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IFC pleads with local media for support amid “leaks”

- Says investigation at preliminary stage; Financial Services Commission not compromised
The meeting did not give much as Ms Donovan related that she was not in a position to speak in-depth about the alleged leak of information since it was still at the preliminary stages of investigation. She also said she could not speak about the possible implications of the issue on the financial services industry in the Territory. Photo: VINO
'Be objective in your reporting and not be with the journalists who have an agenda against offshore [industries],' was the plea made by Executive Director of the British Virgin Islands International Finance Centre, Elise Donovan at a meeting with journalists and talk show hosts earlier today April 12, 2013. Photo: VINO
'Be objective in your reporting and not be with the journalists who have an agenda against offshore [industries],' was the plea made by Executive Director of the British Virgin Islands International Finance Centre, Elise Donovan at a meeting with journalists and talk show hosts earlier today April 12, 2013. Photo: VINO
The meeting, which was held at the Central Administration Complex, was called to discuss matters related to financial services amid reports in the international media that private information on offshore accounts in the Virgin Islands was allegedly leaked to the International Consortium of Investigative Journalists (ICIJ) based in Washington DC, USA. Photo: VINO
The meeting, which was held at the Central Administration Complex, was called to discuss matters related to financial services amid reports in the international media that private information on offshore accounts in the Virgin Islands was allegedly leaked to the International Consortium of Investigative Journalists (ICIJ) based in Washington DC, USA. Photo: VINO
ROAD TOWN, Tortola, VI- “Be objective in your reporting and not be with the journalists who have an agenda against offshore [industries], was the plea made by Executive Director of the British Virgin Islands International Finance Centre, Elise Donovan at a meeting with journalists and talk show hosts earlier today April 12, 2013.

The meeting, which was held at the Central Administration Complex, was called to discuss matters related to financial services amid reports in the international media that private information on offshore accounts in the Virgin Islands was allegedly leaked to the International Consortium of Investigative Journalists (ICIJ) based in Washington DC, USA.

The meeting did not give much as Ms Donovan related that she was not in a position to speak in-depth about the alleged leak of information since it was still at the preliminary stages of investigation. She also said she could not speak about the possible implications of the issue on the financial services industry in the Territory.

"We cannot speak about the implications, what we do know is that people continue to have confidence in the British Virgin Islands International Finance Service industry and we have heard that confidence coming from all corners of the globe." She said so far the IFC can only go with what has been reported from the ICIJ themselves and that is that they reportedly received information on a hard drive via mail and "they have sought to analyse the information that they have received." Ms Donovan pointed out that it was illicit to make such private information public.

Asked what could be done to counter the issue [leak] and individuals who have allegedly leaked confidential information, Ms Donovan said “I would ask that you defer that question...The International Finance Centre is the marketing/promotional arm for the financial services industry...What Tourist Board does for tourism we do for Financial Services. We go all over the world and we market and we promote the BVI financial services industry and that is our role.”

The IFC Executive Director added that the BVI Financial Services Commission is the regulatory body and they supervise and license all the financial services operations in the VI. "So they would be the responsible party for licensing anybody that operates in financial services business. As I said official investigations are being carried out and I am not at liberty to say more...”

Ms Donovan spoke about the importance of the financial services industry to the Territory and added that while the private sector has expressed its support of the industry at this time she was also counting on the media to give support in being objective in their reporting of the issues surrounding the alleged leak of private offshore financial information. 

"And I know some of you are working with international journalists so I just want to ask you to be journalists...to be objective and fair and balanced and to report the facts and not sensationalise and make headlines.”

She opined that much of the reporting being done in the international media is not objective but also pointed out that there have been persons in the international media who have shown support towards the Virgin Islands' financial services sector. She referred to an article that described the reporting on the "leaks" as a witch hunt. The story in particular was headlined 'Jenkins: An Oldie- The 'Off-shore' Witch Hunt, which was written by international journalist Holman W. Jenkins Jr. and published by Virgin Islands News Online as well as international media houses.

Ms Donovan also mentioned that she heard a journalist comment on the BBC that he was happy to see the VI go out of business. “Is that a journalist that you want to cooperate with, is that a journalist that you feel is objective...?”

