‘Completely false’! Smith denies influencing Bank of Asia deposit
Junior Minister for Financial Services Lorna Smith has denied allegations that she influenced a controversial $5 million deposit placed at Bank of Asia, insisting she had no involvement in the matter and no knowledge of the transaction when it was made.
Speaking on the Talking Points show on Monday, Smith described suggestions that she influenced the deposit as “completely false”.
“The question was asked of the Premier about a month ago in relation to the same matter of this $5 million deposit and the fact that the $5 million deposit was still outstanding,” Smith stated. “That is completely false. I did not influence any deposit.”
Smith said the deposit was reportedly made in January 2025, during a period when she was not serving in government.
“The deposit, as far as I know, was made in January of 2025. In January of 2025, I was not with the government and therefore would not have had anything to do with the deposit or any knowledge of the deposit,” Smith stated.
The issue came to the fore once again after the government, in recent weeks, singled out former Accountant General Arnold Ainsley as the official responsible for authorising the controversial $5 million government deposit into the now-defunct Bank of Asia.
Resignation from Bank of Asia board
During the interview, host Damion Grange suggested that some members of the public may have linked Smith to the matter because she previously served on the bank’s board. Responding to the concern, Smith said she joined the board in a private capacity years before entering government and resigned immediately after winning office in 2023.
“As a private citizen in 2019, I was invited to join the board as a non-executive director,” Smith explained. “I stayed on the board until April of 2023, when I was elected to office, and I immediately resigned from the board of Bank of Asia.”
Smith suggested her resignation was partly due to her being expected to assume responsibility for financial services matters in government. However, she stressed that ministers do not direct or interfere with the operations of banks operating in the territory.
“Let me be clear, in terms of banks, they are supervised completely by the Financial Services Commission and not by a minister,” Smith stated. “There is no influence whatsoever by the ministry. It’s all done through the Financial Services Commission.”
The BVI Financial Services Commission is the independent body responsible for regulating banking and financial services activity in the territory.
An internal audit into the controversial $5 million deposit remains ongoing, with government officials previously indicating that the review is intended to determine the circumstances surrounding the transaction and whether all established procedures were followed.
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WHEN WILL SOME OF YOU PEOPLE LEARN. CANT Y’ALL SEE THAT EVERY TIME THERE’S A PROBLEM WITH A LARGE LUMSOME OF MONEY GOING MISSING OR IN A SCANDAL ITS ALWAYS ONE FAMILY’S NAME ALWAYS BEING CALLED? WHY DO YOU STILL VOTE THEM IN. ALL THEY DO IS LAUGH AT US. THEY KNOW THE PEOPLE WILL COMPLAIN FOR A WHILE AND THEN STOP. WHILE THEY LIVE LIKE KINGS AND QUEENS. PEOPLE PLEASE STOP VOTING FOR THESE PEOPLE. THEY DONT CARE ABOUT THE COUNTRY LIKE YOU THINK.
She to lie
TELL THAT TO THE 4TH PEOPLE THEM SET A FOOLS MAYBE THERE POCKET GOING GET FATTER ALONE
From a Criminal Justice professional perspective. Politicians generally do not readily own up to wrongdoing or accusations. Instead, they frequently employ denial, shifting blame, or carefully worded, non-apologies. This reluctance is heavily rooted in political strategy, as admitting fault is often treated by opponents as political suicide and can alienate a candidate’s base.
When you study the non-apologies during high-profile misconduct cases or accusations, it reveals that voters rarely reward politicians for admitting fault or expressing remorse. So, there could be no perceived upside here. There is going to be blame shifting alright, from accusing opposing parties, the media or even rogue staff members of orchestrating the accusation or the root failure on disclosure. Categorically speaking there will be a denying of the accusation altogether, even when presented with evidence, to maintain control of the narrative. Seize the time. Be brave
Anybody who believe Lorna with her foolish l**s is just as bad.
Ministers have influence on every aspect when it comes to doing the business of the people through systematic organizations or public institutions such organizations.
That kind of l** she just told is a white collar lie but it is said by a black woman so it was only obvious that she had to l** justify supporting her next campaign.
You didnt have to be in govt to influence the decision. Your nephew was the chairman. Your brothers reportedly had large deposits with the same bank. You are personal friends of the bank owners. Our community is small and you are all on the same Rotary clubs socializing multiple times a week, same churches and even same family members and circles. So technically not being a member of government does not mean you did not have influence over this decision. This isnt 1980 any more and people arent blind or dumb.