Smith rejects ‘misleading’ claims about Bank of Asia involvement
Smith
Junior Minister for Financial Services, Labour & Trade, Hon. Lorna Smith, OBE, has categorically rubbished what she described as “speculative and misleading reporting” concerning alleged gross misconduct linked to her former role at Bank of Asia (BVI) Limited, which is facing imminent closure.
The reporting referred to by Smith stems from a June 4 article by Guava Berry Media, owned by Cindy Rosan, titled “Possible Cover Up in Bank of Asia Demise, Bank Mishandled? Can It Still Be Saved?” The piece made several damning allegations, including claims that the Junior Minister leveraged her political office to influence the bank’s operations for personal financial gain.
In a detailed public statement issued Friday evening, June 6, Smith — who previously served as a director at the bank — pushed back strongly against the assertions, branding them false, exaggerated, and defamatory.
“I served as a non-executive director of the Bank of Asia (BVI) Limited beginning in or around 2019, and was appointed Deputy Chairman of the Board circa 2020. I was never involved in the day-to-day management or operations of the bank. My role was governance-based, and I was one of several directors appointed to oversee strategic direction and compliance,” Smith clarified.
She also dismissed claims that she earned a monthly salary of $15,000 during her tenure, stating, “Contrary to published claims, I did not receive a monthly salary of $15,000. All Directors were approved to receive quarterly compensation. I resigned from the Board in April 2023, before assuming public office.”
Addressing allegations of conflict of interest and abuse of public office, Smith maintained that she has always respected the statutory independence of regulatory agencies such as the Financial Services Commission (FSC) and the Virgin Islands Deposit Insurance Corporation (VIDIC). She emphasized that VIDIC falls under the portfolio of the Premier and Minister of Finance—not her ministry.
“I have never issued instructions to either regulator concerning the Bank of Asia or any other regulated entity,” she said. “Assertions that I interfered with regulatory decisions, delayed action, or influenced personnel are entirely false.”
Minimal interaction with VIDIC
Smith further noted that her interaction with VIDIC’s current CEO, Lisa Violet, has been minimal — limited to one courtesy call in late 2024 and a separate virtual group meeting.
On perhaps the most serious claim — that she directed Government funds to be deposited into Bank of Asia while acting as Premier — Smith was unequivocal: “The allegation that I directed the deposit of Government funds into the Bank of Asia is patently false. I had no such authority, gave no such instruction, and I categorically deny the claim.”
She said she welcomes any independent investigation that may help clarify the facts and reiterated that any suggestion of personal enrichment or misuse of public office is “defamatory and wholly unsubstantiated.”
Smith concluded her statement with a call for responsible journalism and a warning to those publishing unverified or false claims.
“The publication of false, exaggerated, or speculative claims undermines our jurisdiction and disrespects the dedicated work of our public servants, regulators, and financial professionals,” she said. “Should the authors of these reports persist in publishing defamatory statements without correction, I reserve all legal rights and remedies available to me.”
Copyright 2025 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
Come on governor call her bluff , let’s see your metal have the guts to get an independent audit let’s see what all this new legislation is actually worth without competent investigation and independent prosecution.
The Queen of “Clean Hands”
She sat on high, draped in silk and spin,
A throne of boards, but swore no sin.
“The bank collapsed? I wasn’t there.
I only nodded from my chair.”
A Deputy Chair with vacant eyes—
No ledger read, no red flag spies.
She clutched the title, claimed the grace,
But fled the fire, left no trace.
She mocks the claim of fifteen grand,
“Quarterly,” she says, with sleight of hand.
Not monthly paid? Then what was earned?
Still silence while the coffers burned.
“My nephew’s rise? A mere event.
My ties to Wen? Just accident.”
The public’s not so dull nor blind—
We smell the rot you leave behind.
She says, “Not my portfolio’s mess,”
As if corruption needs address.
As if, when trust begins to fail,
The Minister can just curtail—
Responsibility? A game.
She plays it well. She guards her name.
She paints the press with hate and spite,
Calls truth a slur and facts a fight.
She casts the critics as unclean,
While sipping tea in halls unseen.
But while she preens and pleads and scolds,
The truth decays, the silence molds.
The bank is gone. The funds are thin.
The public’s voice grows loud within.
And all we see is pomp and poise—
No reckoning, just practiced noise.
You cannot chair a ship that sinks
And later claim, “I missed the kinks.”
