infrastructure Investment Bank Agreement Act in 2017, which committed to buying up to $510 million worth in bank shares. Former finance minister Bill Morneau said the spending was worth thousands of jobs. .“Thousands upon thousands of Canadian jobs are reliant on our current trading relationship with China,” said Morneau..“We’re not saying it is going to be easy.” .The companies receiving bank contracts were LEA Consulting, the Mississauga, ON, subsidiary of Hatch Consulting, Insignia Software, EQ Consulting, and a joint venture involving the Canadian subsidiary of ISW Consulting..Canada has run a yearly trade deficit with China since 1992. Cabinet’s report to the Senate did not explain why it had no estimate of actual jobs created from the purchase of these bank shares. .Conservative MPs proposed cabinet pull its financing from the Asian Infrastructure Investment Bank. The Conservatives said in 2020 they would repeal the Asian Infrastructure Investment Bank Agreement Act..“I don’t believe Canadian taxpayers should be sending any money to China,” said former Conservative leader Andrew Scheer. .“We’re talking about a Communist dictatorial government that abuses human rights, quashes freedoms, violates rights of its citizens and has a very aggressive foreign policy all throughout the region.”.Even before the COVID-19 pandemic, Scheer said there were “clear signs China is headed in a direction that is not in alignment with Canadian values when it comes to foreign policy.” .The Canadian operations of the Industrial Bank of China was fined hundreds of thousands of dollars for breaching the Proceeds of Crime and Terrorist Financing Act in December. .READ MORE: Chinese bank fined for breaching Canadian law.“We will be firm,” said Financial Transactions and Reports Analysis Centre CEO Sarah Paquet. .“We will take appropriate actions when they are needed.”
