Premier denies silence on who approved missing $5M deposit
Premier Dr Natalio Wheatley has dismissed claims that he has refused to speak about the controversial $5 million in public funds deposited into the now-collapsed Bank of Asia, stating that he is waiting for the outcome of an ongoing investigation.
The Premier responded to questions during a recent press conference about his reported silence.
“If I’ve asked for an investigation into it and other persons have called for an investigation, wouldn’t it be prudent to allow the investigation to be completed before I start speaking about things?” he argued.
Critics have raised concerns over the lack of transparency in identifying who authorised the risky $5 million placement. However, Premier Wheatley maintained that it is best to await the auditor’s report.
“I think it would be helpful and useful just to receive the report and then everybody will have all the facts,” he said.
When pressed further about who approved the deposit, he declined to provide names.
“I’ll see if I can get an update on that,” he added, in response to questions about the report’s expected release date. The deposit became a point of controversy after reports emerged that the Bank of Asia was insolvent and unable to return the funds.
A Deloitte review commissioned by the Financial Services Commission determined that the bank had been in financial trouble, triggering concerns about who approved the investment.
Earlier denials by Premier Wheatley ruled out both himself and Financial Services Junior Minister Lorna Smith as the decision-makers behind the transaction. Despite this, the public has been left without answers about who authorised the move.
In the meantime, Premier Wheatley acknowledged the seriousness of the issue but stressed the importance of due process.
“It just seems reasonable to me,” he stated.
The Bank of Asia issue has added to pressure on the government to maintain transparency, particularly as it continues to work through the recommendations of the Commission of Inquiry and awaits a final decision from the UK on whether to remove a looming Order in Council.
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The Premier needs to stop being untruthful. He called for an internal audit which will not be made public. That is is not an investigation. We need a full fledged investigation into why he would authorize the deposit of that money into the Bank of Asia when it was tanking. The people need to know. The people will lose that full 5 million dollars.
Funny how he knows who invited Dame Hodge but not who sent out $5million of government money. Even ready to challenge others on it.
Is this who you all happily voted for and comfortable running the country.
The true elephant in the room is just how much other stuff has, and is, still going on that we the people do not know?! That is what is frightening to me.
We all know that the Premier knows EXACTLY who put that $5 mil in the bank. There is no way on God’s green earth that $5 million was moved without his, or Lornas, or both individual’s approval!
Where are our audited accounts for the last decade? Why are there not more voices screaming for this?.
We the people refuse to hold our Government accountable. Is it fear, is it our family benefited, and we had best shut up? is it because we just don’t care? Why are so many BVIslanders so ambivalent about this?
It is no wonder that they have to invite pastors to pray in the HOA. There are too many dishonest people in one location.
Can the premier honestly say he does know who deposited the money? How is someone investigating or asking questions that he/she already knows the answer for?. How long will this investigation take? When or will tax payers know the findings?
I wonder if politicians are just innately dishonest or the position comes with a spirit of dishonesty?
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.
jamiaca teach him this as well or caricom?
When was last time this Premier told the whole truth and nothing but the truth?
our premier is bad at managing money dude already had a 20 million dollar error and now this 5 million dollars that vanish on his watch
The real question is not who deposited 5 million dollars, but why ? It seems unlikely it was a business decision to open a certificate of deposit paying an unusually high interest rate. Could it have been deposited as security for risky commercial loans provided to the mob!
Go to Geneva and or Asia. There, if you are lucky, you may find traces of all monies gone from the territory.
“On going investigation” trying to figure out how to lie his way out of this one. Blaming someone else.
A liquidation
Who makes these absent minded decisions like digging up the highway on this festival friday
So who is going to investigate the $16mil in SSB monies that were given away CRIMINALLY during COVID? Nobody? Why? Because we have all seen the long lists of people getting $13k plus for NOTHING and these are our friends, cousins, brothers, sisters, fathers, mothers, side-things so it’s fine? How is so much energy spent on a deposit, not an investment, a deposit into a licensed bank getting more attention than retirees $16mil totally given away and blown? The BOA debacle needs an investigation and from all accounts it seems that the relevant authorities are dealing with it so let’s wait and see. Why are we so selective with the outrage is my issue? Roads, Water, Telecoms, School, Water, everything is shit but people pick and choose what needs investigating. BVI will forever be a cesspool because we are not serious about anything, we just like confusion and drama.
The, our people are the greatest liars in the scams coming out of this government because, from the very beginning they knew there were untrust worthy individuals at the head of that government, but are still refusing to accept such, nor are they demanding any accountability from them.
Pretend legislation is not enough. They are mechanisms intended to blind fold the general voting public.
Instead, they knew and know that when given the vote for the last three elections especially, they chose to elect unsavory individuals who were known
corruptible. The evidence and hearsay speak for itself.
So, for many, trust in the leadership of this government with regards to government financial resources is a lost commodity.