If governance is just a cloak,
Then trust itself has gone up in smoke.
So wear your OBE with pride,
But know the people see inside.
A title’s fine, but truth must lead—
And we remember every deed.
Beautifully written.
You are truly talented my fellow Virgin Islander! Kudos for an excellent social commentary prose! Keep it coming
One minute Director of a Bank. Next minute in lead poition in Goernment in the Financial Services Industry.
Everything is a little bit to in the family for my liking.
Even if she is clean it does not bode well for if someone like Andrew Fahie was in that sort of postion or some money grabbing greedy politician and the kind that vote for their own greedy Bill.
I see why they want to bring on Independence. They would be INDEPENDENT and able to anything they please if you look at what they already doing.
Next minute, owning hotel in CGB, whether through family or otherwise, the opening of which was attended to by the bank’s CEO who claimed to have a serious heart attack days before that prevented him from attending a court hearing on matters pertaining to the same bank, allegedly. Conflict of interest came up in the COI and it is still alive today. She came up with the office of ministry for financial services, which she decided to head. Why? Went from being non exec director of bank to boss of regulator of all banks. Why?
Everyone should read the judgements. They are quite well written and sets out Corna Lady’s actions regarding the founder obtaining a banking license. This news outlet should be ashamed of itself as it should investigate this matter by simply readying the judgements as opposed to just regurgitating Corna Lady’s statements. She acted in a manner without integrity and is now allegedly lying through her dentures.
Corna Lady’s threats are thin at best. Just read the judgement and you see that she enriched herself and acted in a manner without concern for the BVI. She can’t sue for repeating what’s in the judgement. Pathetic! Then VIP exposed itself by was of the 5 million deposited into the bank. Shame on you, Corna Lady!
All of us inclusive of bloggers, journalist, media outlets (print, video, or audio) and those who traffic in gossip should be mindful of two definitions before they write or speak:
Libel vs slander.
“Libel and slander are both forms of defamation, which involves making false statements that harm a person’s reputation. The key difference lies in the way the defamatory statement is communicated: libel is written, while slander is spoken.”
Proceed with caution.
If I couldn’t read a judgement then I would be quaking in my sandals. Go sue the High Court
Ohhhhh I am quaking in my sandals…will Corna Lady sue the Eastern Supreme Court to take the judgement down from its site too … according to the judgement Corna Lady and her NDP husband helped the bank get a license and according to Corna Lady she held a “non executive “ post ie she get money for lending her name and he influence on decision makers … not caring how this may look to an independent authority. Corna lady should resign
Dig it deeper Lorna. Freight train coming…
Just take the lick and stop trying to deflect.
For realz ms. Daisy and her family act like they own Tortola and want to control and run Tortola like the Jews is running NYC.
I do not believe her. This needs to be investigated.
First it was the plane scam with husbo now it is the Asian bank scam with wife o . I agree, the freight train is getting ready to roll into town.
Wonder what other scam is taking place on the taxpayers dime.Everyone scams is getting exposed.
Everyone is using the misleading defense in the BVI these days.
Famous last words! Denial is not just a river in Egypt. We are about to witness 5 stages. First denial followed by anger, bargaining, depression, acceptance.
One does not get to where they are without knowing how to talk their way through things.
Guvnah, as a matter of national security, we need an investigation into this grave situation, which yet involves the people’s money.
WE GOT VERSION OF THE YELLO SITE BECAUSE HERE WE HAVE JUDGE WIGGIE BLOGGING UNDER DIFFERENT NAMES ON THIS SITE AGAINST THE LADY , JUST AS JO DOES ON HIS YELLO SITE THE ONLY DIFFERENCE IS HE WRITES & BBLOGGS TO WHAT HE WRITES AND BLOGGS TO WHAT HE BLOGGS AND THE DUPLICITOUS BLONDIE THINKS HE’S A GENIUS THIS PSYCHO TEALLY LIVES IN A FANTASY WORLD ‘ MORE POWER TO ” U “
Wiggie might be blogging but I can assure you that the majority of comments are from the voting public. This stink is too pungent to hide even under his wig
If you have legal grounds to go after the author of the said article then you should have done so immediately.
It’s obvious that your threats ring hollow, and it makes your story even less believable, and lends the article done, even more credibility.
You have just made matters worse for yourself. Rethink your next move.
