Got TIPS or BREAKING NEWS? Please call 545-3572; ads call 440-6666                               Sittings from House of Assembly are carried live on 90.9 FM the Caribbean superstation or follow live online: www.cbnvirginislands.com

$4.1M unaccounted for: Not included in Treasury’s record- AG Report

$4.1M unaccounted for: Not included in Treasury’s record- AG Report. Photo: VINO/File
Auditor General, Ms Sonia M. Webster noted in her 2013 Report that,
Auditor General, Ms Sonia M. Webster noted in her 2013 Report that, "verification of the cash balances revealed accounts held at three local commercial banks totaling $4.1 million that were not included in the Treasury’s records.” Photo: VINO/File
ROAD TOWN, Tortola, VI - The Report of the Auditor General (AG) for 2013 continues to unearth some information that requires correction, according to AG Ms Sonia M. Webster.

In the report, she noted that her “verification of the cash balances revealed accounts held at three local commercial banks totaling $4.1 million that were not included in the Treasury’s records.”

According to Ms Webster, these amounts represented transfer of balances from dormant private accounts in keeping with the Dormant Account Act 2011.

We need to know what the Government owns

She further stated that a valuation exercise is required to ensure that there is full accounting for government’s assets.

Unrecorded assets comprise office buildings, schools community centers, machinery, equipment, vehicles and infrastructure assets such as roads, bridges, ghuts and retaining walls, etc.

The 2013 report noted too,  that the Asset register implemented in 2013 for Central Government’s property, plant and equipment, requires additional details to allow for accurate identification of the assets  recorded for verification purposes and for more effective central asset management.

 

16 Responses to “$4.1M unaccounted for: Not included in Treasury’s record- AG Report ”

  • thief (22/08/2018, 13:38) Like (15) Dislike (0) Reply
    you know where that will end up
  • welsah! (22/08/2018, 14:24) Like (11) Dislike (0) Reply
    Nuff said.
  • You ALL can't SEE (22/08/2018, 14:40) Like (45) Dislike (7) Reply

    These man go away to Universities I swear to learn FRAUD and THIEVING! The can't do it in the US or Europe cause its under the jail they going. They come back to their homeland to LOOT and PLUNDER our resources and tax dollars. That's why when they get sick and dementia etc laugh at their wicked a$$es.

    • Truth Sayer (22/08/2018, 20:32) Like (31) Dislike (10) Reply
      @ You All can't SEE: You are so quick to judge that you did not take time to read what the Auditor General's Report said. It did not say money was missing from the Treasury or banks but that there is money in the banks that is not registered in the Treasury. PLEASE LET US TAKE THE TIME TO READ AND UNDERSTAND BEFORE WE RUSH TO JUDGEMENT!


  • Lawd-O (22/08/2018, 14:43) Like (45) Dislike (54) Reply
    So what the other reports going to look like if we already finding unaccounted cash in the millions in this one? And we still can’t get our schools up-and-running, look trouble for we!
  • BRAD BOYNES (22/08/2018, 15:00) Like (35) Dislike (2) Reply
    The Minister of Finance is responsible for this.
  • Look Gov (22/08/2018, 15:39) Like (45) Dislike (82) Reply
    Dissolve the Gov’t and call new election now. Drain the swamp already before the stench sickens us all.
  • Political Observer (PO) (22/08/2018, 15:44) Like (29) Dislike (3) Reply
    This is alarming. Keeping looking for $4.1M of taxpayers money, for it cannot just disappear in thin air. Was the money deposited in the Treasury? To get money out of the Treasury, a source document (invoice..etc) certified by approved person(s) should be presented. A forensic evaluation is needed to ascertain where the money is or where it went. Stronger management and internal controls are needed. It seems as if it is too easy to get money from the Treasury, eg, $7.2M to BVI Airways, a bankrupt and bruk airline. The full HOA should have had the opportunity to vote for or against this type of money. Legislation is needed to correct this weakness. By the way, what accounting standards has governmnt adopted and is it following it? Some one needs to be held accountable and responsible for this $4.1M, should he or she not?

    Further, how does government know what assets it owns, their value, their material condition if it does not conduct initial and periodic facility inventory. There should be master account for all assets at above a certain capital value, ie, $5K. And the assets should be subcustody to ministeries/departments leaders. A leader coming into a department should inventory and signed for assigned assets; when the leader leaves, he/she should turn over assets to relief/successor. Leaders must account for missing, lost, damaged or stolen assets.
  • j (22/08/2018, 16:10) Like (24) Dislike (41) Reply
    The shame is that no one will have to account for the missing $$$. Omar Hodge was called the Cookie Monster but these guys are going with the whole bakery. Not a man going jail.
  • Read read read (22/08/2018, 17:43) Like (16) Dislike (5) Reply
    “verification of the cash balances revealed accounts held at three local commercial banks totaling $4.1 million that were not included in the Treasury’s records.”

    The money is IN the banks because of the mentioned Dormant Account Act but not recorded in the ledgers of Government (Treasury). The question is: what procedures are in place for the banks to notify Treasury of amounts from dormant bank accounts being transferred to the BVI Government? Should not a quarterlyif not monthly reporting of such amounts by the banks to government be made mandatory / be in accordance with the Act. Government cannot record if the information is not supplied to them. On the other hand, Government should be proactive and request these reports regularly when not provided.
    • @Read read read (22/08/2018, 20:12) Like (10) Dislike (3) Reply
      Thanks for clarifying the accounts status of these funds. Anything pertaining to this sitting government and money- sends my blood pressure sky high, just hoping at least they have enough conscience to leave something of value and substance back in this country for my grandchildren to live a normal and decent life. Thank God I wouldn’t have to take my pills to digest this one. Money evaporates like water in their hands.




  • Jessica Jones (22/08/2018, 19:22) Like (10) Dislike (13) Reply
    Only $4.1? Go count and come again.
  • Interested (22/08/2018, 23:41) Like (17) Dislike (3) Reply
    Thank you Read,Read,Read, some of these peoyneed to keepoff the blogs until they can understand properly what an article is saying before they go brawling their mouths,I thought that after publishing the names and amounts of dormant accounts in the media,the banks would then compile a report to Government of the amounts being transferred that had not been claimed.This obviously needs to be done .It must be noted that the holders of these accounts can at a later date with proper verification claim their monies from Government.
  • Sound cloud (23/08/2018, 06:41) Like (3) Dislike (0) Reply
    I am confuse here. This 4.1 that is unaccounted for that was transferred from the dirmant private account is this not private citizen money? If so, who gives the government authority to use it. What is the role of the banks in this case. How can a large sum of money go unaccounted for without paper trail? Somebody help me understand this please.
  • READ AGAIN (24/08/2018, 17:29) Like (0) Dislike (0) Reply
    Based on what i read in this article there was no thieving; just funds that came to the government through the dormant accounts act that did not get recorded in the ledgers at treasury. This act was developed for unaccounted funds to move across to Government. Now tell me if the treasury is not notified of these transfers by the bank and is behind on reconciliations is that stealing. My goodness, why are we so anxious to criticize. THE CORRUPTION IS NOT IN THE TREASURY


Create a comment


Create a comment

Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.


Weather


Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.