Premier ‘stands by’ Smith amid Bank of Asia controversy
Premier Dr Natalio Wheatley has reaffirmed his confidence in Financial Services Junior Minister Lorna Smith, despite her past role as board chairman at the now-insolvent Bank of Asia.
Addressing questions from the media at a recent press conference, Dr Wheatley said he continues to support Smith while the government awaits the outcome of an audit into the $5 million in public funds deposited into the bank.
“Until information tells me otherwise, I do continue to stand by Lorna Smith, who’s my junior minister responsible for financial services,” Premier Wheatley said.
His remarks come as public scrutiny intensifies over the Bank of Asia affair, which saw the Virgin Islands Deposit Insurance Corporation (VIDIC) apply for the bank’s liquidation in May 2025, following an independent review by Deloitte that determined the bank was insolvent.
Court filings showed red flags had been raised by VIDIC and the Financial Services Commission (FSC) as early as July 2024. However, Dr Wheatley indicated he was only formally briefed on the outcome of the Deloitte audit weeks before the press conference.
“At various times, VIDIC told me that it is something that we should pay attention to,” Dr Wheatley explained. “But it was not until that audit took place that I would say that the Ministry of Finance was properly apprised of the situation with the Bank of Asia and was able to communicate that to me through the financial secretary.”
Dr Wheatley also confirmed he commissioned an internal audit to determine how public funds came to be deposited in the bank and said the Auditor General is conducting a separate investigation. “As it pertains to the deposit of the $5 million, as you would know, I commissioned an audit of that. I would say in addition to that, the Auditor General is also looking into the issue,” he stated.
Asked whether he would be willing to step down if the investigations pointed to wrongdoing under his leadership, Dr Wheatley replied that he had “done nothing wrong.” The Premier insisted that responsibility for regulatory oversight lies with the FSC and VIDIC, and maintained that Smith did not have the authority to direct any deposit.
The Bank of Asia, licensed in the BVI in 2017 as the territory’s first digital bank, had been hailed as part of the BVI’s financial services diversification efforts. The bank had faced questions over its business model and client base prior to its collapse.
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The two of them cause this so of course yes he will Stand by her and she will stand by him. We need a proper investigation to unearth this mess. I strongly believe that all this was planned and orchestrated. How could the Premier put 5M of tax payers dollars in an insolvent bank that Lorna was the chairman of? As chairman she would have known the condition of the bank. She became the minister for banks and did nothing from her public duties. She had a clear conflict of interest. Natalio had to have known about the state of the bank to make that 5M deposit at this time after the owners filed bankruptcy. When did Lorna Smith cross back over to VIP the second time? Check that date with the deposit slip of the 5M into the bank. Corruption!
This is the very problem here – no accountability and cartels JUST running the place! I don’t mean drug cartels, I mean family, and political cartels that kill this country while the majority of us just sit, whine, and complain! Yet we do nothing, and it continues to get worse.
It is absolutely clear that something is SO VERY VERY wrong here! Yet no one, noT a single set of people, seem to be outraged! Yes, there is a lot of talk in the shadows. But NOTHING, absolutely nothing in the public forum.
For the record – I also include myself in the spinless and silent majority! Helpless, and unsure what to do because we are all looking for someone to make the first move!
With that said – It is obvious where the problem is – and that is with US the PPEOPLE that allow this to happen unchecked, unpunished, all while emboldening the ones that are there to guide our country but fleece it dry!
WE ARE THE PEOPLE ARE THE REAL PROBLEM
If this is allowed to happen without a independent investigation?
Everyone avoiding bail. Noone wants to enter jail.
Those who are involved in committing high white collar crime, don’t do no time.
The fox should not gaurd the pen for he gets to eat the hen.
The premier stands by:
– Smith who allegedly knew the bank was insolvent.
– Vincent, who allegedly gave covid money to family
– the education minister who allegedly gave money to her boyfriend
– a convicted cocaïne criminal
If the premier stands by you, you are probably a crook.