Meanwhile, talk show host Julia S. Henry felt that all persons present at the meeting should seek to side with the financial services industry without question. "Everybody in this room should defend the financial services industry of this country...instead of questioning or give any type of footing or argument for the report. I think we ought to just do what it takes, get a lot information as we can to strengthen the financial services sector of this country."

Another talk show host, Mr Edmund Maduro asked "What does a company leaking something out has to do with our body that governs the situation? Who is the criminal?" Ms Donovan began her reply with "the Financial Services Commission regulates and supervises," at which point Mr Maduro interjected, “exactly, you cannot handle the hands of somebody out there. What has that to do with us as a BVIslander business?"

“The Financial Services Commission has not been compromised or breached in anyway,” Ms Donovan then assured.

 She also informed that anyone wishing further information on the topic to direct their questions to the IFC. 

19 Responses to “IFC pleads with local media for support amid “leaks””

  • PR (12/04/2013, 18:34) Like (4) Dislike (16) Reply
    Looks like a PR stunt to me....ok media..paint a nice picture!
    • dem say (12/04/2013, 19:50) Like (2) Dislike (4) Reply
      How convenient is all of this is huh? Is this not the same government who want to shut down the press?? A bunch of hypocrites Anyways!
  • qc (12/04/2013, 18:44) Like (2) Dislike (5) Reply
    Just more blah blah blah and waste of the media time…strupps
    • to much for them (12/04/2013, 20:21) Like (2) Dislike (4) Reply
      The ndp regime can't even do a little PUBLIC RELATIONS properly.
      Week in, week out, fiasco to fiasco.

  • Businessman (12/04/2013, 19:02) Like (0) Dislike (2) Reply
    I wonder why this news is not surprising?
    • AC 360 (12/04/2013, 19:54) Like (1) Dislike (3) Reply
      Why they aint go tell the international media what to print…waste of time
  • one eye roster (12/04/2013, 19:31) Like (1) Dislike (3) Reply
    the NDP playing the a$$ and politics with this yes.
  • gun (12/04/2013, 19:47) Like (3) Dislike (3) Reply
    What a darn Joke! now they want to tell the press what to write??eh?
  • . (12/04/2013, 23:07) Like (0) Dislike (1) Reply
    What were they hiding?
  • ?? (13/04/2013, 07:10) Like (1) Dislike (0) Reply
    where curtney, elihu, carl dawson, gordon, sowonde, cromwell, larry, alred, decastro, ulric and the rest??
  • ire (13/04/2013, 10:34) Like (2) Dislike (1) Reply
    Its time the bvi wake up and get with the programme. What is journalism? Ms Donovan well knows the answer and what she did as a certified persons in communication and one who am a sure has a true understanding journalizm dos and donts have just beached the code of etics but trying to coherse reporters into taking sides "BAD WRONG BAD WRONG" in the real world of democracy she would have been blasted at all sides for such a meeting. Reporters just do your job once ur sources are authentic report the fact without Donovan's requested bias. BVI not ready for democracy everyone too hush hush. You guys will puke to death if you attempt to live elsewhere u just too small. WAKE UP and show your GUTS stop being PETTY and SPREAD YOUR SHOULDERS, the world is advancing and leaving you behind. HEADLINES ARE MEANT TO CAPTURE THE ATTENTION OF READERS, YOU CANNOT ASK THE MEDIA NOT TO ADD SENSATIONALIZM TO THEIR HEADLINES ITS KEY TO THE INDUSTRY ITS WHAT SELL. This is why i love VINO they got BALL and not mustard seed. DO NOT BE INTIMIDATED THEY CANT PUT ALL YALL OUT DEH COUNTRY ITS "Down islanders" i hate that phase, who make this country and that's the hard FACT
    • Realist (13/04/2013, 11:28) Like (1) Dislike (3) Reply
      Love your commentary ire....spot on!
      • cat walk (13/04/2013, 11:51) Like (1) Dislike (0) Reply
        One thing for damn sure, the silence on this matter coming from Mr. Robert Mac et al FSC is deafening,
  • well saw (13/04/2013, 11:25) Like (0) Dislike (0) Reply
    Some up in FSC turn their heads & allow wrong doing for years.
  • steel man (14/04/2013, 03:33) Like (0) Dislike (0) Reply
    Penitence is gonna be needed to sort this out.

  • demnd (14/04/2013, 15:03) Like (0) Dislike (0) Reply
    I think the country has a little bit more to worry about that a bloody article by local or overseas press!



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