Premier denies reports over $5M Bank of Asia deposit
GIS photo of Premier Dr Natalio Wheatley and Junior Minister Lorna Smith.
Premier Dr Natalio Wheatley has rejected accusations that Junior Minister Lorna Smith ordered the deposit of $5 million of public funds into the now-liquidated Bank of Asia.
Speaking at a government press conference, Premier Wheatley acknowledged questions surrounding the controversial transaction amid public concern and media speculation following the bank’s liquidation.
The Premier said he has since launched an internal audit into the matter to determine what led to the deposit, assuring the public that the process is about transparency, not wrongdoing.
“There are some questions as to what were the circumstances surrounding that five million dollars being deposited, and in full transparency,” Dr Wheatley explained. “We had an independent entity — which the internal auditors are — investigate, and of course, the results will be shared with the public and with our stakeholders to improve the situation if we find that there are things which needed to be done better.”
“There were some false claims made about that publicly,” the Premier added. “One false claim was that an account was created in 2025. The Leader of the Opposition said that. That’s false. That’s not when the account for the Bank of Asia was created.”
He continued, “There’s also another claim that Honourable Lorna Smith directed a payment of that five million dollars. That’s completely false, and that’s actually quite slanderous,” he asserted.
Premier Wheatley emphasised the importance of responsible journalism in light of the claims.
“I implore all media organisations to exercise responsibility by verifying information before publishing anything misleading, inaccurate, or outright false,” he urged.
When asked directly if he had prior knowledge of the transaction, the Premier admitted, “No, I did not know about the deposit before it was made.”
He declined to name who authorised the transfer, deferring to the outcome of the internal audit.
The deposit attracted intense public scrutiny after the Bank of Asia was placed in provisional liquidation, a decision managed by the Virgin Islands Deposit Insurance Corporation (VIDIC). While the government has no regulatory authority over banks, Premier Wheatley emphasised that oversight mechanisms, such as the VIDIC, are now in place to protect public funds.
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When the account was created is of no relevance. What is of relevance is why was 5M placed in the bank between Jan and April 2025 when the owners of the bank filed bankruptcy in January 2025. That is the question. When the account was created is of no help.
I watched the dreaded press conference yesterday and you could see the l**s dripping off of Sowande. We need an independent investigation.
Exactly. Deflect and evade. Simple questions to which he had no answers. He was absolutely awful. Looked scared as can be.
Claims no one consulted him or his office before $5,000,000 was “put on deposit “ in a known to be failing bank, must suggest he’s either incompetent or he’s been deliberately deceived . Someone is obviously responsible ,surely it can’t be hard to find out whom quickly or otherwise the premier should simply resign for basic negligence in office!
You forget that BVIs are a land of limited, if any, consequences for government misdeeds. Just like with the missing $ 10 million at Pier Park, the $ 7 million airline debacle, a $ 1 million elevator in the admin building (still closed), Prospect Reef, etc etc. It’ll be denials and finger pointing, but at the end of the day, since it’s not their personal money they’re squandering, they don’t care because nothing will come of it.
The jigsaw puzzle is starting to come together. This is a WAY bigger problem for Premier Wheatley than just $5 million. Time to come clean boss.
https://www.gbmediahouse.com/Articles/Article/3796/Bank-of-Asia-–-An-Even-Deeper-Look-–-Part-1-Multi-Year-Corporate-Fraud-and-More-During-Time-of-Lorna-Smith-OBE-
Good work Cyndi and the alliance, Ronnie and Marlon can go ahead sleep while Marlon dream of another trip to Australia to see the kangaroos again, claud and John cline can wait with their church collection plate open for .ore monies from the VIP government.
An internal audit request is his way of further covering up the truth. The report will not be made public and we do not know what the internal auditor’s terms of reference are. If you ask the wrong question you will most definitely get the wrong answer and it is the Premier who will be providing the terms of reference. The Premier should not be involved in the auditing of something that he has an involvement in.
Is hanging someone out to dry and he doesn’t even realize.
showande is way over his head, dude shouldn’t be premier, it’s clear he doesn’t know what he is doing
When asked directly if he had prior knowledge of the transaction, the Premier admitted, “No, I did not know about the deposit before it was made.”
– The Minister of Finance does not know about a $5,000,000.00 deposit. Other people (without approval from the Premier) can move that kind of money around that belongs to the people and Government of the BVI?
It is so Sad each time the accidental premier opens his Mouth it creates a wider level of Mis-Trust. If Nothing said is True, Then why doesn’t He tell us what is true? He cannot be trusted. With all the Stupidness he has being saying and doing since being elected, why should the people of this Territory trust him? Why don’t he come clean with the people? Who is he covering for? The people of the BVI deserves Better. Where are the Young, Honest, Courageous, Legislators like: The Late Hon. Paul P. Wattley, The late Hon. Oliver Cills, The late Hon. Vernon Malone, Hon. Conrad Maduro.The Late Hon. Robinson O’Neal… Poor BVI.
They warn him about Lorna making him look bad as a Premier. They warn him. Cover up or fire…again? That is the question.
Not only BOA not producing accounts.
Where are the BVI accounts for the last 8 years.
SECRETS SECRETS.
Deflect and evade. What are all these things they hiding from us?
They even have SECRET SECRETS.
How can public funds be moving from one bank account to another without the Premier knowing about it? What other bank accounts have public funds moved into without the Premier knowing about it? Is either Premier do a version 2.0 firing and he deals with a crook at arms length or he goes down with the ship. Can’t trust a snake. CANNOT!
In the press conference yesterday the premier and Lorna did not come across well. The Premier looked sh**ty and uneasy, what is he hiding? Was Lorna dr**k? Someone needs to fall on their sword, be honest and resign. The BVI does not need another huge scandal. Kudos to BVI Beacon and Cindy.
Will be dressed up as government trying to save a bank , as opposed to paying the running costs to BOA which are F&F salaries before things went ti*ts up.
The Premier is cornered now. He trying to slither his way out of it but Hon. Walwyn got him in a choke hole. He needs to answer to us and I support the call for an independent investigation in the matter. Premier cannot be judge and jury in this one.
These people acting like it’s nobody’s fault and nobody didn’t know nothing just making the whole thing look more suspicious.
These people acting like it was nobody’s fault and nobody had know nothing just making the whole thing even more suspicious.
The Premier is knee deep in the mess.
What a photograph. She looking at he for help and he looking like he five million out of pocket