BVI News

Wheatley clarifies Premier’s claim of BVI losing $70M in investments

Wheatley

Amid Premier Andrew Fahie’s recent announcement that led residents to believe the territory lost $70 million in investment through the Social Security Board (SSB), Minister responsible Vincent Wheatley has clarified that it was an impermanent loss.

“Bear in mind this [so-called ‘loss’] was an instance in time that may have only lasted a day or a few weeks,” Wheatley told BVI News.

Fahie — who caused serious concern among members of the public — has since received heavy backlash from Opposition Leader Marlon Penn who labelled the Premier’s bombshell announcement as misleading and “downright false”.

Taken out of context?

Wheatley, in the meantime, jumped to the defence of the Premier, stating in an interview with our news centre that Fahie’s statement was taken out of context.

According to Wheatley, Premier Fahie was simply informing the public that way more money is lost in yearly investments, than the $40 million his government took from the SSB to provide a COVID-19 economic stimulus package.

The minister said: “The Premier’s statement must be seen in the context in which it was given. Stock markets go up and down all the time, that is hardly news. He was making the point that taking $40 million from the Social Security should not be seen as the end of it as they have experienced fluctuations greater than that already.”

No comment

Wheatley then directed our news station to contact the Chairman of the SSB Ian Smith for precise information on the $70 million interest that Fahie claimed had been lost in investments.

When contacting Smith, he declined to comment on the matter. However, he said the SSB would review the Premier’s comment on the matter and publish an official statement if the board felt that a statement was warranted.

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53 Comments

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  1. Hmmm says:

    So you are saying that the Premier who put out the neqs himself, knowingly and intentionally misled the public.

    Like 73
    Dislike 3
    • Soooo says:

      So the Foy knows nothing of finance and investment and he is the Minister of Finance. This s**t show in the BVI gets better by the day. It’s amazing how all the politicians from both sides, past and present find that they have to engage their mouth before engaging their brain. Perhaps a bit of silence on their part should be considered. Last, regardless of what they say and what they try to cover up, the truth is coming. The Royal Marines are on stand-by. Prepare to be boarded.

      Like 34
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    • @Hmmm says:

      I hope the COI team is listening… This is major cause for concern.

      Like 29
      Dislike 2
    • @Hmmm says:

      YESSSSSSS, DID YOU NOT GET THE MEMO? DAMNNNN, WE MIGHT BE STUPID BUT NOT THAT STUPID.

      Like 10
      Dislike 1
    • Gordo says:

      This announcement is embarrassing. Government should do proper check before giving these figures. A lot of money is deducted from the employees and not remitted by the employers and government is doing nothing about it The employees are the people bearing the brunt of this, especially people on work permit who are asked to bring receipts for things like social security, NHI etc which are supposed to be collected from the employers. These employees have to pay again to collect the receipts and may be denied some benefits or services.
      This should be looked into.

  2. Huh says:

    So here you come telling us that $40M more than $70M. That might have been catchy if all needy folks had gotten their applications processed. Let the chairman for SSB come forward with the $40M one time. All this talk followed by cover up is not working and everytime you all open your traps you all digging yourself deeper and deeper.

    Like 40
    Dislike 1
  3. Really says:

    So it is okay to take 40 Million because it MIGHT have been lost anyhow. Are these people for real? Still waiting for the UK-Government to let us know whether it is ok for VIP to hire that high-priced lawyer and have our tax-$ pay for it.

    Like 55
    Dislike 1
  4. BuzzBvi says:

    When shares go down $70Million they can come back up. When you have sold $40Million shares and allegedly given the cash to your mates it is gone from SSB and the people of the VI for ever. It is not the same. It still remains to be told (in the interests of transparency and good Governmnent who in the family and friends got a share of the money taken from everyone else.

    Like 24
    • Deh watcha says:

      You don’t want to know it might send you crazy. I’ve heard some figures called…..as I said before, your head will spin

  5. bull says:

    So is he trying to justify the losses?

    Like 19
    Dislike 1
  6. Bull Bud says:

    Come on, Sir! Trading losses in the course of management of an investment portolio is one thing, and most people understand that. Do not try to confuse the people by trying to equate trading losses with withdrawal of sums from the SSB and not utilizing them for proper purpose and with transparency.

    The public is truly fed up with this nonsense. The COI needs to look into the basic competence of some ministers to hold the office they occupy.

