It has been revealed that the controversial deposit of $5M into the now defunct Bank of Asia was made by former Accountant General Arnold J. Ainsley, and that the deposit was not necessarily in compliance with financial legislation. Photo: GIS/Bank of Asia/File

Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7), at a press conference at Cutlass Tower today, Monday, April 20, 2026, disclosed that the decision to deposit $5M into the now defunct Bank of Asia was made by former Accountant General Arnold J. Ainsley. Photo: VINO

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.

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