Got TIPS or BREAKING NEWS? Please call 1-284-442-8000 direct/can also WhatsApp same number or Email ALL news;                               ads call 1-284-440-6666

Banks & trust companies making millions but do nothing to help VI- L. Allen Wheatley

- said if elected foreign companies would have to make a more substantial contribution to territory
The Virgin Islands Party (VIP) candidate in the Eighth District, Mr L. Allen Wheatley, believes foreign financial institutions in the Virgin Islands (VI) have been making massive profits but are not doing enough to give back to the Virgin Islands. Photo: Facebook
It was local businessman, the late Peter Haycraft, the former owner of Road Town Wholesale Limited, who rebuilt Enis Adams Primary School at Meyers Estate, following the hurricanes of September 2017. Photo: VINO/File
It was local businessman, the late Peter Haycraft, the former owner of Road Town Wholesale Limited, who rebuilt Enis Adams Primary School at Meyers Estate, following the hurricanes of September 2017. Photo: VINO/File
LONG LOOK, Tortola, VI- The Virgin Islands Party (VIP) candidate in the Eighth District, Mr L. Allen Wheatley, believes foreign financial entities in the Virgin Islands (VI) have been making massive profits but are not doing enough to give back to the Virgin Islands.

Speaking on the forum, “A Response” hosted by the Community Worship Centre Church of God of Prophecy in Long Look on March 12, 2023, Mr Wheatley said if elected he would be pushing to change that.

‘Banks & trust companies did nothing to help VI’- Wheatley

“These are the things that really bother me. It bothers me because you have like banks here making 25 million dollars in profit, profit you know, not revenue, profit, and not one bank, not one trust company, could do what those people did in Virgin Gorda.”

The Eighth District candidate, who will be coming up against incumbent representative Hon Marlon A. Penn, said he had observed how wealthy investors on Virgin Gorda willingly spent massive amounts of monies to assist persons on Virgin Gorda to repair their homes following the hurricanes of September 2017; however, this was not the case on Tortola.

Mr Wheatley said electricity was swiftly restored for financial services to keep going, “but when you look at the schools, the rest of the BVI, look how long it took us to get Elmore Stoutt school back up.

‘I going to come gunning’

“I can’t understand that. How the millionaires up in Virgin Gorda could see fit in a community that the live in, could put back when he saw the need and businesses here [on Tortola] making millions and billions of dollars and watched us suffer and didn’t even care enough to fix a school.

Mr Wheatley said it was local businessman Peter Haycraft, the former owner of Road Town Wholesale Limited, who rebuilt Enis Adams Primary School at Meyers Estate, following its destruction in the hurricanes of September 2017.

“I say that to say that when you start to look at these things about what we are going to do in this country, we have to seriously take stock of how the corporate businesses, and I am not talking about local businesses, I am talking specifically about financial services, and I probably going to offend some people, but I have told a lot of people in the industry already, I going [to] come gunning, I ain’t joking about it. If I get a chance, they are going to make a more substantial contribution to this country. They have been making millions of dollars year after year and they do nothing,” the former Financial Secretary said to loud applause.

Mr Wheatley said the money from corporate entities doesn’t even have to come into the Government coffers, rather the example of Haycraft could be used...”to keep the government out of the confusion.”

Mr Haycraft, now deceased, took it upon himself to do the various hirings and expenditure for the rebuilding of Enis Adams Primary School.