Though most, not all, humans will be thieves and corruptible, the people ultimately, are responsible for whom they elect to office.
The people must stop the attitude of voting along family and friendship lines, unless and until they are proven to be politically and financially hygienic. As, it is clear today, that our politics are in dire need of much political hygiene.
well i know for a fact that this Premier is doing an exemplary job in running the affairs of this territory. People need to stop asking for updates until the investigation is completed. When it is completed he will give the update. Also when financial records of the vybes cartel concert and american eagle concert is completed it will be provided in due time.
I dont know who dropped the ball concerning the $5 million to the bank of asia. But the investigation will get to the bottom of it. It cant be the premier becacause he call for the investigation himself and it aint lorna because she is the guru in financial services and she knows all the good practices.
So no more questions until the investigation is completed.
Investigate 1.the Premier, 2.Accountant general and 3 the Financial Secretary first, then tackle 4.lying Lorna.
@natalio, am I to believe a man who is the premier by force because of Andrew fahie who now titled himself finance minister and premier, the final authority over all othe ministers don’t know that $5 million USD existed and was deposited on the bank of Asia account created by the premier financial ministry?
Well I is a moo moo to be told that, and there is a difference between an internal audit and an investigation, sowandie playing us stupid, and sometimes he does blog under different names telling us the fool to wait for his audit, we elected an Andrew fahie buddy boss second in command and he is nesting the BVI with his * experience.
Really and truly, why are we asking the Minister of Finance who approved for this $5 million to be deposited into the Bank of Asia, all this being done while the Bank was known to be in financial trouble? It comes down to this, The Minister of Finance is ultimately responsible for the spending of the Public’s money. He has Minister’s under him that he should be overseeing and ensuring that the Public’s money is spent wisely. No one should be able to get $1 out of the Treasury without the Minister of Finance’s say so. And if it happened under his watch, many should have been long fired if he was not aware of it. So stop asking silly questions that we know the answers to.
It is just like asking Hon. Rymer what is he doing about the road infrastructure in the BVI. That is under his remit, so anything done with regards to our roads he should be fully knowledgeable about and the Premier who should authorise the spending or all of them should be sacked. I am going to say it here and leave it, this young generation of politicians have to understand that the decisions that are made today, are going to determine what happens in these Virgin Islands in the future. Precedents such as these should not be tolerated under any Minister of Finance and the Press and people listens while he prevaricates. The buck stops with him. Funds cannot leave the Treasury in the millions and he is unaware. If he is, well the guys are out cutting bush and may need some help. And that brings up another topic in itself. Who will feed these young men if they live to old age? Don’t they need a real job? Can they only cut bush? What about paying into the Social Security Scheme or receiving a pension? Are all the Social Security cheques going to be mailed out to the Phillipines and the Caribbean while our people starve if they live to old age? Who are we building these Virgin Islands for? Shouldn’t we have persons who are serious about our country at the helm who will take full responsibility for their actions? Tired of the diatribe. Tired of the excuses. Just tired.
Plan must be trash the economy, trash reputation as a financial powerhouse, trash the infrastructure and then say only way to bring things back is to build an airport and do a Bank of Asia on the country and bankrupt thebplace whilst elites get rich.
Independence them say
The politicians trick is always to set up an inquiry, make certain it lasts forever, and announce the inconclusive result way down the road when it’s the next guys problem. Meanwhile they can’t answer any questions because there is an inquiry ongoing.
Same as it ever was.
THATS HOW WE ROL , DNDIF YOU DON’T LIKE – FEEL FREE TO LEAVE , WEHAVE BARGES HERE THAT CAN ASSIST YOU / THATS WHAT ME PATHNER WIGGIE ALWAYS SAY TOO MUCH AH AR-YO ISLAND PEOPLE HAE .
Lying Lorna behind all of this.
This island people talk is because our older people thought they were British UK citizens, they are big island UK. Look the white British people laughing at us when we call islands sometimes five to ten times larger than tortola down island people, that’s a good slave that feel he British so he stay in the same third world island in the Caribbean and call other islands in the Caribbean third world, it clearly shows we hallucinating that we living in the UK. And then we turn around a hallow out colonialism and independence, them already told fahie and natalio foreign mission brother to go talk to the eastern Caribbean central bank about tortola converting to ECD dollar, and in this case the big name families in the BVI will become instant billionaire when the currency change over to EC dollar, so the elites entitlement families will benefit from independence, we the struggling people will have to go run leave the vi to go work at what we calling down islands where the ECD dollars salaries are bigger than our low wage.
I hope the half breed dude with the WIG read what you wrote ,because he seems obsessed in calling our Caribbean brothers and sisters ( island people ) and always telling them yo go back • even though his dad was from antigua / and he act like he owns the bvi , same way he used to get on when he was in the hoa / thanks to Nataleo removing that * from the HOA.
Still waiting to know how much his last music fest cost us,
I guss he is hoping we will forget about the waste of our tax dollars.