Auditor General to Probe Bank of Asia
Auditor General Sonia Webster has been directed to investigate the government’s deposit of more than $5 million into the collapsed Bank of Asia (BVI) Limited, a probe confirmed by Opposition Leader Myron Walwyn at the Governor’s request. The review follows public outrage after the bank entered provisional liquidation amid regulatory findings of financial irregularities and governance failures.
Auditor General Sonia Webster — who recently drew widespread attention with a scathing audit of secret pay increases for legislators — has been asked to examine the government’s placement of public funds in Bank of Asia (BVI) Limited, Opposition Leader Myron Walwyn has confirmed. Governor Daniel Pruce directed Webster to take on the review, though no delivery date has been set.
The move comes after revelations that the government had deposited in excess of $5 million of taxpayers’ money into the bank, which was placed into provisional liquidation earlier this year following regulatory findings of major financial irregularities and governance weaknesses. The collapse and the size of the public deposit provoked strong public concern.
Residents and civil-society groups have questioned who authorised the transaction, what due diligence was carried out, and whether warning signs about the bank’s stability were ignored. Those questions are expected to form key elements of the Auditor General’s probe. Natalio Wheatley has already said his administration commissioned an internal audit into the transaction.
He told the public that ministers were not directly involved in the technical placement of funds and that an internal review would examine procedures and accountability. Even so, many in the Territory have expressed greater confidence in an independent audit by the Auditor General, citing Webster’s reputation for thorough, impartial scrutiny.
Webster’s recent audit on the secret salary increases described the action as reckless and lacking transparency, a finding that embarrassed members of the House of Assembly and fuelled calls for stronger oversight of public finances. That track record is one reason expectations are high for the Bank of Asia report; many anticipate detailed findings on approvals, internal controls, and any lapses that exposed public money to risk.
The outcome could carry significant consequences. If the audit finds procedural or governance failures, it may prompt reforms to treasury processes, procurement rules, and ministerial oversight, and could intensify demands for improved financial management across government bodies.
It may also inform whether further regulatory or legal steps are warranted. For residents watching closely, the immediate questions remain who authorised the deposit, what checks were performed, and whether the losses — if confirmed — will be recoverable. The Territory awaits Webster’s independent findings, which are likely to shape public debate and policy on financial governance in the BVI for months to come.
Primary source: BVI News