Premier and Minister of Finance, Dr. the Honourable Natalio D. Wheatley (R7), has said the Virgin Islands Government remains hopeful of recovering the US$5 million it deposited with Bank of Asia (VI) Limited if a proposed sale of the bank’s assets proceeds. Photo: Internet Source

Premier and Minister of Finance, Dr. the Honourable Natalio D. Wheatley (R7) made the remarks during the continuation of the Fifth Sitting of the Third Session of the Fifth House of Assembly on Wednesday, October 21, 2026, while responding to questions from Sixth District Representative Hon. Myron V. Walwyn. Photo: Youtube

He made the disclosure during the continuation of the Fifth Sitting of the Third Session of the Fifth House of Assembly on Wednesday, October 21, 2026, while responding to questions from Sixth District Representative Honourable Myron V. Walwyn.

Bank of Asia in active liquidation 

Premier Wheatley said, “Bank of Asia has been in active liquidation, and a sale is being considered.” 

He told the House that the government’s account is no longer active and that, at present, “there’s nothing to report” on the balance held there. 

He said the administration is still pursuing recovery of the $5 million through the liquidation and sale process. The Premier also said the Auditor General’s final report had not yet reached Cabinet, but would be forwarded to the House once received. 

$5M controversy 

The controversy centres on a US$5 million public deposit placed with Bank of Asia on January 22, 2025, by then-Accountant General Arnold J. Ainsley. Premier Wheatley told the House that the deposit was made without the statutory approval required under the Public Finance Management Act.

The Premier said he became aware of the transaction shortly before regulators announced the bank’s wind-down in May 2025. He has since ordered an internal audit and endorsed recommendations from the Auditor General, who may refer matters to the Director of Public Prosecutions if necessary.

Bank of Asia (BVI) Limited was a financial institution incorporated and licensed in the Virgin Islands. In May 2025, the BVI Financial Services Commission and the Virgin Islands Deposit Insurance Corporation began a formal wind-down after regulatory concerns about the bank’s financial condition.

On May 28, 2025, the Eastern Caribbean Supreme Court appointed joint provisional liquidators, beginning the bank’s court-supervised wind-down. Regulators said the process was intended to protect depositors and preserve stability in the Territory’s banking sector.

By October 2025, joint liquidators had been formally appointed and authorised to begin paying insured deposits to eligible depositors under the Virgin Islands’ deposit-insurance and insolvency frameworks.

The proposed sale

In November 2025, the joint liquidators entered into an Asset Sale Agreement with SWB LLC covering certain of the Bank of Asia’s property, rights and assets. On July 23, 2026, the VI High Court granted the liquidators permission to sell those assets, although other conditions of the agreement remained outstanding.

Opposition Member Honourable Walwyn has argued that an unauthorised transaction involving public funds should carry consequences, while Premier Wheatley maintains that disciplinary action against public officers is constitutionally the responsibility of the Governor, not the Minister of Finance.