No need for governor to get involved in Bank of Asia (BVI) matter- Hon Penn
On May 29, 2025, the Virgin Islands Deposit Insurance Corporation (VIDIC), with the intervention of the BVI Financial Services Commission (FSC), took the necessary action to shut down the operations of the Bank of Asia (BVI) Limited.
During the 5th Sitting of the 2nd Session of the 5th House of Assembly (HoA) on June 3, 2025, Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7), in response to a question from Opposition Leader Hon Myron V. Walwyn (R6), said the Government of the Virgin Islands, as of April 30, 2025, had five million, thirty-five thousand, nine hundred and forty-seven dollars in the now failed Bank of Asia (BVI) Limited.
On NDP Radio on ZBVI 780 AM on Monday, June 16, 2025, Hon Penn said, “We have to really push to have the situation investigated, how the public’s money got its way into this bank.”
No need for the Governor’s intervention
In a June 6, 2025, statement, Premier Wheatley said in efforts to reassure taxpayers and ensure full transparency, he was requesting an internal audit to review this specific deposit into the now failed bank.
Hon Walwyn, in his statement on June 10, 2025, called for Governor Daniel Pruce to investigate the matter, however, Hon Penn does not agree with that request.
“The reality is that we have to use the vehicles that are afforded to us…and I see nothing in the Internal Audit Act that says once it's investigated, it cannot be made public.”
Hon Penn added, there is no need for the Governor to get involved in “our business”.
“If we want to talk about maturity, we have to use the vehicles afforded to us to do our work. The first call should be the Internal Auditor and the Auditor General, you could do both…and once the report is done it has to be laid on the table of the House of Assembly and it will be made public, it has to be made public by law and the public accountants can [see] this as a responsibility to review this as well.”
See links to related stories
https://www.virginislandsnewsonline.com/en/news/vi-regulators-to-close-bank-of-asia-bvi-limited
https://www.virginislandsnewsonline.com/en/news/vi-govt-has-5m-in-failed-bank-of-asia-bvi-ltd
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13 Responses to “No need for governor to get involved in Bank of Asia (BVI) matter- Hon Penn”
But the public ain got no backbone to stand for what's right. Them only got energy to complain on blogs and radio stations.
But they will be SECRET.
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You can't forget those were under the COI .
A lot of deliberate sh** is going on in the virgin Islands.