Penn fears millions more invested without public knowledge
Opposition Leader Marlon Penn has raised concern that additional millions may have been invested from the Consolidated Fund without the public’s knowledge, as he called for a full investigation into the handling of government funds.
Penn pointed to the government’s US$2.5 million investment in the Jamaica-based Delta Capital Partners Limited and its US$5 million deposit with Bank of Asia (BVI).
“There might still be other investments that left the consolidated fund that we’re not aware of,” Penn stated during the Talking Points programme.
Penn said the opposition had submitted questions in the House of Assembly seeking information on where public funds had been invested or deposited but had not received answers.
“We’ve asked questions in the House of Assembly to ascertain where the public funds, where have they been invested, where they have been deposited. And we’re still waiting to have those questions answered in the House of Assembly,” Penn stated.
Premier and Minister of Finance Dr Natalio Wheatley previously acknowledged that the Delta Capital investment did not receive the approvals required from the Minister of Finance and Financial Secretary. He said he did not know about the transaction when it occurred and referred the matter to the Financial Investigation Agency. The government has since introduced an investment policy to strengthen oversight.
Penn cited Section 25 of the Public Finance Management Act, arguing that the provision requires ministerial approval before the Financial Secretary invests money from the Consolidated Fund.
“You cannot say you don’t know when you have a statutory duty to know,” Penn stated. “You have to ensure that you’re safeguarding the resources of the territory.”
Penn said he had drafted a letter to the Auditor General through the Public Accounts Committee requesting an investigation into the Delta Capital transaction.
“We need to have full and total transparency in terms of the resources of this territory,” Penn stated.
The government has also faced questions over its US$5 million deposit with Bank of Asia, which entered receivership. Dr Wheatley has said that transaction was also made without the approvals required under the law.
The Premier later reported that the government’s overall investment portfolio earned approximately US$2.89 million between 2021 and 2026 despite losses linked to the two investments. He also said authorities were pursuing recovery efforts in both cases.
Penn said the public still needed a full account of the transactions.
“Let the auditor and let the persons responsible do the assessments and tell us what really happened,” Penn stated.
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He asking for accounts.
That is one thing this Government does not do.
Does not account.
Does not show SECRET reports.
Does not give info on very expensive overseas travel.
Does not give info on results of expensive overseas meetings and conferences.
VI lives under a DICATORSHIP.
It is only a matter of time before the truth will surface. Hope they don’t invest any of the taxpayers and my money into the Bank of India under the table.Can’t trust Lorna and Natalio with the taxpayers money. They act like the taxpayers money is their personal ATM and they can do what they pleases with the taxpayers money.
Lorna and the Premier is two shisty sneaky sn***s in the grass. Those two can’t be trusted. She is the anaconda and he is the king cobra.
LORNA THE FEMALE HBIC AND SOWANDE THE MALE HBIC IN CONTROL NEEDS TO GO TO PRISON. THOSE TWO IS CUT FROM THE SAME BALE OF CHEAP POLYESTER CLOTH.DO YOU THINK ANYONE IS GOING TO PUT HER BROTHER IN OFFICE? IF HE GET IN OFFICE, SHE IS GOING TO BE RUNNING THE SHOW.
Not a Fear, thats the REALITY!
Story just ain jump out yet!
“Opposition Leader Marlon Penn has raised concern that additional millions may have been invested from the Consolidated Fund without the public’s knowledge, as he called for a full investigation into the handling of government funds”.
For the record and interpretation; Misappropriation of government’s funds is the intentional, illegal use of money or financial assets by someone who has lawful access or fiduciary duty to manage them but uses them for unauthorized personal or organizational purposes. As a private citizen of the Virgin Islands who pays taxes, I am writing off the top of my head on this one. I was a former Assistant Commissioner of Inland Revenue.
If there is suspicion about other investments Mr. Penn, then investigating secret withdrawals from a public consolidated fund will require examining national budget records, tracking public bank accounts, and using freedom of information laws to get to the bottom of this. An Oversight body of independent auditors should be hired to follow strict financial trails to uncover missing public money.
That said that oversight body/Independent Auditor must track the budget and accounts and compare approved budget laws and cash flow reports. Check treasury single accounts for unauthorized or hidden transfers. Look for sudden gaps between revenue collected and funds spent. They will also have to use all the oversight and legal tools to file formal requests under public records or freedom of information acts. Review audit reports from the government’s auditor general records. Request parliamentary inquiries or legislative committee hearings.
Finally, but not final, analyze all financial Red Flags, everyone. Search for unbudgeted emergency withdrawals or contingency fund abuses. Track payments sent to suspected shell or questionable businesses or unnamed beneficiary accounts. If there are whistleblowers, in the mix, interview those within the finance ministry, the bank or other business that was utilized for the illicit transfer of governments funds. Any violation of the explicit rules, bounds or agreement set by government policy is Breach of Trust and the act requires a conscious, willful choice to misuse the capital rather than an accidental accounting error or poor business judgement. Somebody was trusted with the money and had legitimate access to handle it, separating it from standard burglary or robbery. Somebody did this. There is no excuse for being irresponsible.
Penn is on to something. Only a matter of time, the s**t is going to bubble to the surface to the top of the murky pond.
They are all friends and family entitlement indeginous elites, notice marlon not calling for no serious action on any a this like Myron did, a real opposition leader suppose to be writing to the governor to get an independent investigation into these monies and not an internal investigation by the culprit sowandie premiere himself, Marlon penn is compromise, and he not rocking the boat because he wants to go UK on that constitution talk that some of them have no knowledge of.
No matter what you do , you will never be premier of this country.
Ignore the noise the VIP aint got a chance in 2027 – so get ready for government
Long term politicians know all of government tricks and dishonesty, I believe him, he is been there long, he knows the game. The question is would he change the game if he gets in…The country is screaming for better..
The purpose of auditing accounts is to provide assurance to the stakeholders that funds are collected and used for their intended purpose. That it hasn’t occurred for govt finances in a decade or more tells you everything you want to know. What possible legitimate reason could there be for not wanting to show rhe voters the house is clean and ship shape?