(L-R) Junior Minister of Financial Services, Labour & Trade Hon Lorna G. Smith OBE (AL) and owner of Guavaberry Media Cindy R. Rosan. Photo: GIS/Internet Source

Guavaberry Media is owned by Cindy R. Rosan, who has used the platform to publish untrue articles about the closure of the Bank of Asia (BVI) Ltd. Photo: Guavaberry Media/Internet Source

The Virgin Islands Deposit Insurance Corporation (VIDIC) took the necessary action to shut down the operations of the Bank of Asia (BVI) Limited. Photo: Internet Source

In a coordinated effort with a Member of the Opposition, the controversial Rosan sought to portray that the closure of the Bank of Asia (BVI) Ltd. was riddled with corruption and attempted to tie it to now Junior Minister of Financial Services, Labour & Trade Hon Lorna G. Smith OBE (AL).

However, Hon Smith has fired back to clear her good name. In a private statement issued late Friday June 6, 2025, she noted, “I wish to provide the public with a clear and factual account of my role and involvement with Bank of Asia (BVI) Ltd., and to reaffirm my commitment to transparency, accountability, and the continued strength of the Virgin Islands’ financial services sector”.

I was involved in governance not day-to-day operation-Hon Smith

Hon Smith noted, “I served as a Non-executive Director of the Bank of Asia (BVI) Ltd., beginning in or around 2019, and was appointed Deputy Chairman of the Board circa 2020. I was never involved in the day-to-day management or operations of the bank. My role was governance-based, and I was one of several Directors appointed to oversee strategic direction and compliance."

She also debunked Ms Rosan’s slanderous claim about receiving large sums as a director of the bank. 

“Contrary to published claims, I did not receive a monthly salary of $15,000. All Directors were approved to receive quarterly compensation. I resigned from the Board in April 2023, before assuming public office,” Hon Smith clarified in her statement. 

In her deliberately misleading article, Ms Rosan claimed that Hon Smith was placing pressure and influence on the Bank of Asia and even the Head of the Virgin Islands Deposit Insurance Corporation (VIDIC).

Not even under my portfolio- Hon Smith

This turned out to be another libellous claim by Ms Rosan.  In fact, Hon Smith noted that as Minister with responsibility for Financial Services, she has “always respected and upheld the statutory independence of the Financial Services Commission (FSC) and the VIDIC. I have never issued instructions to either regulator concerning the Bank of Asia or any other regulated entity”.  

“The VIDIC falls under the portfolio of the Premier and Minister of Finance, and not the Ministry of Financial Services. My support continues for the independent decisions of the FSC and VIDIC, as they carry out their responsibilities,” the former Deputy Premier stated.

Ms Rosan and her Opposition buddy coordinator, who have been on the streets all week claiming that they have “red meat” and they will “bring down the Virgin Islands Party Government”, got their information all wrong.

Mrs Violet still on the job

They even suggested that Hon Smith used the bank to help friends and family. To this, Hon Smith stated, “Any claim that I have used public office for personal gain, or to benefit friends, family, or associates, is defamatory and wholly unsubstantiated.”

Hon Smith, in this regard, called for “responsible journalism” as there have been many questions over the years about whether Ms Rosan is a legitimate journalist or just a social media blogger and an angry lady who fights against those she hates.

When her information on the Bank of Asia failed with her intent to deceive and play politics, she turned to attacking the local media in another piece, claiming that JTV was a part of the “cover-up” because a video clip of a Government press conference could not be found on Facebook.

She also falsely reported that Mrs Lisa Ann Violet had resigned as Head of the VIDIC; however, up until Friday, June 6, 2025, she was still on the job. Mrs Violet did have some concerns about “her salary”, according to a board member, but she is still on the job.

VINO remains the fact-checker, the voice of the voiceless

It is unclear who Ms Rosan and her Opposition enabler will attack next, now that the Bank of Asia claims have been debunked as their story is no longer in the public space as current topic.

Virgin Islands News Online News (VINO) will continue to be the voice of the voiceless to factcheck erroneous politically driven and motivated articles and defend residents at all levels when Ms Rosan, dubbed the ‘Queen of hate Speech’, goes after innocence residents using her platform to divide the country, defame, slander and pushed her anti-Virgin Islander/Government agenda, and play politics with her obversious support of her opposition legislator enabler.