I won’t step down because of Bank of Asia controversy
Premier Dr Natalio Wheatley has sent a strong message to critics calling for his resignation amid the Bank of Asia controversy, stating that he has done nothing wrong and will not satisfy detractors by resigning from office.
Amid public speculation surrounding the collapse of the Bank of Asia, Premier Wheatley has called for an internal audit to be conducted to shed more light on some $5 million of public funds that will likely be lost when the bank finally closes. Initial investigations reveal that the money was deposited in the bank after it was confirmed that the institution was on the brink of failure.
At a press conference last week, media owner Cindy Rosan asked the territory’s leader whether he’d be willing to step down from his post after the audit is concluded.
Premier Wheatley firmly stated that he doesn’t plan to resign because of this issue, saying his critics will have to go to the polls to remove him from office.
“I’ve done nothing wrong, so all of those like you (Rosan) who wish not to see me in this particular position, let’s go through the democratic process in the constitution. You can support whatever party or individual you’d like to support but you’re not going to get an easy out from me,” the Premier told Rosan with a smile.
Local regulators are in the process of winding down Bank of Asia operations but the public continues to call for leaders who were overseeing the institution to be held accountable for the failure and the funds that are likely to be lost in the closing process.
Premier Wheatley continues to appeal for calm saying no conclusions will be drawn before an internal audit on the matter is completed.
A report from Offshore Alert has confirmed that the Bank of Asia operated while insolvent for several months before it was forced into provisional liquidation, putting the territory’s credit rating at risk.
In the meantime, there are growing fears that the bank’s collapse could affect the BVI’s financial services industry which is already experiencing global shocks due to pressure from the UK regarding publicly accessible company registers.
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Both him and Lorna need to resign forthwith.
Lorna needs to be fired asap.
Premier is showing massive lack of leadership by delaying
Premier’s own agency has said under oath that there were severe financial improprieties while Lorna Smith was the bank’s Chairman and all of this was kept under wraps. Lies were told through financial statements. FSC supported what VIDIC said and did. Deloitte delivered a report. What more does the Premier need? Lorna Smith is too selfish to ever resign. She must be fired now!
What if this was Lorna’s plan to oust the Premier so she could have taken over as Premier. All this took place while she was deputy,did it not? Allegedly. She has an excuse for everything meanwhile the premier is left to take the heat allegedly. Has she taken ownership at all? No, allegedly. She threw a party for herself by hosting some pointless fintech event and the gullible population swallowed it up, allegedly. Can you imagine what would be taking place if she was the actual Premier? God forbid. Unfortunately, he will have to take the ultimate fall for her crimes unless he removes himself from the mess and fires her, allegedly. Movements of snake is on another level if you watch an observe properly. It’s not about what you see – that is a front. It’s about what is hidden under those lying eyes, lying smile, lying body language, faked confidence- allegedly.
According to him he has never done anything wrong and all he has ever delivered is perfection.
But, under his watch the farmers without a farm and fishers without rods cashed in govt money.
He allowed ministers who previously gave funds to friends and family to get into office again.
He was the sidekick of a convicted criminal.
And now as minister of finance kept 5 million in an insolvent bank.
What an absolute tool.
YOU NEED LOCKING UP NOT STEPPING DOWN DAMM SET A THIEVES
WHEREAS since the formation of this Government in April 2023, the Premier and Minister for Finance has governed in such a way that has led to a bleak economic outlook for the Territory, a rapidly declining quality of life for the people of the Virgin Islands and a lack of public confidence in his leadership and in his Government.
AND WHEREAS the Premier and Minister for Finance by his own admission in the House of Assembly presided over an underestimation of the salary increases to public officials by approximately 20 Million USD which has placed a significant burden on the public’s resources and has placed the Territory in a position where its recurrent expenditure is more than its projected recurrent revenue for 2025.
AND WHEREAS the Premier and Minister of Finance has not to date produced a strategic financial plan outlining the Government’s vision and goals for its term in office as mandated by the Public Finance Management (Amendment) Act 2012.