53 Responses to “Banks & trust companies making millions but do nothing to help VI- L. Allen Wheatley”

  • WOW (13/03/2023, 16:00) Like (66) Dislike (10) Reply
    Let's check and see how much charity has been done by the benefactors of the GOVERNMENT GRANTS? Or let's check all the local wealth families who earned millions over the last 30 years or so..
    • Winky (14/03/2023, 09:44) Like (9) Dislike (2) Reply
      Drug runners are making millions too. I don't see them building schools and churches.
    • Drunk and disorderly (14/03/2023, 13:20) Like (3) Dislike (1) Reply
      Sip Sip, some people and some parties don't have no shame. We are going right down the road of corruption voting for certain corrupt people.
  • D8 (13/03/2023, 16:01) Like (37) Dislike (45) Reply
    I might give him a chance, he sound serious. Can’t deal with Marlon anymore
  • hey (13/03/2023, 16:04) Like (43) Dislike (24) Reply
    Only now you know that when someone is trying to get elected that is when they know All the problems just to get in and get rich quick go sit down boy
  • runner (13/03/2023, 16:06) Like (38) Dislike (46) Reply
    I agree with allen he has ideas he can beat Marlon
  • @wow (13/03/2023, 16:09) Like (28) Dislike (15) Reply
    You have flimsy excuse for dem blood sucking bank here. Dey duh wan give us Notting but carting off with millions from hi interest rate. Dey need give back something too man.
  • K (13/03/2023, 16:10) Like (37) Dislike (6) Reply
    The point of a business is to make money. If you want them to give back, when they’re applying for licenses and signing contracts put in a mandate where they are required to do charity and give back to the community. They are not obligated to.
  • 2023 (13/03/2023, 16:15) Like (19) Dislike (4) Reply
    Mr Wheatley some among us will think that you are being racial: that issues have to be addressed because the west indians were forced to pay tax when sending the few-pennies to family outside the country

    the companies in question transfer substantial sums of money through this territory(are there any emphatic checks and balances in place

    the small man comes under very serious scrutiny; NHI, SSB nails us to the cross whereas the establishment mentioned only God knows

    the system should change and have to change, remove the double standards
    • @2023 (13/03/2023, 21:04) Like (3) Dislike (5) Reply
      Anything that has to do with the BVI finding ways to support itself is always a problem to every other West Indian person. You come to the BVI to make money not to help make the country better. As locals we get squeezed everyday but let us cry out and you call us rude and racist. We are make to feel uncomfortable in our own country just to make sure people like you are comfortable? Please explain how this works? When your in your country your allowed to fight for your rights. The BVI people are allowed to fight for theirs. If we are so bad then leave
    • 2023 (14/03/2023, 13:42) Like (2) Dislike (0) Reply
      Where the hell he was when Albert taxed the 7,% get on the radio Bragg about it not one of them ba@kside say no 7%is too high they turn a deff ar@e ear and turn a blind eye. That carcass is bad news but I like the present premier he is a smart guy
  • End of an era! (13/03/2023, 16:23) Like (24) Dislike (16) Reply
    This action will simply drive Financial Service companies away - we see already seeing an exodus so why would we accelerate it with this type of hype?
  • mad max (13/03/2023, 16:35) Like (19) Dislike (4) Reply
    I agree that the international companies should do more for charity and follow the lead of Deloitte etc. who have great Social Responsibility Programmes.