1) You state that you became the 2nd highest ranking director at the Bank in 2020. But you are silent on when you became its CHAIRMAN. Now why would you do that? The Bank’s PUBLIC presentation says you were, at its date of May 2023, the “Chairman” (not Deputy). So was the Bank lying? Was this when Carson Wen stepped down and was out of the picture? As the presentation reads on page 4…
“The founder of the Bank, Mr. Carson Wen, was invited by the former Premier of BVI, The Hon Dr. Orlando Smith, to establish Bank of Asia in 2014 to provide offshore financial services in the jurisdiction. BVI government has since rendered crucial support in the establishment and development of the Bank.”
“Chairman of Bank of Asia, Ms. Lorna Smith OBE, MA, TEP, was the first Director of BVI Finance (used to be BVI International Finance Centre), which is charged with promoting the BVI offshore financial services.”
2) So as Chairman what was your role? Rhetorical. The buck stopped with you. Boards govern companies, senior managers (like your nephew) do not. When bank’s fails no one talks about the people in the trenches having exposure; they talk about the directors. Whatever went down was on YOUR watch ma’am.
3) You say that you were one of the “several directors appointed to oversee strategic direction and compliance”. Are you saying that you are not the only one to blame (as the CHAIRMAN) for any strategic direction and/or compliance (AUDIT) shortfalls? Despite pinning part of the blame on your fellow director long-time friends in the BVI (and your nephew), whether your board mates were in the loop or not we don’t know, but you clearly were. YOU own the problem.
4) On the nephew and son of Mark – are you now suggesting that the blame be placed with him as part of the “day-to-day management or operations of the bank”. That was his job right? No need to answer, that’s in the public domain. So, you are throwing your fellow board member friends in the BVI and your nephew under the bus. Very nice of you. Whatever you may say you stand for, guess loyalty and accountability are not in the mix.
5) On the monthly payments to you, are you now saying that you never received any monies from the bank or its affiliates, either directly or indirectly prior to joining the board? Ever? You use the term ‘salary’. You were not an employee, so no you would not receive a salary. But the article you criticise does not say ‘salary’; it says that you were ‘paid $15,000 monthly for her services’. Were you? Was that as a consultant through your consulting firm and when? Or are you just spinning the reporting as inaccurate because you were, as you say, paid ‘quarterly compensation’ and not monthly compensation. The fact is that you were PAID. You profited from the bank.
6) As to your mandate as Junior Minister for Financial Services, let’s have a look back at what has been publicly stated as to what is in your portfolio. So was your favourite media outlet, VINO, wrong when it said this on 11 March 2025:
“In addition, Hon Smith will have direct oversight of the Financial Services Commission, the International Tax Authority, BVI Finance, and the Department of Trade and Investment Promotion and Consumer Affairs, including the Virgin Islands Trade Commission.”
So you do have DIRECT oversight of the FSC? Right.
And let’s also look at what the Premier said about working with you on other aspects of his portfolio:
“Premier Wheatley assured that he and Hon Smith will work “very closely” to ensure consistency and cohesion of government policy.”
Further, who sits on the board of VIDIC? Right, the head of the FSC which you oversee. We can explore your relationships with the balance of the board in due course. You do not need to control Ms Violet directly (who reports to a board). You just need to have influence with the board that she reports to.
7) Delayed action. So, are you making roadkill of your friend Ken Baker of the FSC (who answers to you) on this one? What a shame since he got you your bank licence years ago (apparently after quite heavy lobbying). Or are you saying that it was VIDIC that was delayed in action? I presume VIDIC will take issue with that.
8) Influenced personnel. Are you seriously saying that you had no contact with the board of the bank, including your nephew, after becoming an elected official and played no role in the suppression of any information to any interested party? None? So, without consulting his aunt, the leader of financial services in the jurisdiction, unilateral decisions were taken? Ok.
9) I guess we will see on the $5 million, but that is a sideshow in all of this, at least as it pertains to you. Someone dropped the ball. Either it was you or the Premier. Pawning off blame to junior public servants will only get leaders so far. Accountability starts at the top.
10) Defamatory. There is no allegation by Ms Rosan to support this (and it is libel btw). All that is said by her is that you have control over the institutions and are conflicted. That’s true. It is for you to manage those conflicts. No suggestion of “personal gain”, or “benefit friends, family, or associates” is made in the article. You are pretty testy on a matter that is not even alleged (though that does not mean the behaviour did not take place…) Why so testy?
