Ex Acct General Arnold J. Ainsley 'made decision' to deposit $5M into Bank of Asia- VI Premier
This is according to Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) at a press conference at Cutlass Tower today, Monday, April 20, 2026.
Media reports have accused government entities and Junior Minister for Financial Services, Trade and Economic Development, Hon Lorna G. Smith, OBE (AL), of cover-ups in the bank’s demise and have also caused the Premier and Minister of Finance to face criticisms.
Back in June 2025, Premier Wheatley said all decisions related to the placement of public funds into banks are executed by designated public officers under the Ministry of Finance and that government ministers play no part in these decisions.
Deposit ‘was not in full compliance of the legislation’
Faced with the question again today, Premier Wheatley disclosed that it was the former Accountant General, Mr Arnold J. Ainsley, who made the decision to deposit the $5M into the Bank of Asia.
“The former Accountant General is the one who made that decision to deposit it, but I will say the full context of that will be in the [Internal Audit] report.”
Premier Wheatley added that it was important to state that the deposit “was not in full compliance of the legislation”.
Asked if there would be any legal action against Mr Ainsley, Premier Wheatley said it was not necessarily for him to say, as it was outside of his remit.
Steps to prevent a recurrence
The Premier added, however, that the government is taking measures to ensure a good policy framework around the investment of government monies, and that an investment policy passed a few weeks ago would enable that.
According to the Premier, this would include “examining the health of financial institutions before such deposits are made and making sure that when those investments are made that they have the full authorisation of the Minister of Finance and the full knowledge of the Financial Secretary, as the legislation requires.”
While the Internal Audit Report on the $5M deposited into the Bank of Asia is not being released to the public at this time, Premier Wheatley reminded that the Auditor General is doing a similar report, which will be laid in the House of Assembly and become a public document.
See related articles below:
VI Gov’t has $5M in failed Bank of Asia (BVI) Ltd
Hypocritical Walwyn wants Governor to investigate Gov’t's $5M deposit in Bank of Asia
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48 Responses to “Ex Acct General Arnold J. Ainsley 'made decision' to deposit $5M into Bank of Asia- VI Premier”
Have you been taking lessons from Keir "I knew nothing about it" Starmer, or did you teach him that playbook?
Throwing him under the bus.
A lamb to the slaughter for their own mistake.
He could not, acting alone, or of his own volition, authorise or execute the transaction.
It is completely disingenous, and frankly, completely absurd to attempt to convince the public that this is the case.
We know its not.
We are not fools.
Who sign the check ?
I'm kind of show, so tell me ?
A check like that have to be signed by multiple/triple persons, I'm sure.
Please let me know my friend.
Why? He should be made to answer for it, is my opinion
He saving natalio and Lorna to contest the election..
No one will be fired, reprimanded or found a t fault. He gone already and prosecutions against friends and political cronies doe not happen.
FORMERNis meant to indicate the problem (along with the mone) is gone and no need for action.
The Elites and politicians are behaving like we never had a COI.
CORRUPTION and all the bad habits are here to stay and we can all see the disastrous direction the VI is traveling if ALL 13 do not go..
Based on the Public Finance Management Act, 2004 and the associated Public Finance Management Regulations, 2005, high-value payments from the British Virgin Islands (BVI) government, including checks of $1 million and over, are strictly regulated.
Government of the Virgin Islands
Government of the Virgin Islands
Minister of Finance: Under the Public Finance Management Act, 2004, the Minister of Finance must approve major expenditures and sign Development Warrants.
Financial Secretary: Payments from the Consolidated Fund are heavily scrutinized by the Ministry of Finance, and the Financial Secretary plays a central role in authorizing and releasing large sums of public money.
Cabinet: The Cabinet has the authority to make regulations regarding the management of public funds.
Accounting Officer/Accountant General: The Accountant General and relevant Accounting Officers are responsible for issuing payment instruments and ensuring they are certified and pre-audited.
Government of the Virgin Islands
Government of the Virgin Islands
Key Requirements for High-Value Payments:
Pre-Audit Requirement: According to the Public Finance Management Regulations 2005, payment instruments (such as large checks) must be pre-audited.
Certifying Officers: Payment instruments must be certified and signed in ink by authorized signatories.
Government of the Virgin Islands
Government of the Virgin Islands
In the case of development funds, they are specifically withdrawn only upon the authority of a Development Warrant signed by the Minister of Finance.
Government of the Virgin Islands
Minister of Finance: Must personally sign Development Warrants for any major capital expenditures or withdrawals from development funds.
Financial Secretary: Holds the central authority for authorizing the release of significant sums from the Consolidated Fund.
Accountant General: Responsible for the final issuance of the payment instrument (the check or transfer) once all certifications are met.
Mandatory Pre-Audit: Regulation 79 of the 2005 Regulations remains in force, requiring that any payment instrument for large sums must undergo a pre-audit by the Internal Audit Department before it can be released.
Virgin Islands Recovery and Development Agency
Virgin Islands Recovery and Development Agency
Related Threshold Changes
While the check approval limits have not changed, other fiscal and corporate thresholds in the BVI have seen recent updates:
Procurement Thresholds: Effective 1 January 2026, new public procurement thresholds have been introduced to align with international standards. While specific to the UK, these often influence BVI's own regulatory alignment regarding when a project must go to full public tender.
Strict Liability for Large Transactions: The Proliferation Financing (Prohibition) (Amendment) Act, 2024 removed the previous $10,000 reporting threshold, making all transactions involving designated persons subject to mandatory reporting, regardless of the amount.
Annual Financial Returns: As of January 2026, all BVI entities must file annual financial returns with their registered agents to maintain "Good Standing," a status the government uses to vet contractors for large payments.
GOV.UK
The BVI government's 2026 Budget Address emphasized "fiscal responsibility" and "strengthening business integrity" through a new Good Standing Policy, but it did not announce a change to the $1 million approval tier.
British Virgin Islands London Office
People, there are more of us who are right thinking, financially savvy, fair minded, filled with common sense and who understands that with this outrageous squandering of our Territory's funds we will be driven into the poor house sooner rather than later. This coming election is vital. Let us vote for country and put ourselves behind. Once country flourishes, so will we. Look around, are we flourishing under this Government? Are we moving forward as a Territory? We will see who truly care about country and survival rather than their friends and themselves. Trust me, the Bible says what you sow, you will reap.
This is an example of weak financial stewardship and Accountability. Accountability and Ethics does not happen overnight.