Hon Fraser forces Premier to disclose ‘bombshell’ banking info in HoA
He had said “we joined over 500 business leaders and Government officials to celebrate the opening of Bank of Asia (BVI).”
According to Dr Smith at the time, “There are a number of things we have been waiting to see come on stream and we were grateful for this good news that the banking needs of our Asian clients doing BVI business can now be fulfilled.”
One Month Later
Pressed further for details a month later—during the July 24, 2018, sitting of the HoA—Dr Smith reported that the VI branch of the financial institution, is in fact the only one, since it does not operate in any other jurisdiction.
It was Third District Representative, Honourable Julian Fraser RA, who pressed the Finance Minister to provide more details on the latest financial institution serving residents of the Territory.
Hon Fraser’s queried whether “the Bank of Asia is owned, or partially owned by the Chinese Government,” and Dr Smith revealed that it was in fact privately owned.
The Third District Representative queried the VI Government’s relationship with the Bank of Asia and was told, “…while the Government welcomes the opening of the Bank of Asia in the British Virgin Islands, it has no relationship with the Bank.”
Dr Smith, in responding to Hon Fraser RA, on the matter of the Bank of Asia’s Assets, said the financial statements have already been made public.
VI Only
Hon Fraser RA also queried of Dr Smith, “what other countries does the Bank of Asia operate.”
He was told “the Bank of Asia (BVI) Limited does not operate in any other jurisdiction other than the BVI.”
Asked who are the Directors and Shareholders by Hon Fraser RA, Premier Smith told the House, “the details of the directors and shareholders of the Bank of Asia (BVI) Limited falls within the definition of protected information, which the Financial Services Commission is prohibited from disclosing unless the request falls within the gateways for disclosing information in accordance with section 49A of the Financial Services Commission Act, 2001.”
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