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.
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46 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.
Due Dilegence my a*s! All these people see is money, money, money! They jump outta them skin or prance arpund like children waiting in line for candy. Due Diligence is for law abiding people. Which of those folks are? Anyways, thats what alu get when alu put Rat to mind cheess. Investigate all of them, squeeze one of them and the others will crumble. They expectvus to act like $5M is chump change. This entire story reeks of modeen day thievery and they are actively trying to cover their tracks whilst trying to pass the accountability to a Civil Servanr. The cracks are already showing whilst somebody acting infallible. I for sure would not be taking the blame for anybody. Anyway, granny use to always say teeth and tongue does fall out. Each of them nowctrying to back peddle and make Cindy look like she made up the entire story but eventually the entire truth will come out, nothing but the whole truth. When goat kiddie s%$^, it always leave a trail to follow. So we are gonna investigate and follow the trail. Even if a Civil Servant sign over the funds, they aren't an island on their own. They had to get instructions and authorisation inorder to proceed. Mr Premier, we aint moo moo. Stop dey mek excuses or covering up for people when or if they get the chance, they will sink your ship and make sure you go up the Creek with no paddle. Time longer than time and we got time. Therefore, please investigate because we are awaiting ALL the answers and you better come correct. Bets no forget whats done in the dark ALWAYS come to light. Hey, hey, we are waiting for the truth. Alu stop talking through both sides of alu mouths. Mouth aint even moving when they speaking!
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