Premier denies VIDIC CEO resigned over Bank of Asia debacle
Premier Dr Natalio Wheatley has rejected suggestions that Lisa Violet’s recent resignation as CEO of the Virgin Islands Deposit Insurance Corporation (VIDIC) was linked to the financial collapse of the Bank of Asia.
Speaking at a press conference on Friday, Dr Wheatley confirmed that Violet had stepped down, but said, “Lisa Violet, former VIDIC CEO, her resignation has nothing to do with the Bank of Asia. Just for clarity, I know various persons would have intimated one thing or the other.”
The Bank of Asia was placed into liquidation in late May 2025, after regulators found it insolvent. The Virgin Islands Financial Services Commission (FSC) and VIDIC had reportedly raised concerns about the bank as far back as July 2024. Court filings showed Deloitte’s independent review confirmed the bank’s insolvency on 26 February 2025, but VIDIC’s application to liquidate the bank came three months later.
During Friday’s briefing, Dr Wheatley stressed that VIDIC remains under firm oversight following Violet’s departure. “VIDIC has a well-qualified board led by Mr Ian Smith. They have persons who have a full grasp of the process which is taking place right now,” he explained. “They will go through a process of recruiting a new CEO.”
VIDIC, which insures bank deposits in the Virgin Islands, has faced public scrutiny for not issuing statements during the Bank of Asia affair.
“There’s a separation between the regulation of financial institutions and the political directorate, and I think that it’s important to ensure that we keep everybody in their proper lanes,” Premier Wheatley stressed. “The regulator has certain responsibilities, and of course, I have certain responsibilities.”
Bank of Asia was launched in the BVI in 2017 as a digital bank primarily serving offshore companies and high-net-worth clients. It was licensed by the FSC and became the first bank in the BVI to operate with a digital-first model. Its insolvency has raised questions about regulatory oversight in the territory’s financial services sector.
Despite calls from sections of the media, Dr Wheatley maintained his stance that his administration handled its role appropriately. “I would say, of course, in any situation, it’s an unfortunate situation that has to do with Bank of Asia in terms of it becoming insolvent. We’ll gather all the information, and then we’ll see what lessons that we can learn,” he stated.
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Yeah, that’s just a coincindence.
Man go siddung.I know you think you are always the smartest guy in the room but we have woken up to you constant lies and broken promises.
LOL, you have to acknowledge the audacity of the man for trying to throw dust in the public’s eyes lol.
face in photo! The truth to the BoAsia scandal will surface eventually.
That’s what am saying, he natalio has reveal his so call investigation is a sham for him to play with, see how best to move the people money around in the future without getting caught is what he is saying, I bet after his mock investigation he will have Claude cline and John cline have crusades and prayer meeting to passify the people for him to remain in that position he love so much.
I CAN TRULY SAY , FIRST TIME YOU CAME STRONG , THAT WAS NICELY PUT * AND THE WHITE COLONIALIST SLAVE MASTERS WON’T BE BLAMED FOR WORK OUR OWN HOMEGROWN CON ARTISTS , THAT IS BEING EXPOSED ONE BY ONE
If she makes a public statement herself, small town politics was ever so. No names no pack drill. Nice job in the London office , Miami, Singapore where would you like ,just don’t say a word!
If you want to get to the ROOT of this Asia Bank busainess. Investigations needs to be carried out of the Director of the FSC, The Financial Secretary, The Accountant General, the Premier and lastly Lorna Smith et al…..Do the dam right thing. Going after Lorna alone could get s**t covered up easily. Squeeze the others, a hit dog will squeal.
Senor Wheatley you need to be imprisoned asps. I bet you Drew Fahie has never made $5million selling powdah yet so how can you or any of ur minions give away $5 mil + 250,000 and the other ridiculous amounts I cannot remember. It is a CRIME!