Opposition Leader Honourable Marlon A. Penn (R8) is demanding a full, independent investigation by the Auditor General into what he says is more than US$7.5 million in public funds that left the Consolidated Fund in investments the public has not been fully briefed on. Photo: Facebook

In a July 24 press conference and a subsequent national address on July 30, 2026, Premier and Finance Minister Dr Natalio D. Wheatley said the investment was made by former Accountant General Arnold Ainsley on behalf of the Government of the Virgin Islands, but without the ministerial sign‑off mandated under the Public Finance Management Act. Photo: GIS/ file

Speaking on the Talking Points programme on Monday, August 17, 2026, Hon Penn said he has drafted a letter to the Auditor General, to be sent through the Public Accounts Committee, insisting on transparency over where public money has been invested and deposited. 

“There might still be other investments that left the consolidated funds that we’re not aware of, and we’ve asked questions: Where have the public funds been invested? Where have they been deposited?”

He added: “Let the auditor and let the persons responsible do the assessments, and tell us what really happened… Now, we need to have full and total transparency in terms of the resources of the territory.”

Background: Delta Capital and Bank of Asia losses

Penn’s latest comments build on controversy over two high‑profile government investments, which are the US$2.5 million in Delta Capital Partners Limited (Jamaica), where Premier and Finance Minister Dr Natalio Wheatley has admitted this 2025 investment was made without the approvals required under the Public Finance Management Act, and the US$5 million deposit at Bank of Asia, where the bank was flagged for liquidation in 2025.

Hon Penn has included this in his tally of lost or at‑risk public funds, bringing his cited total to about US$7.5 million before factoring in other investments. 

In recent statements, Penn has argued that Section 25 of the Public Finance Management Act requires the Minister of Finance to approve investments from the Consolidated Fund, making the Premier ultimately accountable for any breaches.

Former Accountant General the culprit?

Meantime, the Premier and Finance Minister, Dr the Honourable Natalio D. Wheatley, has publicly acknowledged that the Virgin Islands government invested US$2.5 million in Jamaica‑based Delta Capital Partners Limited without the approvals required by law, and says the transaction was carried out “outside of my knowledge and approval.”

In a July 24, 2026, press conference and a subsequent national address on July 30, 2026, Dr Wheatley said the investment was made by former Accountant General Arnold J. Ainsley on behalf of the Government of the Virgin Islands, but without the ministerial sign‑off mandated under the Public Finance Management Act.