Auditor General not done yet
Though Auditor General Sonia Webster recently sent shockwaves through the Virgin Islands with her scathing audit on the secret salary hike for legislators, public attention has now turned to another anticipated report — this time on the Bank of Asia saga.
While no delivery date has been set, Opposition Leader Myron Walwyn has confirmed that Governor Daniel Pruce asked the Auditor General to investigate the matter. The probe follows widespread public concern over the government’s deposit of more than five million dollars of taxpayers’ money into the now-collapsed Bank of Asia (BVI) Limited.
The bank was placed into provisional liquidation earlier this year after regulators flagged major financial irregularities and governance issues. The revelation triggered public outrage, with many residents questioning how such a large sum of public funds ended up in an institution that had reportedly shown signs of instability prior to its collapse.
In response to growing criticism, Premier Dr. Natalio Wheatley announced that his government had commissioned an internal audit into the transaction. He said ministers were not directly involved in the technical placement of funds and that the process would be reviewed to ensure accountability. However, many residents have expressed greater confidence in the Auditor General’s independent review, citing Webster’s reputation for fairness, objectivity, and meticulous scrutiny.
Webster’s recent audit on legislators’ pay increases described the move as reckless, lacking transparency, and a betrayal of public trust. Her findings not only embarrassed members of the House of Assembly but also reignited public calls for stronger oversight and accountability in the management of public finances.
Now, with the Bank of Asia investigation under her microscope, anticipation is building. The public wants clear answers on who approved the deposit, what due diligence was conducted, and whether any warning signs were ignored. The upcoming report is expected to outline the events leading up to the collapse and identify any procedural or governance failures that may have exposed taxpayers’ money to risk.
The outcome of this audit could have significant implications. With millions of dollars potentially lost, the findings may highlight broader weaknesses in financial management and oversight within the public sector. Given Webster’s track record of fearless and detailed audits, many expect the report to once again shake the political establishment and intensify demands for transparency and reform in the Virgin Islands.
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What happened to our 5 Million dollars? Everybody wants to know. Where is it? Who authorized the money to be sent to a bank facing liquidation? What was the reason for doing something like that? Who was pulling the strings?
5 million dollars doesn’t get transferred without someone’s approval. We are a small territory and all of us think about what that $5 million could have been otherwise used for. As we did with the $7.5 NDP airline debacle. But… hey… the COI commission pointed this all out and still not much has changed and there is doubt it ever will.
You do know that government won the case, right? The plane owners lost. So the NdP government got a bad deal, took the matter to court and won.
But did we get our money back?
So the government still investigating? what happened with the report from their internal audit? It seem like months done pass since he promise that and not a word about it again since. I glad the auditor general looking into it because we wight actually get a report from her.
While it is very important to get to the bottom of who authorized the transfer of monies and the reason for doing so, why are we acting as if the money was spent/invested/lost? The monies were ‘deposited’ in an account at a licensed banking institution which is now undergoing liquidation proceedings. One of the options for the bank would be a buyout which means all deposits would be secure and the $5million and any interest would still be there. I’m trying to understand why people are speaking as if the $5million dollars is gone? It was not an investment or a cost, it was a deposit.
You sound like another kool aid drinker. Would you put your own money in a bank that knew was going into liquidation? Stop posting crap whoever you are.
Independence a must them say
UK is our enemy them say
UK want to undermine and take from us them say
Huh huh
This is unforgivable.
Any self respecting, regulated and grown up institution, country or island state should have audited accounts on an annual basis.
This BANANA REPUBLIC cannot even do this after 10 YEARS OF MISSING ACCOUNTS.
THIS IS CRIMINAL BEHAVIOUR!
Was Myron arrested and charged?
Talk on the streets is that N.t.. B..k isn’t far behind. I wander when was the last time they provided Financial Reports and had a Forensic Audit done on them.
Instead of being over the place beggining for money to be injected allegedly. They pay themselves to much big salaries.
Nothing will change.
Lorna Smith and Najan Christopher just honored the other day by the Premier. How can that be if he used to call NC a “rogue public officer” and accused LS of bringing “political instability.” and he ddn’ trust her.
We honor all sorts from Omar Hodge, who allegedly gets a park for passing Greenhouse contracts to family to Traffic Light Fraser allegedly passing Mannatee contracts to his brother, to “Sheep” holding Government contracts and allegedly not declaring, to Orlando Hospital who squandered $7Million on a non-existent plane.
We have Ministers holding land that came from nowhere who must be ready to be Heroes.
A Money Laundering Drug Smuggling King Pin Premier who is still celebrated and graces the walls of our House of Assembly in celebration.
Who next Yellow Belly Wigged one who had the public pay his fine of disgrace.
OR C.O.S-C who still seems not to have had his day in court but is surely lining up for his honor.
What next? will we be making sex offenders Belongers and topping it off with an honor and hero status?
Does a bank ever go down without somebody taking the fall?
Orlando, $7.2 million BVI Airways. Lorna $5 million to a defunct Chinese bank. Something going on. Need I say more
NOPE , BUT YOUR HERO WAS , AND WE DTILL WONDERING WHY THIS GOVERNMENT IS NOT SUEING THOSE GANSTER CONTRACTORS FOR A REFUND OR TO COMPLETE THE WALL / JUDGE WIGGIE IS INSINUATING THAT WALL STOLE THE MONEY , BUE WE KNOW DIFFERENTLY , THEY WERE PAID TWICE / ONE TO BUILD THE WALL BY WALLY ) AND ( PAID BY NOT TO FINISH IT BY SOMEBODY ELSE TO MAKE WALLY LOOK LIKE A CR**K , AND STRANGELY THEY ARE GIVEN GOVERNMENT WORK / INSTEAD OF BEING SUED BY BY THIS GOVERNMENT FOR UNFINISHED WORK , NO WONDER WE HAVE SO MUCH GOVERNMENT BUILDINGS THAT IS UNDER REPAIRS AND NOT BEING COMPLETED/ INSTEAD WE HAVE AN INCREASE IN FAMILY RENTAL PROPERTIES TO GOVERNMENT AND THE LIST GOES
ON . DO THE MATH
Who authorised it to go there; that’s the question.
Each BVI bank has to publish its financial statements in two BVI newspapers within 6 months of its year-end. That’s a regulatory requirement.
The statements from Bank of Asia consistently showed the bank losing around $15M a year, because it had very few customers, but large expenses. The only way that the bank continued was for its owners to pump in more capital. Any potential customer should therefore have been on notice that they were putting their funds in a loss-making bank, which could fail if the owners stopped injecting money to cover the operating losses. The bank’s dire financial position was not a surprise to anyone who bothered to do even the most basic due diligence on the institution.
National Bank, too, has its problems, as shown by its own financial statements (which have sometimes been submitted after the 6-month deadline, which is itself a red flag). The bank barely makes any money and is known to have had a significant bad debt problem for years. Whether NBVI is close to collapse is not clear, but I certainly wouldn’t put any money in it at present!
As always, check carefully the strength of the institution that holds your accounts or investments to ensure that it is financially sound. The information is available if you look for it.
THAT THE KI G OF YHE YELLO SITE , GAS NOT BEEN ABLE TO CREATE ONE OF HIS USUAL DRAMA QUEEN STORIES BLAMING THE UK OR THE GOVERNOR FOR THAT ” POPULAR ” HONEST MISTAKE , PROBABLY ITS IN THE CREATING STAGES , AND STILL BEING EMBELISHED FOR US TO SWALLOW