Premier urges patience over $5M Bank of Asia probe
Premier Dr Natalio Wheatley has called for patience as investigations continue into the deposit of $5 million in public funds into the now-insolvent Bank of Asia.
Dr Wheatley confirmed he had ordered an internal audit of the controversial deposit and that the Auditor General was also reviewing the matter. He emphasised that he would not provide piecemeal updates ahead of the formal reports.
“I commissioned an audit of that,” he stated. “I would say in addition to that, the Auditor General is also looking into the issue. So, I say let’s wait for that report to come back, and then we’ll know all the details surrounding that five-million-dollar deposit.”
Court documents show concerns were raised as early as July 2024 by the Financial Services Commission (FSC) and the Virgin Islands Deposit Insurance Corporation (VIDIC) about the Bank of Asia’s financial health. Deloitte, in an audit report dated February 26 2025, reportedly declared the bank insolvent. However, liquidation proceedings did not commence until May 29.
When asked when he first became aware of the situation, Premier Wheatley declined to give specifics. The Premier acknowledged he had been told “at various times” by VIDIC that the bank required attention, but insisted the Ministry of Finance only became “properly apprised” after the Deloitte audit.
He added, “I was briefed some weeks ago about an audit that the Financial Services Commission conducted, and I think as a result of that audit, we had some concrete information on the situation.”
Dr Wheatley stressed that as Premier and Finance Minister, there is a clear separation between political office and regulatory functions. “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,” he explained.
VIDIC has faced scrutiny over its silence during the Bank of Asia’s collapse. Addressing this, Dr Wheatley confirmed VIDIC’s board, chaired by Ian Smith, remains in place and is overseeing the agency in the interim following the resignation of former CEO Lisa Violet.
Premier Wheatley firmly denied any personal involvement in authorising the $5 million deposit.
“Categorically false,” he stated. “Of course, the junior minister of financial services, she certainly didn’t have the authority to be able to direct any person to make a five million dollar deposit.”
He added that while the situation was unfortunate, “there’s a need for accountability. The entities responsible for that accountability should ensure that we have full accountability.”
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Unbelievable – that is all I can say! Wow! This is what leadership looks like?
Proper lane discipline in the BVI I wish, farcical . The tax payer will be patient if and when an independent enquiry gives us the truth to questions you’re if I may suggest seemingly rather guiltily trying to avoid when you already obviously have all the answers at your fingertips but are stubbornly refusing to be TRANSPARENT.
Both Natalio and Lorna need to resign. That whole debacle stinks to high heaven. Why would you put our money in that failing bank that Lorna was the chairman of? She was the minister for banks and she knew that the bank was insolvent from 2021. Corruption!
MASTER WEATIE, IS SAYING )> THIS IS SERIOUS BUSINESS AND I HAVE TO EXERCISE ” PATIENCE ” AS I DO A MOONWALK OUTA DIS . ~ PIECE AH CAKE .BY THE TIME I MAKE A FEW TRIPS , IT WILL BE BUSINESS ASUSUAL
Who signed the document allowing the check to be issued?
Who made the decision to issue the check to bail out the bank?
Two questions, it really is that simple…
The questionable five million dollar deposit is only a small part of this piggy-bank saga. It stinks of rotting fish.
still looking a scape goat?
Someone needs to take ownership and resign
b.s, 5 million isn’t pennies that is real money, we need to know who authorized giving that to a bank that was already insolvent
complete nonsense, stop trying to stall and tell us who gave the a failing bank 5 million of our money
I am laying blame on the Financial Secretary
I don’t think he would dare do something like that without someone higher up approving it
Well the higher ups already say they have no knowledge, so I’m working the case downward.
So right now, their head on the chopping block until they say otherwise.
The Financial Secretary is responsible. This looking like the same play with airline when the last payment was sent out.
Sounds similar
it should not have been in there without our knowledge in the first place
where does the conflict of interest line lies? does corner lady know it was such when the $5 was authorized? of course she did. she can gracefully remove herself from politics. brother coming will not help her,
a whole $5 million gone out the coffers and you did not know? We want to know if you knew and when did you know. was there a discussion with the corner lady before our $5M went to Asia?
Please exercise some patience until I can come up with another excuse to provide you with. Please and thanks.
Signed
Natalio
We’ll be patient, after all we’re still waiting for the accounting for the $7.2 million that disappeared with BVI Airways. Oh did I mention a Smith was involved with that also. Up to $ 12.2 million “gone”
Lorna Smith was deeply involved in the BVI Airways fiasco and here she is again in the middle of this. We made a mistake electing that woman.
LAUNDERING THROUGH has a totally different connotation!
Have patience. Wait until you have had time to hide the dirty deals and corruption.
Same policy you have for not producing reports or accounts.
Have to find time to hide what we would otherwise be able to see.
Trust us. We see it.
This is what independence will look like
Patience over Progress, Prosperity and Transparency