AIIB Internal Review Finds "No Evidence" of Chinese Domination

 The Asian Infrastructure Investment Bank (AIIB), based in China, released a review on Friday into allegations made by Bob Pickard, a former executive, that the lender was dominated by Beijing's ruling Communist Party.

The AIIB's general counsel, Alberto Ninio, led the review, which found that there was "no evidence of undue or improper influence in the decisions taken by the Board of Governors, Board of Directors, and President, or in other aspects of the operation of the Bank".

The allegations made by Pickard, a Canadian citizen, were that the AIIB was serving China's interests and was a resource to the geopolitical goals of the Chinese Communist Party (CCP).

He also said that the bank directed lending mainly towards countries targeted by Beijing's massive and controversial Belt and Road Initiative (BRI) at the CCP's behest, and that foreign executives on the bank's board were mere "window dressing".

The United States is not an AIIB member. China had initially denied the allegations, claiming that the bank operates with "openness, meritocracy and transparency". The AIIB also initially called Pickard's allegations "baseless and disappointing" before launching the review.

The review did identify recommendations "in response to issues raised during its work", the bank said, including the need to strengthen pre-recruitment screening processes, grievance mechanisms and corporate culture. It concluded that the AIIB "follows the highest standards of multilateral governance" with a structure that "has enabled the Bank to take independent decisions in line with operational policies".

The AIIB was launched in 2016 by Chinese President Xi Jinping as a counterweight to Western-dominated global financial institutions such as the World Bank and the International Monetary Fund.

The Belt and Road Initiative (BRI), which has been pushed by Xi, has drawn some criticism from Western powers for its perceived lack of transparency.The review into the AIIB's operations has provided some clarity regarding the accusations that the bank was dominated by the CCP.

While certain recommendations have been put forward by the review to strengthen pre-recruitment screening processes, grievance mechanisms and corporate culture, the findings have concluded that there was "no evidence to support or validate (Pickard's) allegations". As such, the AIIB's internal review has found that the lender is not dominated by the Chinese Communist Party.