11) Spare us the call for “Responsible Journalism and Public Integrity”. You have not identified any material issue with the reporting of Guavaberry. In fact you have only supported its veracity given the very limited aspects that you even address (and your points are broadly wrong in any case).
Your silence on the balance of the Guavaberry extensive reporting is quite telling; in fact, it is almost surely THE most telling part of your public statement.
In summary, YOU have NOT provided a clear account. YOU have NOT provided a factual account of your role and involvement, or a factual account of all other matters reported by Guavaberry (far from it). YOU have NOT reaffirmed your commitment to transparency, as this piece from you is about as opaque as it gets. And YOU clearly have NOT shown any accountability (quite the opposite).
Free advice – you would have been better to remain quiet. You should know that there is simply too much out there to knock down any false and misleading statements that you might make or to fill in the blanks that you leave.
We all look forward to your next Public Statement!!! But for now, we’ll all let this fine piece of work settle in. There is a positive way out of this for you, the BVI’s financial services sector, and the jurisdiction more broadly. It is not deflection, being combative with solid reporting, and/or threatening the media with legal action. Guavaberry and others have given you the roadmap; now follow the road. Godspeed.
It’s obvious you also wrote that article.
Facts are the facts. .. if it offends you tell us what issues you have, and what is not accurate. Enlighten us ignorant folk, Ma’am / Sir.
I am a proponent of free speech and freedom of the press. However, something like what you wrote above regardless of its merit convinces me that all websites that allow comments should require registration by validated and authenticated email prior to posting.
In my view, it’s fine to express your views. Just be a man/woman about it and put your name to it. Many of you come on these sites and libel people daily without consequence. It’s time that change.
Now, these websites know the ip addresses of each person who post, so while you may think you are anonymous you are not.
Point is: It’s ok to post your views, but put your name to it. You seem to have a particular interest in stating your case. I think its fair to those being accused that you say it to their faces so to speak.
As such, it would be nice if you would reply to your post and state your name so that we can all see who is writing such a wonderful response. Spell it out please. Be as bold as you have written.
I believe that you get more honest responses if people dont identify themselves. Without anonymity you only get sycophants who are afraid of retaliation from the powerful ,so they only communicate what they think the powerful want to hear, but definately not the truth. I am not ready to live in a electronic police state.
“I believe that you get more honest responses if people don’t identify themselves.”
————————————————
Well, if someone is being honest in their responses, they should not have any problem putting their names (emails address) behind their names.
You don’t go on Facebook or any other social media and say what you want? Do you? Why not? Because you know that your name is associated with whatever you post, and if you run afoul of posting rules, you posts can be deleted or your account can be closed.
You would rather come one her running your mouths, throwing stones and hiding your hands and expect no consequences if you defame others.
I have been blogging on here for quite a while now, and I have witnessed how many of you come on here and libel people assuming you are anonymous. It wrong.
I was not necessarily in favor of the cybersecurity bill the government had put forward, and I was not necessarily against it either.
I defended then the freedom of the press and freedom of speech. What I cannot defend is dishonest press or dishonest post.
So, in my view, since some of you want to be fast and lose with the truth, you need to be held to account should your posts prove libelous, or some of these websites may find themselves with legal exposure for allowing some of these post to be printed.
You cannot just get on a public forum and say what you want if it libel others. Some of you simply talk too much.
You too!
What you are saying suggests that you are against free speech as well.
Your thinly vailed attempt of offering a sensible retort to an actually valid statement and other statements by voting BVI Islanders is in of itself not helping the Junior Minister for Financial Services.
Be a friend, a true friend to her, and tell her she must resign with recommendations that the Premier, her boss sad to say, call immediate elections
Resign, or figure out a solution that actually advances the jurisdiction.
Stop making assumptions. I am not a friend to anyone. Free speech is not someone anonymously posting potentially libelous information about someone.
You clearly is agenda driven with a goal of seeking the Jr. Minister resignations for whatever you claim she did wrong. I could care less what you want on that matter. It’s irrelevant to the point I am making. I just believe people’s blogs posting should be traceable.
If I was the owner of this news site, I would definitely mandate posters have verifiable emails prior to posting so that those of you who run their mouths and defame others could face consequences.
I don’t care if my viewership drops so long as what my company puts out there is as truthful and responsible as possible.
Let me tell you a little secret. People are entitled to face their accusers and defend themselves. As it stands you have faceless people throwing accusations.