    However - he seems to be ignoring the fact that so much money has been syphoned out of the Government contributed by tax paying people and companies (e.g. payroll tax and license fees). We should have an amazing infrastructure but we don't. Just very wealthy politicians!
  • jah know (13/03/2023, 16:45) Like (15) Dislike (24) Reply
    Time up for Marlon for new blood D8 time for lets give Allen a chance
  • D8 Youth (13/03/2023, 16:51) Like (20) Dislike (23) Reply
    Now Allen speaking what the people want to hear. He has my family and I votes for sure
  • Observer (13/03/2023, 16:54) Like (21) Dislike (17) Reply
    Allen answered questions intelligently and with foresight. I did not agree with all his answers but you knew where he stood. However, Marlon answered with the same old on the fence answers which is what people are tired of at this time. I was undecided but after this event I will now vote for Allen.
  • jah (13/03/2023, 16:56) Like (9) Dislike (7) Reply
    Did I read his statement clear,my boy you join the campaign because you going to a deficit,lol friends of yours helping you,and those friends have the same same mentality as yours..draining society to gain benefit.
  • cherry (13/03/2023, 17:20) Like (6) Dislike (4) Reply
    Not only trust companies, all foreign owned companies. There are some who already moved away and sold their companies to another foreign national and have done little to improve the country's infrastructure and any other social struture of the country. They are living in their home country or another because they can get better health care and other such needs. The government shouldn't have to enforce such policy. It should come automatically from those businesses if they have a vested interest in the country especially living or having foreign workers living in the country. Those workers as well should encourage their companies to invest in the country just for their own good as well. Just my two cents.
  • Shortsighted Fool! (13/03/2023, 17:20) Like (55) Dislike (8) Reply
    The trust companies and law firms are about the only ones actually paying their NHI, SSB and payroll tax to your government coffers.
    They are the ones going out there marketing the BVI as a financial services jurisdiction so that the government can make millions of dollars in company licence fees and transaction fees each year.
    They provide more jobs to locals than the tourist industry! And not minimum wage jobs either.
    Many of them give to local causes (not all have the budget for it like you think).
    Many of them give scholarship opportunities to locals.
    Do you really want to kill that goose with this shortsighted lunacy? Do you even understand the industry and its contributions?
  • True That (13/03/2023, 17:51) Like (28) Dislike (4) Reply
    Allen u seem to be not in reality it is the same financoal services contribute to 80% percent of Government revenue for more than 30 years. If u were paying attentiom it is ypur said government has now increase licence fee for a standardcompany from$450.00 to $550.00 and other fees as well. The BVI has over 30 trust companies mostly with a class 1 licence where they have to pay thousands of dollars each year to maintain their licence. The trust companies employ many locals and do have a higher pay than government. You can rely on trust companies to give salary inrease and discretionary bonus. Some Trust companies also have life insurance benefits, they have pension schemes plans in place where you dont have to wait 10, 15 or 20 yrs to be pensiable, some trust companies even provide secondary insurance for health care for staff, they provide staff with free education where they can take up studies in the indusrty. Long before haycraft there were some trusr companies sponsored schools

