Work continues on Bank of Asia probe
Governor Daniel Pruce said the Auditor General is still examining the government’s controversial handling of funds linked to the failed Bank of Asia, confirming that the probe is active as political pressure mounts for answers about how public money was placed in the institution before its dramatic collapse.
The matter became a major political dispute earlier this year after it emerged that the government had deposited millions of dollars into Bank of Asia months before regulators intervened. Opposition members demanded a formal investigation, arguing that the public deserved clarity on why the funds were placed in a bank that later entered an orderly wind-down supervised by the Financial Services Commission.
During a recent press conference, Pruce was asked directly whether there was an update on the Auditor General’s investigation. He responded by stressing that the process remains outside his control and that the independent watchdog is continuing her work.
“So, as far as I’m aware, the Auditor General continues to work on that investigation,” he stated.
He noted that the Auditor General cannot be directed in carrying out her duties and made clear that the timeline for completion rests entirely with her office. “As you know, the Auditor General is independent, cannot be directed, and once she begins an investigation, it’s entirely a matter for her and her officers,” he explained.
“So my understanding is that that work is underway, and I assume that the Auditor General will submit the report once it’s completed,” he added.
While he gave no projected date for the report’s release, the Governor’s confirmation comes at a time when the Bank of Asia issue continues to attract scrutiny. The political opposition has repeatedly argued that the public must be told who authorised the placement of funds, why the decision was made, and whether government officials acted prudently in doing so.
Alongside the political fallout, regulators have been advancing the bank’s wind-down since its licence was revoked. Liquidators appointed through the court are now responsible for determining recoveries and distributing insured deposits to eligible clients under the Virgin Islands’ deposit insurance framework. Because the scheme covers only a limited amount per depositor, questions remain about the status of larger deposits, including the sum placed by the government.
Pruce did not address those wider financial implications during the briefing, repeating only that the independent investigation is ongoing and that he expects the Auditor General to report when her work is complete.
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He full of s**t he let mark Collins off now here about bank of Asia old racist
Remember it was our own people who took our 5 Million from the treasury to put into a failing bank. It wasn’t the white governor. It was our own people who did that. Wrong is wrong regardless of who did it. Our own people hiding the truth from us about our money. Well if the governor could give us the answer then I am with him on this. We need to know!
We need to know what happened to our 5 Million dollars!
Bunch of sketchy real estate deals were in the works right about the time this fell apart. Wonder if any of those high profile deals involved funding from this bank
As soon as we do an audit on the governor and his uk staff then I will listen on the 5 million look corruption is corruption
what exactly do you think the governor’s staff are up to haha
A message need to be sent to certain persons that they are not above the Law. One scandal of misappropriation after the next.
Heard he coming for Andrew next white power in action
It is terrible to see all the racist stuff thrown out all over the place. Especially when the reality it would seem is that it is Black power that disappeared our $5Million, disappears our water, keeps our roads in disrepair, rewards our HOA with huge rises whilst lowering the minimum wage recommendations, loses $20million in an admin error, buys Prospect Reef and leaves it to flounder in ruins for years, to plan another plan to start a plan to get a plan to issue a press notice about the plan to ask for a plan to plan a plan for tourism, build greenhouses pay a Ministers wife and not grow anything all costing $6Million, and yet it is all the Governors fault who as it happens is not Black. (Except of course we currently have a Black Acting Governor – until what will be his unwarranted, unjust demotion to Deputy Governor when he is removed by the Governor on his return to the VI.)
someone needs to go to prison to let the whole world and the bvi know we are serious as a bulls pistle.
Don’t trust the Governor’s office. I don’t care who is governor.