    Like 36
  7. One Term Govt says:

    VG Folks try to dump this guy everytime he opens his mouth it something irrelevant. What has he done for your guys over there in the 9th? This guy sold you all a dream to me he is more for the billionaires and millionaires over there. He allegedly tells local businesses who to hire but not the billionaires and millionaires ??. He made the work permit process difficult than ever with all these new additions and don’t talk about exparts immigration policy. I am a local BTW born and raised.

    Mr Minister you trying hard to be loyal but stupidness is not sense.

    Like 23
    Dislike 2
  8. WTF says:

    These guys are something else. What a stupid explanation. So its ok to take $40 mil because we are gonna lose it anyway. Even though the lost was recouped with a profit.

    When is elections again?

    Like 26
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  9. Brazic says:

    Let the Premier correct his own statement because you just made it worse.smh

    Like 35
  10. Lies says:

    It was not taken out of context. It was used to direct the public’s attention to the previous administration and off of his own. Even if it had been true, the purpose of his statement wouldn’t change. The fact that it was a false allegation just makes it clear that he will *** to avoid getting in trouble. The COI has him scared. If he was confident that his actions have been above board, he wouldn’t be making daily statements about it and he wouldn’t feel the need for distractions. Don’t be fooled by the hand he’s waiving, keep your eyes on the hand in the cookie jar.

    Like 36
    Dislike 1
  11. Soooo... says:

    Bigmouth Fahie can’t defend his own reckless rhetoric?

    Like 23
  12. Shorty says:

    Strupss!!! Not a thing was taken out of context it was recorded LIVE and the premier stated and I quote “this will be on the big story on JTV” wait for it. So how exactly was it taken out of context. When you lying make sure your lie is accurate or simply grow the h**l up and stop the constant lies. Who the h**l yall voted for to lead this country. It is a constant embarrassment daily. I will say this again as I’ve said for the past 2 years. The premier needs to stop listening to his highly paid fraud consultant. He will be the death of the entire party and ultimately the BVI. Cut honestly speaking host lose NOWW!!! His advice is leading you down a path of destruction and embarrassment as the leader of our country.

    Like 32
    Dislike 1
  13. PEZ KOI says:

    THE MORE YOU GUYS TRY TO EXPLAIN THINGS, THE WORSE IT BECOMES. THE PEOPLE WILL KNOW THE TRUTH SOON. STAND UP LIKE MYRON DID AND TAKE RESPONSIBILITY FOR YOUR PART IN THE DOWNFALL OF THE BVI. WHAT IS IT GOING TO TAKE FOR YOU GUYS TO UNDERSTAND THAT WE THE PEOPLE IS DISGUSTED AND SIMPLY TIRED OF THE BEHAVIOR AND THE BLOW WE WERE DEALT.WE SIMPLY CAN’T DEAL OR WANT TO DEAL WITH YOU GUYS RIGHT NOW.

    Like 17
    Dislike 1
  14. UAD says:

    WHAT is the labour doing about people who still not working because off COVID19 and there employer do not have work for them but do not want to pay them off?

    Like 12
  15. Well Sah says:

    You had to explain what the Premier was TRYING to say.

    Well Sah, do we have an ‘educated d-mmy’ running the country? He can’t even speak plainly because the masses understanding of what he said was of a consensus. But you see, when people e–l, it backfires. Nothing good can come out of evil.

    Like 7
    Dislike 1
  16. Please says:

    The premier misleading the country is shameful especially right now. They had my support but no more

    Like 13
    Dislike 5
    • Highmark says:

      When people show you who they are, believe them the first time…
      He is the same persons who was the opposition leader and the past education minister, nothing has changed

  17. WTF says:

    Are these guys losing it? The Minister himself mentioned that the loss was not really a LOSS and still compares it to them taking $40 mil from the fund??? Either these guys think we are really dumb or they are REALLY DUMB! Unbelievable!!!!! Why even make a statement as it relates to investments when you have no proper understanding and didnt provide the context. The Premier and his sheep are desperate and are showing their true colors.

    Like 20
    Dislike 2
  18. Lmaoooo says:

    Can someone please explain to Hon Wheatley that TAKING 40 MIL from SSB is NOT the same as a fluctuation?? Oh my god are these guys for real?

    Like 20
  19. Joshua says:

    From my first year of undergrad we were thought how a text out of context becomes a pretext. Who created the text minister, who said it out of context. Why do you think you can justify the pretext. Why did not the Premier justify it himself. You are the line minister, why did you not make the statement instead of at this late stage come to left or right justify.