AND WHEREAS the Territory of the Virgin Islands continues to suffer from a lack of inward investment while other Caribbean nations and our neighbours in the United States Virgin Islands continue to attract major investments to add to their tourism product and increase their respective Government’s financial resources.
AND WHEREAS the Premier in his capacity as Minister for Tourism has failed to produce a Tourism Plan to safeguard and enhance our tourism market share despite repeated calls to do so by industry stakeholders and Members of the Opposition.
AND WHEREAS Prospect Reef Hotel, an extremely valuable piece of Government owned real estate, remains in a dilapidated state with little details of the plans for its revival to enhance the tourism offerings of the Territory.
AND WHEREAS the Premier and Minister of Finance continues to squander public resources on matters that bring no financial returns to the people of Virgin Islands including; his non-stop party following the inaugural flight of American Airlines from Miami to Beef Island, the failed Virgin Islands Music Festival 2024, approximately $300,000 USD to sponsor the Vybz Kartel show, the constant international traveling by him and his colleagues compliments of the public’s purse with no results to show while other important initiatives remain unfunded or underfunded.
AND WHEREAS education has been the driving force for the success of this Territory and its people, but this important sector remains severely unfunded by the 15
Minister of Finance and receives far more funding assistance from the private sector than it currently receives from the Government.
AND WHEREAS the Government continues to underfund the public health institutions which are essential to the well-being, stability and future of our Territory.
AND WHEREAS the most vulnerable persons in our community such as the differently abled, the mentally ill, seniors and pensioners are not being treated with the level of dignity and fairness that they are entitled to by this Government.
AND WHEREAS there have been numerous calls, to no avail, for a Sex Offenders Register to keep track of individuals who have been convicted of sexual offences and to protect the public, especially vulnerable individuals such as children, by monitoring those who may pose a risk.
AND WHEREAS small businesses, legitimate farmers and fisherfolks etc. which suffered the effects of Hurricanes Irma and Maria, the Covid-19 pandemic, the effects of the war in Ukraine and other global and local shocks have been unable to access sufficient funding and other capacity building opportunities through the National Business Bureau due to the low funding that was allocated to the Ministry of Trade to assist them in 2025 and the onerous conditions that must be satisfied by small business owners in order to quality for funding.
AND WHEREAS the agricultural industry continues to be neglected by this Government which was evidenced by the admission of the Junior Minister for Agriculture that the Government has no plan for the development of the industry.
AND WHEREAS the Premier and Minister of Finance and Agriculture has been asked repeatedly by farmers and Members of the Opposition to subsidise the agricultural industry to increase food production which is needed now more than ever particularly in light of the global tariff wars and possible disruptions to food supply chains.
AND WHEREAS the minimum wage in the Territory was increased without ensuring that all the necessary mechanisms were in place to prevent a hike in the cost of living generally, that the disposable income of those persons who should benefit from the increase would be enhanced and that the financial health of already struggling businesses, which were not properly consulted, would not be further compromised.
AND WHEREAS the Public Assistance program is not effectively and efficiently meeting the needs of the most vulnerable (elderly, unemployed, indigent) in our community due to a lack of proper restructuring of the Social Development Department to take on this new task (with approximately 1.7 Million USD allocated in 2024 for public assistance but only $600,000 USD was spent) and the lack of updated legislation to enable the staff at the department to be able to assist citizens in a more timely fashion.
AND WHEREAS unemployment in the Territory is extremely high, particularly among young people, and the Government has failed to address this issue in a sustainable way despite numerous requests from the public and Members of the 16
Opposition to do so.
AND WHEREAS our citizens and visitors continue to suffer from the deplorable conditions of our public infrastructure (especially our roads, sewage and the lack of access to a reliable supply of potable water etc.) which the Premier and Minister of Finance continues to willfully disregard by not providing the necessary financial resources to address the issues despite repeated calls to do so by the public and Members of the Opposition.
AND WHEREAS our citizens and visitors continue to endure the filthy physical state of the Territory which lacks proper maintenance and upkeep as can be evidence in the overgrown bushes that now compromise the safety of motorist and pedestrians and the ever presence of garbage, derelict vehicles and sunken boats from the hurricanes from the 2017 etc. which continue to spoil the natural beauty of our islands without the proper intervention by the Premier and his Government.
