Premier Wheatley refutes alleged gov’t complacency w Bank of Asia (BVI) Limited
On May 29, 2025, the Virgin Islands Deposit Insurance Corporation (VIDIC), with the intervention of the British Virgin Islands Financial Services Commission (FSC), took the necessary action to shut down the operations of the Bank of Asia (BVI) Limited.
The decision, according to the FSC in a statement, was based on established legal and regulatory frameworks to protect depositors and preserve stability in the banking sector in the Territory.
The actions taken by VIDIC come after over a year of investigations into the bank's practices and other financial decisions and stability challenges the bank began to face, according to multiple sources familiar with the operations.
Allegations of a cover-up
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.
These reports have alleged that government entities have participated in and turned a blind eye to the years-long issues with the Bank of Asia (BVI) Limited.
The FSC and VIDIC, backed by professional expertise and international best practices, ensure that the Virgin Islands’ (VI) regulatory framework remains strong, responsive, and trusted, Premier Wheatley said in a statement issued today, Friday, June 6, 2025.
“The Government fully supports their work and appreciates their steadfast commitment to integrity and transparency. I am confident in their ability to oversee the winding down of the operations of the Bank of Asia (BVI) Limited with professionalism, care, and in full alignment with the Territory’s regulatory standards.”
Hon Smith, in those reports, was also accused of having extremely close ties to those holding high-level positions within the institution over the years.
As of April 30, 2025, the Government of the Virgin Islands had five million, thirty-five thousand, nine hundred and forty-seven dollars in the bank.
Reports also allege that Hon Smith was the one who gave the green light for this deposit in her capacity as Acting Premier while Premier Wheatley was out of the Territory.
Gov’t ministers have no say in the placement of public funds- Premier Wheatley
“All decisions related to the placement of public funds are made within the framework of established financial practices and are executed by designated public officers under the Ministry of Finance. Government ministers play no part in these decisions,” Premier Wheatley said.
He clarified that such deposits are a commonplace practice worldwide and are strategies to “diversify the Government’s financial portfolio”.
The diversification of these funds, according to Premier Wheatley, helps with the improvement of liquidity management and secures interest income in the public’s interest.
Internal audit of gov’t deposit in Bank of Asia (BVI) Limited requested
Premier Wheatley added that to reassure taxpayers and ensure full transparency, he is requesting an internal audit to review this specific transaction.
“I hope this will offer clear insight, foster confidence, and bring greater understanding to all.”
The Premier also encouraged Virgin Islanders to go to the official government website and verified social media platforms to access official information.
“These channels provide timely, accurate updates on financial and governance matters that affect the Territory.”
See links to related stories below
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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7 Responses to “Premier Wheatley refutes alleged gov’t complacency w Bank of Asia (BVI) Limited”
The horse dash off so alu now trying to close the barn door. Hope the tax payers get their money back. We need a thorough investigation of what really transpired. I don't believe you, Corner Lady or Shady Grady. Sonething smells in the Asian debacle. Too many hands in the cookie jar. Mo money mo problem but they still a take up....wow, this entire situation is unbelievable. Now, alu trying to spin something on us but this $#% nar go stick, tarl.
You have zero sense of reality and seriously believe you are brilliant.
New flash, Natalio, you are incompetent and make mistake after mistake. If at least you can try to do better instead of just pretending all you did was perfect already
Everybody, and I mean everybody in financial services knew not to keep money at Bank of Asia. That you kept 5m there is appalling.