Why don’t you run down to Government House and show your face and spill your guts? Why don’t you go on radio and tv and level your accusations there similarly?
You wouldn’t because you are a flame thrower and a coward. Go the Jr. Minister and tell her to her face what you think, or stop running your mouth on the blogs.
Your demands means nothing on these blogs. She is not going to resign because you wish it. Show cause in a court of law or cierra la boca. Gracias.
8 angry paragraphs. Clearly Jimmy hit a nerve
So where is you name
Very interesting comment. It funny that you did not leave your name and email……
I was thinking the same thing 🙂
You are obviously Cindy’s Autopen. You Wrote the article and wrote this response. Take a breath dude. This seems a little personal.
At this late hour F&F investigators obviously independent! “ Now who should lead the investigation cousin “
False reporting is erroneous and harmful to the community. Responsible journalism means separating gossip from facts! Personal vendetta has no role in journalism!
If the assumption and assertion were not proven factual then it is misrepresenting the facts! Don’t try to gain by doing g a bad job against your opponent.
Only post stories that is proven and verified. I suggest interviewing the people,
You guys writing these long posts need to send your letter directly to the minister man. Too flipping long. Like you got a lot of nothing to say.
Lorna came into the game a cr**k and you all voted for her. Now you all see why I say we need a fresh new 13 in the house because all of them are connected to some cr**ked business.
I get that there are long posts which takes time to get through…this is to be welcomed and encouraged in my view as we desperately need open and in depth discussion in these Virgin Islands. Sending letters directly to the Minister are likely to be disregarded and not acknowledged…people who take the time to write Ministers and Governments such as this get their letters ignored, overlooked and disregarded. This is why people turn to the blogs. Let’s dance this one out in the sunlight and keep comments in the open. A good start towards accountability and transparency
On another note, I agree with you that those who voted the Honourable Corna should be eating crow right now…load up the BBQ sauce, ketchup, mustard, gravy or whatever condiment of your choice!!! Definitely need a fresh group in Government and we the people must do a better job of examining what connections, interests, ethics, positions etc that they rep in order to decide whether they deserve our vote. These people must be willing AND able to lead – NOT a popularity or likability contest but a test of competence, integrity, character, courage & true patriotism- having the best interest of ALL Virgin Islanders & people at heart
The crabs are really at it today climbing over each other to get out. Despite all they are doing, they are still in the barrel. Sigh. Maybe one day crabs. Maybe one day.
The problem with some crabs is that when they get out the barrel, they look down on those who remain instead of lending a helping hand.
The Premier knew and had knowledge about the Asian Bank scam and yet he travelled to the UK and advocate for Lorna to get the position that she now holds. Can it get any better than this? The Premier is just as guilty.
Correct. He holds the highest position in the Territory FOR NOWWWWW!!!! He is aware and should be aware of what is going on in the Territory. He is just as responsible as Lorna is. FIVE MILLION? OF THE PEOPLES MONEY? JUST LIKE THAT? I MAY BE WRONG, BUT I AM WONDERING IF IT WAS MORE THAN JUST FIVE MILLION THAT WE THE PEOPLE AND THE TAX PAYERS ONLY KNOWS ABOUT. PERHAPS IT’S JUST ME THINKING THAT WAY. AND YOU WILL SEE THAT I HAVE SAID ME NOT WE OR EVERYONE.
Lorna and the Premier need to be honest and face the people to explain what they have gotten the people into. Even if they get pelted with rotten eggs and tomatoes in their faces.
Cheap shot at damage control. This whole thing can be proven in jo time. Compel the bank to produced accurate annual audits. Tighten your seat belt and see this thing is bigger than our shallow minds can imagine and people you wouldn’t believe. They all got legit loans that they don’t have to repay all with funds from where? Ok then. It was very very crucial that madam in your corner had to get a position and ministry for herself. BVI ain’t ready for the truth in this and when revealed it will sink your country like a tsunami. It is wide enough for international governments to also investigate and like Fahie, hold all of them on overseas soil and charge them. Charge them in BVI don’t make sense.the greed and corruption in the bvi is big and some of you wouldn’t be able to handle the truth. Of course the certain family is profiting the most. Yeah man, the action man did not lie when he said he went through the bank for all his investments.
Our girl guanaberry got her proof and ayo know she can handle things real fast.
Cindy is good when it comes to Public Relations.