    So Allen please go do your homework before you start making statements.
  • E. Leonard (13/03/2023, 18:08) Like (12) Dislike (4) Reply
    Corporate social responsibility(CSR) is not a mandated practice. However, companies operating in the VI community are corporate citizens and should voluntary give back to the community; good corporate citizens don’t only take but also give to enhance community growth and development. Banks provide a valuable service to community, ie, taking in demand deposits retaining a percentage and loaning the majority of it out to individuals and businesses, etc, making a profit. Most of the banks are foreign owned so as far I know (assume) their profits go out of the territory. So they (profits) are not staying local and circulating in the economy, creating a multiplier effect in the economy. Someone can disavow me of my assumption if it is incorrect. Nevertheless , though CSR is not a mandated practice, if corporate entities operate in and benefit immensely from the community, they should voluntarily give back to the community , sharing their profits in the community. Entities must not just be in the community but be part of the community. Do entities don’t give back to the community because there is no consequences? Moreover, the thousands of companies registered in the BVI benefit from being in the BVI and should also give voluntarily give back more than the registration and minor fees.
    • La Familia (13/03/2023, 19:16) Like (3) Dislike (2) Reply
      Famiky supporting family just saying it with a softer edge. That said banks and finance companies should be giving back more.
    • @ E Leonard (14/03/2023, 07:36) Like (3) Dislike (1) Reply
      Interesting, and apt, that you do not distinguish between foreign owned and domestic companies. IMHO companies should give back to the community by paying their taxes as well as by funding social responsibility programs since those entities cannot exist without the communities they serve.
    • Walking Softly Carrying Big Stick (14/03/2023, 07:43) Like (1) Dislike (1) Reply
      The BVI needs foreign direct Investment for its continued growth and development. And companies both local and external should give back—-corporate social responsibility. In reading the posts, there seem d to be a binary choice in encouraging corporate social responsibility. One approach break out a big guava stick an beat them over the head to force them to give. The other choice is a softer approach, ie, encouraging them to voluntarily give back, ie, walking softly while carrying a big stick. It is a carrot and stick approach. To me, the latter choice is a better approach. Moreover, government must set a high confident example in managing its resources.It must economically maximize its resources. This will voluntarily encourage contributions. Walk softly and a big stick—carrot and stick.
  • Clueless (13/03/2023, 18:13) Like (30) Dislike (11) Reply
    This man is bleeding clueless. All the money them in government stealing, where they think it coming from. What is the main economic pillar in the BVI? Financial services. You want to know why? It provides the most jobs, it raises the most revenues, it contributes the most in taxes, and yes they do make contributions to meaningful causes in the society but you won't hear about it because they not boastful like Allen who talking about he had start a after school programme with him mother. PLEASE!!! THAT WAS YOUR CONTRIBUTION??? Why else is financial services the main economic pillar? Because the government not intelligent enough to create additional economic pillars. So please go take several seats your behind and be thanks for the industry that will never be paying your salary because you will never go anywhere with that idiotic mentality. The stupidity is an insult!
    • @ Clueless (13/03/2023, 19:06) Like (8) Dislike (2) Reply
      @Clueless, true,financial services is one-half of the economic twin pillars, generating more government revenue than tourism, the other half of the twin pillars, but it does not generate more employment. Tourism generate more direct, indirect, and induced employment. The hundred of thousands of IBC companies in the BVI pay a registration fee, an annual fee, etc. They pay no corporate or other taxes. The BVI is the go to financial serabiaes centre post the Panama meltdown. They favor the BVI because their operating cost isn’t relatively low.
      • To @clueless (15/03/2023, 09:34) Like (0) Dislike (4) Reply
        The subject is financial services not tourism. Zero relevance.
        • @To @clueless (15/03/2023, 13:48) Like (0) Dislike (0) Reply
          @To@Clueless, facts matter, unless you are a disciple of alternative facts. Drop Mike????????????
  • True That (13/03/2023, 18:14) Like (23) Dislike (5) Reply
    He dont have a clue on how the private sectors operate
  • lol (13/03/2023, 18:32) Like (15) Dislike (7) Reply
    Allen touch the rich and famous status quo so they come on here blogging to protect their paradise while the rest of us catching hell.
    • True That (14/03/2023, 08:47) Like (1) Dislike (0) Reply
      Oh please on that said night of the debate he stated that he has some millionaire friends who a ready to work with him.
  • VG (13/03/2023, 20:01) Like (4) Dislike (9) Reply
    Leave VG out of yall piss.Govt don't do nothing ever for over here always donated this that whatever from who ever.That's way they can demand what they want.For years the BVI put on behind the eight ball to get their pockets lined,we yes we VG has always been the bread butter for the GOVT coffer for you guys to lavish on your friends /family/ cronies.VG people now is the time to make wise decisions no more bullshit.
  • Jane (13/03/2023, 20:36) Like (4) Dislike (0) Reply
    Companies did help after Irma.

