(Ottawa) Canada is “deepening” its investigation into the Asian Infrastructure Investment Bank (AIIB), accused of being under the influence of the Chinese Communist Party, and is suspending its participation “indefinitely”, announced the Minister of Finance Chrystia Freeland Friday.

Bob Pickard, former head of communications at the AIIB, accused the Chinese Communist Party in June of exercising “excessive” influence on the institution which serves, according to this 58-year-old Canadian, “the interests” of Beijing. These statements pushed Canada to freeze its cooperation with the organization.

Beijing then defended the institution – which brings together 106 states, including France, Germany and Australia – by ensuring that it operates with “openness, meritocracy and transparency”.

“In consultation with some of our closest international partners, Canada is deepening its review of the AIIB,” Chrystia Freeland said in a statement Friday.

The investigation will primarily analyze the AIIB’s investments as well as the “governance and management of its executives”, in particular the project selection process.

Bob Pickard had accused the AIIB of directing its loans mainly towards countries affected by the Chinese New Silk Roads initiative.

Ottawa also intends to examine this bank’s protection measures in terms of environmental and social governance, “in particular with regard to forced labor and the handling of complaints, as well as environmental impacts and gender equality”, specified the minister.

The “work culture” and “governance reforms” initiated following concerns raised in recent months will also be assessed.

“Our participation in the AIIB remains suspended indefinitely,” underlined Chrystia Freeland, adding that Canada “will continue to monitor the developments of the Bank through its trusted partners who are shareholders.”

In July, following an audit launched in response to Bob Pickard’s accusations, the Beijing-based bank said there was “no evidence” that it served China’s interests.

Created in 2016, the institution aims to finance infrastructure projects in Asia, with the aim of countering Western influence at the International Monetary Fund (IMF) and the World Bank. The United States refused to be part of it.

In the past, the AIIB has already been the subject of similar accusations. In 2017, its then vice-president, Thierry de Longuemar, retorted that the bank was not “an instrument of the Chinese state”.