I will continue to dream for a time when Virgin Islanders will stop tearing each other down and build each other up instead. We do this much to the delight of those who enjoy seeing us divided. What’s worst is it doesn’t whether what is being said is fact or lies. It’s sickening to say the least.
Is highly deserving of a Pulitzer Prize.
If Lorna is so angry she would file a lawsuit.
Cindy article can be researched for fact finding.
Lorna should stay quiet and weather her storm. For the VI sake I hope she comes good. Don’t throw gas on a raging fire sweetie. Shelter your storm, this too will pass.
The thing is this. All that has been taking place is putting the COI to absolute shame. What has taking place after the COI is far worse than what initiated the COI. When will we stop?
God is watching and is still in control.
Ms. Lorna, please don’t test the water temperature to see if it is warm hot or cold. Cindy’s information is factual information. As I stated, don’t test the water temperature.
As another blogger said, it looks like we have two yello sites , this NERD blogging ore than anybody else uding all kinds of fancy names and look how long his blogg is / this X speaker just love to create drama , when it ain’t Cindy- it’s walwyn now HE focusing on the lady / WHY NOT BRING IN YO trini ATTORNEY and both of U conduct YA’AL own investigation, USING YOUR OWN MONEY THIS TIME
Yellow site over there blocking comments on this story. I guess they don’t care to show a true reflection of how the masses really feel. Calling other sites tabloids, in my opinion the only tabloid is them.
Yep, if people were blogging negative things about Cindy, that yellow site would print it. Nawwww, stop trying to protect wrong doings.Don’t you think we the ones that voted for Lorna is entitled to know the truth about what is going on with the Asian Bank scandal? Come on man, 5 million dollars of the taxpayers money and we should accept that?
They sure are. THE YELLOW SITE IS NOT PRINTING CERTAIN COMMENTS. SO WHY PRINT THE STORY. NO ONE REALLY CARES ABOUT THAT BIAS SLAVE PUPPETS SITE. CONTINUE SUCKING THE PUPPET MASTERS BEHIND TELLOW SITE. EVERYONE IS ON TO YOUR DIRTY VINDICTIVE GAMES THAT YOU ARE PLAYING. YOU PLAY DIRTY VINDICTIVE GAMES YOU WILL END UP WITH……………….
I will take Cindy any day, Cindy maybe a lot of things but she is not a liar.(Like our politicians).That othdr News site hates Cindy. Cindy is better, more reliable and more inside contacts, does better investigative reporting than all of them..
We are watching the live action movements of a snake, allegedly. Can one predict the next moves? Or shall one just wait and observe in silence. Welcome to the discovery channel mah boyy. Slippery slithering crookedy snake…allegedly.
Those trips to Asia that were funded on the people’s dime, who, ah said who did she really go over there to meet and do business with? How deep does the thing go.
She made it her duty to speak at the launch of the hotel. She said Mark said one year in advance he was going to buy it. Then in the same speech, she said she was sat in the HOA when she heard he bought it. Now which one is the lie? Why it wasn’t till she was sat in the House that he was able to buy it? Judging by Mark’s speech, he seemed to come across as a pawn in the whole transaction. You cannot hide dishonesty. Compare his body language to hers. Things people do to keep their hands looking clean.
Writing fancy articles helped her during the elections. Not this time. Same way foy had to he in power to run his ring, look like she too needed to be in power to run whatever scheme about to unfold, allegedly. She was always in bed with the VIP allegedly. Birds of a feather, allegedly.
All the UK reports on the level of corruption in the country seem to be accurate and some of us have been living in the dark for a long time which makes the thing hard to believe, but seems to be all true.
The real snakes in the BVI no longer HISS, THEY HUG YOU.
Facts, if they hiss, you will see and hear them coming. Watch out for the hugging snakes
This is the same individual who previously went behind her colleagues’ backs to form a government with the Virgin Islands Party, ultimately accepting the position of Deputy Premier. After being dismissed by the very Premier she aligned herself with, she initially stated she would not accept a junior ministerial role. Yet, she later reversed course and not only took the post but also insisted that the title not include “Junior Minister,” but simply “Minister of State.”
There is a clear pattern here that raises serious questions about credibility.
Why should the public now believe that she had no involvement in the Bank of Asia matter, or in the claims made by Cindy? It’s important to note that she and Cindy were extremely close. by many accounts, they were political allies and personal friends. In fact, Cindy is said to have played a role in helping her attain her votes.