    I have said it already and here I will repeat. The ministry of finance is to critical a ministry to be handled by someone not learned in the area of economics. A premier do not necessarily have to handle that portfolio. The premier work load is beyond his capabilities. He then has to depend on advisers to help him out without much knowledge as to whether he is being lead correctly.

    The problem with the VIP is that they have persons qualify as junior ministers leading the ministry. If is time to find quality and qualified persons, change the constitution and bring outsiders into full ministerial positions. When you vote for a party you vote for a government, not just to give persons who can speak well a paycheck. As I see it if the British don’t take over the only workable solution is the take persons from both parties and form a cabinet.

    How can tortola with limited potential gave a cabinet without Ronnie, without Myron, without Frazier. If you want to put tortola first then come together and form a cabinet of qualified competent persons to take the island forward.

    I will give my ministerial portfolios in a few days, look for it.

    Like 16
    Dislike 1
    • @joshua says:

      Because Ronnie and Myron were not elected they lost. Where u live the UK or something? Please go from here with your nonsense

      Like 2
      Dislike 2
      • @@ Joshua says:

        If you took the time to read and comprehend you would not have made such an Embicilical statement. And yes I refuse to enlighten you. Learn to read and comprehend so that you would be better informed. Where I am from is not consequential I know where you are from.

        Like 2
        Dislike 1
  20. Hilarious says:

    Is this all a bad dream? I have never heard such ineptitude in all my life. Absolute joke these people are running this economy!

    Like 15
    Dislike 2
  21. lordy says:

    He said what he said…. LOUD and CLEAR and has someone else to jump up and try to fix it. The daily shenanigans are painting a clear picture. Anybody seen the picture on the wall yet!

    Like 11
    Dislike 1
  22. I wish....... says:

    They all go to JAIL!

    Like 5
    Dislike 1
  23. Listen up says:

    My people of the Virgin Islands, we are in bales of trouble. Did I read correctly? Ok Govt, I know you all do not like “consultants” but I’m begging, pleading to PLEASE USE MY TAX MONEY AND HIRE A COMMUNICATIONS CONSULTANT(S)! YOU HAVE MY PERMISSION!

    Like 1
    Dislike 2
  24. Disbelief says:

    Utter nonsense, rubbish, uselessness,
    May those vagrants pay for their deceitful ness??

    Like 5
    Dislike 1
  25. expatriate says:

    What is the loss envisaged by Minister Wheatley when he enacts his edict of having 70% of the workforce of local BVI origin? According to my calculations, this will need to result in a contraction of the economy of 57%, with every local retained, and all job losses for expatriates, or an expansion of the economy by 233% with same expatriate numbers, and a corresponding 233% increase in BVI workforce. Has Wheatley thought this through, or is “thought” not actually what he does?

    Like 2
    Dislike 1
  26. Well my piece says:

    The COI ain start yet and it have them singing like canaries, ratting themselves out and trying their tracks all at the same time.

  27. We see says:

    This site has become a site of pure rubbish commentary. Anybody with a bit of sense could see that the many persons commenting on here not patriotic people of the BVI.

    Y’all can continue with the narrative but BVIslanders no better and can see what the bloggers on this site are trying to do.

    But we ain’t having it good try though

    Like 3
    Dislike 9
    • @We see says:

      PATRIOTIC – For the good of the country

      If the leaders of you country are undermining and hurting your country through corruption, Lies and nepotism it is your duty as a PATRIOT to call it out and DEFEND YOUR COUNTRY.

      if you think calling out leadership for wrong doing is not patriotic, simply because you support them, or because they born here, then you are as much a TREASONOUS SCUM as said leaders.

      NOW SILENCE, YOU SHEEP.

      Like 3
      Dislike 1
    • Buzz says:

      Wake up. Many of the people going on there had enough

  28. Jackie Long says:

    Vincent Listen to me after I say 1,2,3 you say NO COMMENT.
    1
    2
    3
    “NO COMMENT”

    Brilliant you have passed today’s investigation course.

  29. @@ Joshua says:

    If you took the time to read and comprehend you would not have made such an Embicilical statement. And yes I refuse to enlighten you. Learn to read and comprehend so that you would be better informed. Where I am from is not consequential I know where you are from.

  30. Vincemt says:

    No comment. Thanks Jackie.

  31. Smh says:

    Backtracking at it’s best. The Premier is so reckless with his comments.

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