Junior Minister for Financial Services Hon Lorna G. Smith, OBE (AL), 2nd from right, clarified on Talking Points that she had absolutely nothing to do with the controversial deposit of five million dollars of government funds into the now defunct Bank of Asia. Photo: Facebook

Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) said some have tried to use the situation with the failure of the Bank of Asia to bury Hon Lorna G. Smith, OBE (AL) but they are wrong. Photo: GIS/File

It was on May 29, 2025, that the Virgin Islands Deposit Insurance Corporation (VIDIC), with the intervention of BVI Financial Services Commission, took the necessary action to shut down the operations of the Bank of Asia (BVI) Limited. Photo: Bank of Asia

Fingers were pointed at Hon Smith, particularly by a controversial media worker, when news of the deposit was made public.

While a guest on Talking Points on ZBVI 780 AM on Monday, May 18, 2026, co-host Damien C. Grange told Hon Smith, “We heard you influenced a deposit [into Bank of Asia], Hon Smith.”

‘Completely false’

“That is completely false. I did not influence any deposit, Hon Smith replied, adding that the question was asked of the Premier about a month ago in relation to the same matter of the deposit, and he answered the question.

“But I will add [that] this, the deposit, as far as I know, was made in January of 2025. In January of 2025, I was not with the government and therefore would not have had anything to do with the deposit or any knowledge of the deposit. So, I hope that clarifies that. There’s been a lot of stories around it, but it has nothing at all to do with Lorna Smith.”

Hon Smith parted ways with the Virgin Islands Party (VIP) Government in October 2024, but rejoined the party in March of 2025.

‘I had resigned as board member’

Mr Grange said the public felt Hon Smith had some influence in the decision as a member of the Bank of Asia Board; however, Hon Smith also rubbished those assumptions.

“It’s again totally, totally unwarranted and wrong to arrive at that conclusion.

“As a private citizen in 2019, I was invited to join the Board as a Non-Executive Director, and I did so. I stayed on the Board until April of 2023, when I was elected to office, and I immediately resigned from the Board of Bank of Asia, especially since it was possible that I was going to take on the role of Minister for Financial Services.”

Hon Smith said it was not even necessary for her to resign, but she did so because of the perception the public could have had.

“Let me be clear. In terms of banks, they are supervised completely by the Financial Services Commission and not by a minister. There is no influence. There is no influence whatsoever by the Ministry. It’s all done through the Financial Services Commission…And so I just wanted to make that very clear. I resigned immediately and had nothing more to do with that bank,” Hon Smith stated.

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'We must tell the truth' about Hon Lorna G. Smith OBE- Premier Wheatley

UPDATE: Hon Smith will be Minister of State for Financial Services & Economic Dev’t- Premier