We must continue to chose champaigne for a few or depenndable drinking water for all.
UK NOW
Think we should look into tax returns cuz our tax money never using to benefit us or the country…always some scheme or “mistake”. Might as well give us a portion of our investment back to us every year cuz yall never using it properly. That little free payroll tax every new years ain cutting it especially in our no price control economy. we like to copy everything from the USA even when it dont make sense…try copy that one
if our politicians managing this level of blunder and possibly “schemes” imagine when them get independence Lolo free for all but we still have a few ignorant bloggers that think our own people can do no wrong and handle everything to perfection! but hey maybe those bloggers might be getting a cut or just truly blinded by ignorance!
#covidGrants
#fakefishers
#FakeFarmers
#BankOfAsia
#BargesPatrolingBoarders
#FakeStudents & FakeScholarships
#poorRoads
#NoWaterAfter6pm
#PowerCuttingOff
#Bi-Water
#SewageRunningOnRoadsDaily
#OpenFireBurning
Yes the 5 million is of grave concern to all and will almost certainly be lost. But what about the 18.8 million in cash that went missing and the inflated payments? The 18.8 million was given to an insolvent company so it ain’t coming back. Where did it go? And what about trading while insolvent? Disclaimed financial statements? What about zero anti-money laundering checks? What about the phony loans? And the material breaches of the regulatory code? Financial ‘irregularities’ to say the least, many attracting criminal exposure. All while Lorna was Chairman and all of this in the Deloitte report. On what planet should she still have a shred of power? Guess this is not enough for the Premier to send her packing. Wonder why??
To all the people of this Territory who value their Lives, Their Families, Their territory, Listen Up and Be Watchful. For All that is going on throughout the World and in our very Lands at such a time as this, It calls for Resilience, a sense of Purpose and a Look towards our Creator for Help and Strength to endure what is already upon us and what is yet to come. Nothing Prejudice against no one BUT this present Administration is definitely NOT the Solution WE need. Only God can see Us through what is there to come if Something is Not done. Day after Day we see the various activities that are taking place in our Little territory and most people are really turning a Blind Eye to what is going on. Our Little Territory once Dubbed, The Envy of the Caribbean has slipped away from us to becoming the Laughing Stork of the World. Thats when you put a Boy to do a Man’s Job. This Present Administration Cannot take this Territory through what is coming upon Not only us, But the World.It seems like Instead of preparing its people to rally together to combat what is already happening, Our Leaders are in it All for themselves. Rampant Stealing, Hiding and covering up what they want, while excluding the Majority of their Citizens from any Decision Making proccess and still saying every chance they get, they are going here, there and everywhere on behalf of the people. The same people they don’t speak with, they conveniently Chant that they are representing the people of this territory. It is a downright Shame and Disgrace to see what Natures Little Secret has become.A Comical Rat-Hole. Only God can help us out of this Mess. I don’t mean to be Selfish nor Negative, But I call it like I see it. Its impossible for the people of this Territory to wake up each day and pretend its Business as usual when its not. This Government needs to be Gone Forthwith like yesterday…I do not have a Dog in the Fight But Enough is Enough.
Sowande is doing an excellent job as Premier of this territory. He is uncorrupt and transparent. It is so clear because he has order a rigorous investigation into the bank of asia mishap. Rest assured that those responsible will be Held accountable. If there are any gaps in government operation and processes that caused $5 million of our money to be placed in the wrong place it will be corrected. This is a government that remain steadfast in delivering the goods.The country knows this.
Smith has committed no wrong as she was never arrested. Clearly she is innocent.she is doing such a great job that the Antiguan man has become more jealous of not having power.
Anyways, why y’all think lady in your corner has chosen this administration. Why y’all think his honourable excellency of the third has chosen this current administration? Because they have delivered the goods and will continue to do so.