VI Gov’t has $5M in failed Bank of Asia (BVI) Ltd
This was disclosed by Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) in response to a question by Opposition Leader Honourable Myron V. Walwyn (R6) during the 5th Sitting of the 2nd Session of the 5th House of Assembly (HoA) on June 3, 2025.
What will become of the $5M?
Hon Walwyn also wanted to know what would become of the “people’s” five million dollars, since Bank of Asia (BVI) Limited is going into liquidation.
Premier Wheatley said he would be careful with his response since he has strong confidence in the regulators, BVI Financial Services Commission (BVIFSC) and the Virgin Islands Deposit Insurance Corporation (VIDIC), and that “they are the ones who have the responsibility for the supervision of these financial institutions.”
The Premier further shared that the Government has a policy of support for different banks in the territory and, as a result, deposits are spread across all the banks in the territory.
He said he was consulted about the situation regarding Bank of Asia and informed of what the actions would be, but these are actions exclusive to the regulator. “It is not for me to take any action, so to speak.”
Premier Wheatley also said there is legislation that informs what should take place when a bank becomes insolvent.
Premier Wheatley trusting the process!
Meanwhile, Hon Walwyn pressed again by asking how much the Government is likely to get back, considering the payout scale by VIDIC; however, Premier Wheatley said it would be irresponsible of him to say but he will allow the liquidator and VIDIC to do their work, “and in that process...it will be determined who will get what.”
It was on May 29, 2025, that VIDIC, with the intervention of BVIFSC, took the necessary action to shut down the operations of the Bank of Asia (BVI) Limited.
The BVIFSC, in a statement, said the decision was based on established legal and regulatory frameworks to protect depositors and preserve stability in the banking sector in the Territory.
.png)
.png)
_Skip_the_Ferry_copy_(2).jpg)
.png)
Follow Us On
43 Responses to “VI Gov’t has $5M in failed Bank of Asia (BVI) Ltd”
More money to be lost if Hon Smith and Hon Rhymer do not support the no confidence vote. We still looking for the 100million loan money. Boyyy.
What was the 5 mil doing in there in the first place when we've got money needed for other important infrastructure things.
You don't get a cheque book at Band of A so how we're funds being accounted for, who authorised initial deposit, where did it come from...oh wait, . Who's on the board if directors ....?? There's the answer
Great idea. So important to the BVI. Needs to survive. Glorious conference on Necker an absolutely waster with this present. How much money we spending on that? Run rats run unless you have an answer. Fresh start please. We deserve visions. Stop talking about planting herbs on the road. Gov sort this out asap.
Let no hand on them alliance.
This is the question which should have been asked when the plane went missing.
It a day.
7.8 million on bvi airway fraud
60 million over run on the bvi pier park project
20 million on airport consultant nothing to show
4 million on teachers party and award
100 million on overseas travel
And we could go on and on!! Walwyn we have not forgotten your record
Where there is smoke there is fire. It just means it is burning low for a while. Stay tuned.
It is amazing how foreign companies can come here and get away with their questionable practices
While the small businesses are subjected to all manner of scrutiny and always the microscope