AND WHEREAS criminal activity, including murders and other gun crimes, robberies and burglaries continue to rise causing significant social and economic problems and to date the Premier and his Government (with two Government members being members of the National Security Council) has not produced a comprehensive crime reduction strategy to mitigate the situation.
AND WHEREAS the Premier and Minister of Finance continues to dialogue with the UN Special Committee on Decolonization on the political future of the Territory vis-à-vis its relationship with the United Kingdom without having a national conversation with the people of the Territory to ascertain their wishes.
AND WHEREAS the Government of the Virgin Islands continues to disregard the tenets of good governance, accountability and transparency by bringing legislation to this Honourable House of Assembly without properly scrutinising and understanding its impact on the people of the Virgin Islands and without allowing sufficient time for public consultation on matters which affect the lives of the populace.
NOW THEREFORE, BE IT RESOLVED by the House of Assembly of the Virgin Islands that it does declare a lack of confidence in the Government led by the Honourable Dr. Natalio D. Wheatley.
Perfectly stated
What he said!! With extra starts. * * *
Unbelievable, when one looks at how much money Orlando,Lorna and the Nat has cost the BVI. UK NOW
Each time our leaders go on a foreign working tour its either an avenue to go and stash their looted public funds in overseas banks, medical tourism and outright waste of his or her countries monies, accompanied by unwanted and undeserving entourage, or so it is thought by so many.
Meanwhile, former government employees now retired are woefully struggling on their combined social security and pension monthly income.
Though the country’s infrastructure remain delapidated and worsening, the people who has served and are depending on their already paid for benefits appear not to be thought of..
At the same time, already too expensive yet daily cost of living/surviving has become beyond challenging. It is now a nightmare trying to make ends meet for retired seniors.
Their daily ability to meet lifes’ survival requirements are horrific and worsening.
They watch and listen to, according to daily rumors, of rampant corruption and the disappearances of millions adding up to billions today.
The people need financial relief now. They must not wait another year. And they surely should not wait another year or election time, to hear another bunch of “please send me back on the job” lies and full m bank accounts deceitful rheoric.
Our elected brothers and sisters should and must do better for their people, their next vote and by extension, the future of others to come.
As, from the first to the ninth, the people know exactly where they came from, and can see the effects of what living large and becoming financially secure looks like.
my ignorant borthers will still say UK doing us wrongs but here we got my brother here bragging everytime his fumbles our tax dollars bold face every single time…. but hey independence i guess
Rosan is trying hard but she is in over her head. The Premier and his govt have a lot to answer to but even with their challengs the Alliance that Cindy is pushing in us does not look like a viable alternative.
COME LORD JESUS…
I have a dream, I dreamt that natalio Wheatley and Lorna smith was ousted under the orchestration of Fraser, and that Fraser became premiering conglomeration with the alliance, and Myron became deputy premiere and Mather the minister of education and so on, it’s a very clear reason why natalio don’t want an independent inquiry, but Fraser is having second thoughts on it.
That sounds like a nightmare. You need to wake up!!
STEP ASIDE AND GIVE IT TO THE DEPUTY
It’s all he understands
Is anyone talking about counter-Party risk, Will the collapse of Bank of Asia, impact liquidity ratios at other banks.
The answer is no. It’s not a systemic liquidity ratio issue. It’s a bank, connected to a politician, failing to adhere to the rules. That is what needs to be addressed. If no one gets jail time, this could be reason to blacklist the country. That country got 99 problems and liquidity ratio of banks ain’t one.
As it is, all of our Locals have failed, Time to give Britain a two yrs trial, we just going down, down, down. Time for something different. I am voting for Britain.
Some of you all would take death before you all give up “power”.
This is the exact meaning of power hungry…if you are sooo sure of yourself and you havent done anything he would have considered it..but instead of that he is saying no way jose, so he is definitely power hungry
We all hoping you would be smart enough to do. just that. We were wrong.