    Just one example.
  • ReX FeRal (13/03/2023, 20:54) Like (6) Dislike (5) Reply
    Haycraft did alright in his tenure here on the VI. I was taken aback when he did not try to sell RiteWay to Local Business people.
  • musa (13/03/2023, 21:00) Like (10) Dislike (1) Reply
    before we vote we need a back grown check on all who want to be in the hoa
  • Golden Goose (13/03/2023, 21:28) Like (11) Dislike (3) Reply
    Financial Services can operate in many different location on this planet. More rhetoric like this will insure that the BVI will NOT be one of those locations in the future.
  • Listen (13/03/2023, 21:29) Like (21) Dislike (7) Reply
    You know who contributed the most to the BVI? Let me tell you it's the expats. They support local supermarkets, and every other businesses in the BVI. They pay Social security, NHI and income taxes, they pay work application fees and work permit fees. They pay for immigration stamps and some pay for employment visas. They paid rent and all other utilities in the BVI. Some pay for transportations. So they are the main contributes to BVI economy.
    • @ listen (14/03/2023, 09:32) Like (3) Dislike (1) Reply
      Cutlass in water leaves no mark. Leave ans see how much you will be missed. You live in a society, you pay your dues. You get all the benefits the locals get and you complain about every blessed thing, never satisfied. You all do not contribute more than anyone else.
      • @@listen (14/03/2023, 11:26) Like (1) Dislike (3) Reply
        It's not a complain it's simple facts. I'm just trying to state how they contributed to the economy. You need to check and see majority of whom does come back on the St. Thomas ferry with their shoppings.
  • herbs power (13/03/2023, 21:32) Like (16) Dislike (5) Reply
    To much jailbirds and aspiring jailbirds running in this election.
  • Come back in 4 yrs (14/03/2023, 03:23) Like (3) Dislike (12) Reply
    Yo Bro. The next 4 years will be your time, not now, however stay engage with the people. The good News is that VIP will win 5 Seats and your boy and Family will be the Premier again in a Coalition Govt. With NDP and Marlon being the deputy this time around.. Hope they leave Sherri with Education, Shift Kye to Natural resources, Labour, Social security and NHI he will fix NHI. Give Marlon Works and communications, Give Myron - Health and agriculture.. Make Lou Junior minister of Culture and trade.. Lorna - Deputy speaker.. Thats my Govt.
  • The Banks (14/03/2023, 03:40) Like (0) Dislike (5) Reply
    It is no secret that the banks made millions of dollars by automatically refinancing loans after Erma. I tried to pay my car loan online and the system would not allow it. they automatically extended my payments for months with me having to pay an extra $3000 dollars in payment. Yet, not one of them choose an old needy person and assist in the repair of their damaged home. A lot of their destitute customers were living under tarpaulin for months while the banks profited from their misery. There is no humanity, only the quest for profit, and not just profit but mega profit.
  • Loosemouth (14/03/2023, 06:56) Like (15) Dislike (2) Reply
    Mr. Wheatley, the Banks and Trust Companies are paying their taxes and other dues to the Government. They are also providing employment to a number or persons. They are not obligated to do anything else. The Government on the other hand has suggested through it free handout of millions of dollars to the rich, fake farmers and fishermen and other wasteful means that it does not need help.

  • mi (14/03/2023, 07:41) Like (6) Dislike (3) Reply
    Shame on you Allan you need to stop and shut up your damn mouth may the good lord bless you oooooo.
    • Native Tongue (14/03/2023, 09:32) Like (0) Dislike (1) Reply
      @ mi....The Lord is listening to you to. Who you telling you to shut up? What you have to offer?
  • To Marlon (14/03/2023, 09:36) Like (1) Dislike (3) Reply
    Keep your campaign clean. Allen will beat you resoundingly so you will have to work along with him in the interest of the community/district that you live in.
  • lol (14/03/2023, 10:20) Like (8) Dislike (4) Reply
    As a former FS he should know that more than half of Government revenues come from the Banks and Trust Companies. They are probably the only ones up to date on their taxes.
  • Cooperate Social Responsibility's?? (14/03/2023, 10:56) Like (2) Dislike (0) Reply
    Giving to charity is nice, but when they close the bank in Virgin Gorda after a major disaster, that should be a crime. The 3,000 people that live in Virgin Gorda had to get on a ferry to go to a bank in Tortola (and wait in line for 3 hours - missing a day of work). The banks are understaffed, will not loan money to local people, very unprofessional, and charge too many fees!
    All this nonsense about giving to Charity is BS.
    These banks make lots and lots of money in the BVI. This is all Offshore money. They do not service the people of the BVI. They just take take take.
    The government should mandate service requirements for local banking services. If the line has 50 people in it, why is there 2 tellers!! If the wait in line is 3 hours, why is the bank only open 3 days a week!??? Why can I not get a $30,000 loan to add a bedrooom on my house!??? Tell the banks they can run offshore accounts unless they fix this.
  • ... (14/03/2023, 18:39) Like (1) Dislike (0) Reply
    Yep then they want to look down on the guy selling dimes of herb on the street which is actually doing more for the community if its good stuff

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.

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.