Vanterpool avoids questions on Bank of Asia
Vanterpool.
Leader of the new People’s Leadership Movement (PLM), Mark Vanterpool, declined to comment on the controversial Bank of Asia saga during a recent appearance on the Morning Facts programme.
Asked by host Cindy Rosan how he would handle the Bank of Asia matter if he were premier, Vanterpool said such issues should be left to regulators.
“Any bank or any financial institution should be handled through what you set up — the FSC (Financial Services Commission),” Vanterpool said. “The Bank of Asia matter, as with any institution that becomes liquid, should be handled by the FSC and not by the political.”
He added that he did not know all the details of the case and did not wish to comment extensively on it. When Rosan later suggested that the territory’s $5 million may have been better placed in the National Bank of the Virgin Islands, Vanterpool again declined to engage.
“I don’t want to comment on that. I don’t know what was the thinking at the time or whoever made the investment there,” he responded.
Instead of answering Bank of Asia questions directly, Vanterpool pivoted to discussing the state of banking in the territory, arguing that the National Bank of the Virgin Islands should expand its footprint to Virgin Gorda, Anegada and Jost Van Dyke.
He also suggested that the government-owned bank could strengthen its position by attracting outside investment and increasing its capitalisation, pointing to national banks in the Cayman Islands, St Kitts and St Lucia as examples of successful regional models that could be invited to invest in the BVI’s National Bank to improve its performance.
Vanterpool’s reluctance to address the matter comes as public scrutiny continues over the collapse of the Bank of Asia and the government’s decision to place $5 million in public funds into the institution after it had reportedly already been identified for liquidation.
The issue has also drawn attention because Junior Minister for Financial Services Lorna Smith — Vanterpool’s sister — served on the bank’s board during the period when the institution’s troubles began to emerge. Many residents have argued that Smith should publicly answer questions about the matter.
Premier Dr Natalio Wheatley recently revealed that preliminary investigations found no evidence linking Smith to the decision to transfer the $5 million. However, the disclosure has done little to quell public concerns, with many still demanding a full accounting of how the funds ended up at the troubled bank.
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Vanterpool and Smith are part of the same class who benefit amongst the dysfunction but don’t take responsibility for it. Meanwhile, talking about banks, the Virgin Islands National Banks last published annual report is 2022. I hope there aren’t any surprises but someone should be looking at that.
How can a headline state that he avoided the question when he answered it directly. He has nothing to do with the situation . He was asked a hypothetical …what would you do IF you was the Premier? And he answered directly he would let the FSC do their job. However what he DID do was offer solutions on what can be done by banks to stimulate the economy and make the lives for BVIslanders better.That should have been the headline.
Leadership is where the buck stops. Passing the responsibility to the FSC is disingenuous. The government placing $5M into a known failing bank is a failure of control before any involvement by the FSC. Not being forthright about what happened is not “answering directly”, it’s literally “avoiding the question”. To give Mr. Vanterpool the benefit of doubt, perhaps he doesn’t understand what took place, which would be another type of indication.
Is Mr Vanterpool the Premier ? No , Does he hold elected office that could have prevented government funds being deposited? NO , Does he own VI Bank ? No . We are literally holding someone accountable for a situation that they had no control over, could not prevent and had nothing to do with . I have no problem with anyone disagreeing with Vanterpool but do it on merits and facts .Trying to gain political points by trying to connect him to bank of Asia is dishonest.
For the VI Bank to strengthen its position, it needs to make some changes starting at the top. Not to mention the political climate, also.
How are the people supposed to pay back loans when money is only spent and given to certain people in the society, and it’s not circulating?
The good gentleman is playing “dodgeball” with the Bank of Asia matter and we all know the reasons why….it would be a travesty for him to hold elected office again!
Master WEATIE IS IN CONTROL SO HOLLER AT HIS MAJESTY ,HE RAISED HE & THE OTHER MASTER MINDS SALARIES/ DID THE CIVIL SERVANTS AND PENSIONERS GET ANYTHING ?
Who was the director of BOA at the end? Who was running the day to day business for an extended time in the lead up? To both: M’s son.
I will not answer that question either.
Someone always ends up with it the only question is whom. Everyone says a bad investment obviously not for everyone Involved?
Mark is behaving exactly as he behaves when in power. It would be more of the same SECRETS, SECRETS, SECRETS.
This gives a genuine view of what he would be as the next Premier of the Virgin Islands…
If I were him I’d avoid that topic like Ebola! He knows why he is mum on BoA. His close familial ties to that bank is glaringly obvious – sister & son!
He knows a lot more than he’s saying (sounding like CsC) and the pictures do not lie. The China Man was there in the photos wining and dining down CGB when the deal went thru to buy that hotel and all the others that were purchased.
Follow the $$$$$$$ and follow the stench – trying to pull the wool over the public eye again; ain’t gonna work this time around pal. Sniffing too much of what’s in La Cachè?
No matter which party is in power the con-artists cartel can take them to the cleaners for millions. That is how things work when you are just a clueless puppet. Bet y’all the water and sewage and electricity merger will result in privatization and foreign ownership that will royally screw the Virgin Islands people. With this set of jokers who can’t find their way out of a paper bag the game is over.
Of course he would. Why is he back?
School children say BOA lent money for the CGB purpose – gov invested $5m taxpayer money with BOA
Would love to see the mortgage portfolio at the bank.
Not sure Quito ever got his $$, word is mark still leasing property, although that may have changed.