Now that their relationship has soured, we are being asked to take her word at face value. But based on her history and shifting narratives, it’s fair to say that credibility remains a significant concern with Lorna.
This is the same individual who previously went behind her colleagues’ backs to form a government with the Virgin Islands Party, ultimately accepting the position of Deputy Premier. After being dismissed by the very Premier she aligned herself with, she initially stated she would not accept a junior ministerial role. Yet, she later reversed course and not only took the post but also insisted that the title not include “Junior Minister,” but simply “Minister of State”
There is a clear pattern here that raises serious questions about credibility.
Why should the public now believe that she had no involvement in the Bank of Asia matter, or in the claims made by Cindy? It’s important to note that she and Cindy were extremely close—by many accounts, they were political allies and personal friends. In fact, Cindy is said to have played a role in helping her attain her votes.
Now that their relationship has soured, we are being asked to take her word at face value. But based on her history and shifting narratives, it’s fair to say that credibility remains a significant concern with Lorna.
CLEARLY, the Bank of Asia fallout is top of mind for many Virgin Islanders & residents; and is currently at the forefront of the national discourse thanks to the Guava Berry Media article released earlier this week. What is admittedly alleged in this article, AND the facts & observations of Judges as stated in the JUDGMENTS OF THE COURT FROM 2018 onwards : are of GREAT & GRAVE PUBLIC CONCERN.
This definitely presents a CTA (Call To Action) for the Leaders of this country, particularly His Excellency the Governor as well as the Honourable Premier to ADDRESS THESE CONCERNS HEAD ON. Here lies our first true test of Good Governance that the Virgin Islands is facing post COI…Have the recommendations implemented by the COI taken root as seen by a positive change in Governance, Transparency and Accountability in the Virgin Islands???? OR does the state of our Governance in certain respects remain ‘parlous’ as described by the Honourable Commissioner of the recent COI.
THIS IS NOT simply a matter to be dealt with solely by way of a PROVISIONAL LIQUIDATION : yes, the Bank of Asia is not yet in liquidation and it is misleading to state or suggest otherwise. The Provisional Liquidators are currently focused on taking control of the Bank, securing assets, collecting and reviewing information necessary to ultimately support the payout to depositor holders and other creditors.
It is also likely that the PROVISIONAL LIQUIDATORS are required to determine whether there are any viable overall solutions for the Bank – likely to explore saving its operations, new investors or owners? such that deposits over $100,000 could be fully or
partially recovered above the VIDIC limited……SEE THE FOLLOWING ON FSC’S WEBSITE:
https://www.bvifsc.vg/sites/default/files/bank_of_asia_-_faqs.pdf
ON A POSITIVE NOTE IMHO, I note that the Honourable At Large Representative, Member of Government & Junior Minister of Financial Services L Smith has unequivocally stated that:
” she welcomes any independent investigation that may help clarify the facts”.
I APPLAUD her position in this regard and believe that it is a positive indication of what is clearly needed at this time : AN INDEPENDENT INVESTIGATION. This will not only clarify the facts, it will also provide the Honourable Smith with the opportunity to provide full and frank disclosure, much needed clarification, transparency as well as accountability which is desperately needed to preserve and strengthen our reputation, governance and regulatory framework.
I am a full believer in and proponent of NATURAL JUSTICE and in this regard we must allow for ALL SIDES to be heard fully. This is in the best interest of all concerned and most importantly the Virgin Islands. Bank of Asia presents a good case study for governance and regulatory affairs. There are issues raised that need to be resolved as to how personal, family and professional interests/ ties intersect in a Virgin Islands context; and how best this should be dealt with in a manner that is transparent, ethical, accountable, just and in accordance with good governance.
The most viable SOLUTION at this time lies in respecting Honourable Smith’s position, taking her up on the suggestion she made of an INDEPENDENT INVESTIGATION and actioning this by way of ESTABLISHING AN INQUIRY under the recently passed INQUIRIES ACT, 2024. This is the first new piece of primary legislation to be brought into force as a result of the COI and it seems that we have been gifted with a GREAT OPPORTUNITY thanks to the Bank of Asia fallout to demonstrate that the recommendations of the COI have truly TAKEN ROOT.
