Opposition Demands Full Audit of Investments
Opposition Leader Hon. Penn has written to the Auditor General, via the Public Accounts Committee, calling for a full audit of government investments and deposits after concerns over missing approvals and at‑risk public funds. His call follows revelations about a US$2.5 million investment in Delta Capital and a US$5 million deposit at Bank of Asia that was flagged for liquidation.
Penn has formally moved to trigger an independent review of government investments, saying the Auditor General must be allowed to examine where public money has been invested and deposited. Speaking on the Talking Points programme on August 17, 2026, Penn said he had drafted a letter for the Auditor General to be sent through the Public Accounts Committee (PAC). "There might still be other investments that left the consolidated funds that we’re not aware of," he said, urging "full and total transparency in terms of the resources of the territory." Penn’s demand builds on controversy over two high‑profile transactions.
Wheatley has acknowledged a US$2.5 million investment in Jamaica‑based Delta Capital Partners Limited made in 2025 without the approvals required under the Public Finance Management Act (PFMA). Separately, a US$5 million deposit at Bank of Asia was flagged for liquidation in 2025.
Penn has included both amounts in a tally of lost or at‑risk public funds, putting the cited total at about US$7.5 million before any other potential exposures are considered. Wheatley has said the Delta Capital transaction was carried out "outside of my knowledge and approval," attributing the action to former Accountant General Arnold J.
Penn has pointed to Section 25 of the PFMA, which requires ministerial approval for investments from the Consolidated Fund, arguing that the Minister of Finance — and ultimately the Premier — is accountable for any breaches of that requirement. The Opposition’s proposed route — requesting the Auditor General investigate via the PAC — follows the standard oversight path available to ensure public accountability.
An audit could establish where funds were placed, whether statutory procedures were followed, and recommend steps to recover or mitigate losses if wrongdoing or negligence is found. For residents of the Virgin Islands, the dispute raises immediate concerns about stewardship of public money and the potential impact on public services and fiscal resilience.
Transparency advocates and community leaders have said timely, public findings from the Auditor General would be essential to restore confidence. The PAC and Auditor General have not yet publicly confirmed receipt of the letter described by Hon. The next steps will be watched closely by legislators and the public as the territory seeks clarity on the scope and legality of past investment decisions.
Primary source: VINO