The department of Finance declined to comment on whether it plans to divest taxpayer-owned shares in a Beijing bank that has been labelled as a front for the Chinese Communist Party.. Garnett GenuisGarnett Genuis .During their testimony at the Commons Special Committee on Canada-China Relations, department managers did not provide any details about the cabinet’s “review” of the Asian Infrastructure Investment Bank (AIIB)..“It would be useful to find out where the government stands now, what it means by suspending that activity,” said Conservative MP Garnett Genuis (Sherwood Park-Fort Saskatchewan, AB). .“I’d like to know what the timeline is for this review.”.“Is this just kind of a say-we’re-reviewing-it to get it out of the news issue, or is there an actual serious review where we are going to hear back a decision?” asked Genuis..Parliament in 2017 passed the AIIB Agreement Act that permitted the department of Finance to buy up to $375 million USD worth of Bank shares, then the equivalent of $510 million CAD. .According to Blacklock’s Reporter, Finance Minister Freeland, on June 14, said the cabinet was conducting an “immediate review” of Bank dealings..Two finance department managers, who testified at the Commons committee, stated they could not explain the review..“The Asian Infrastructure Investment Bank is not part of our purview for discussion,” testified James Wu, director general of funds management at the department..“Are you able to give me information beyond what’s in the press release?” asked Genuis. .“Not at this time,” replied Wu..“I wonder if you could clarify what it actually means to say Canada has ‘suspended activities’ with the Bank given that a substantial amount of taxpayers’ dollars are already in the Bank?” asked Genuis. .“I am not able to answer questions with respect to the Asian Infrastructure Investment Bank,” replied Kathleen Wrye, director of pensions policy with the department of Finance..On Nov. 22, the former deputy finance minister Michael Sabia testified that the AIIB was not affiliated with Communism at a Commons Public Accounts committee hearing. .“It is not a Chinese-controlled investment bank,” said Sabia..The latest review was prompted by June 14 remarks by Bob Pickard, a Toronto publicist who abruptly resigned as chief communications officer for the Bank after describing it as a “cesspool” of Communist influence. .“The Party runs the joint,” said Pickard..“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.”