Take time to review this new law over the long weekend and let it sink in how this can and should be used EFFECTIVELY especially at this time to steer us out of this current “rabbit hole”:
https://www.bvi.gov.vg/media-centre/inquires-act-2024-now-force
Note that both HIS EXCELLENCY THE GOVERNOR and the HONOURABLE PREMIER have been given the authority under this law to cause an inquiry to be held in relation to a matter where they have reasonable cause to believe that:
(a) particular events have caused, or are capable of causing, public concern; OR
(b) there is public concern that particular events may have occurred.
This provision is helpfully BROAD IN SCOPE. Is there not a cause here??? Let’s see whether our Leaders take proactive steps IN THE BEST INTEREST OF THE VIRGIN ISLANDS especially given the positive indication of the Honourable L Smith on this matter and the overwhelming PUBLIC CONCERN expressed to date on Bank of Asia-gate.
An inquiry under the new INQUIRIES ACT, 2024 will allow for an independent investigation to clarify the facts of this matter as well as allow for useful FINDINGS & RECOMMENDATIONS to be made.
Thoughtful and constructive to say the least.
Hon Smith is right that she and others involved in this unfortunate matter deserve their day in front of a truly independent body from outside the BVI tasked with exploring all of the facts start to finish. This involves full and frank disclosure. putting forward all of the evidence from every source/document available, and calling folks, whether in BVI, Asia, or otherwise, for sworn witness evidence and thorough cross-examination. This is not to be a political witch hunt, but rather a fact-finding mission, not only dedicated to this situation but to inform those to come. It is therefore critical that a truly impartial body is dedicated to that end. Whether Hon Smith’s role should be re-evaluated in the interim is for the powers that be, or for her to consider in a quiet personal moment of legacy reflection.
This needs to be said, it is crucial, and is a point made by Cicero VI early on: the liquidation process of the bank is at the provisional stage only; that means that there is still time to fix what would otherwise be catastrophic for BVI. To the credit of the provisional liquidators, they state in their FAQ that it is their job to explore all options to ensure no losses (in shorthand), which we should hope takes into consideration the impact on the BVI today and tomorrow. They have an unenviable task no doubt, the tangled web aside.
Too much has been written about the bank’s death. It would be inappropriate here to suggest that certain agendas wish this gets swept under the rug and we just move on. The reality, as shown by Cicero VI, is much different. The bank is alive, but currently quite unwell due to reasons unrelated to its strategic value in the right hands. May this not get lost – the past and what it entailed is not indicative of what is possible. As was said not long ago by someone well known to us – “Hello…why not?” Well…if the BVI is truly serious about its FinTech ambitions, then, let’s listen to our own’s counsel – “why not?”
If we get to the independent enquiry stage once the ‘provisional’ status is dropped and much time has elapsed, we will be looking at a corpse only. Jobs, present and future, and much more will have fallen by the wayside; BVI will already be in great turmoil and ready for its own funeral. Overly dramatic? Think again; many, whether in public, via chats, or privately have confirmed it is inevitable. There will be no blissful ending or some new avenue to generate revenue or enhance ‘status’. The end game will be a gut-wrenching and expensive very public exercise to identify right and wrong whilst futilely attempting to establishing ‘best practices’ for the future, however bleak that might be. This is the not the first and will not be the last of stories such as this. The path forward is nevertheless still in control.
IMHO this must be dealt with in two discrete stages: (1) put all positive energies towards trying to resuscitate the patient, or more accurately being surgical and extracting its virtues and maximising their values. Those that disagree and wish to just jump into the blood bath are encouraged to take the next flight out; and (2) establish an independent body to explore what really went on – whether accounting sleight of hand or outright fraud (we do not yet know) – and bring justice and material change to the situation, whatever form that may take and to whom near and far.
This is a crossroads for BVI. “Hello!” Let’s not sugar-coat it and bury heads in the sand. Liquidations often take years, especially those involving financial services – witness aspects of Madoff still going on, our sister island’s Stanford International, or the countless affairs in the Bahamas. Sorry affairs to say the least; they become the material for books and documentaries and more.
Do not underestimate the consequences my friends, as competitors and enemies seek to pounce on the opportunity. We are vulnerable to say the least. This cannot be kicked to the curb, believing that a successful pass of hurricane season will bring equal calm to this; it will not. The amalgamation of wrongdoings that led to the COI is demonstrably different and far less impactful. This more troublesome problem is here to stay, like it or not. So, let’s hit it head on. The call to action (CTA) and accountability is right now.
Step down. Without the Premier knowledge and approval you did this. Stop down.
You’ve spotted a one-termer