PAC Announces Probe Into $7.5M Investments
NDP Chairman, Marlon Penn Opposition Leader Marlon Penn has hinted at a major announcement about millions of dollars in questionable government investments, as pressure mounts on Premier Dr Natalio Wheatley, who maintains he knew nothing about the transactions.
NDP Chairman, Marlon Penn Opposition Leader Marlon Penn has hinted at a major announcement about millions of dollars in questionable government investments, as pressure mounts on Premier Dr Natalio Wheatley, who maintains he knew nothing about the transactions. “Stay tuned to a radio near you.
There’ll be an announcement, particularly on this matter,” Penn declared during a recent NDP radio programme. However, Penn gave no further details about the anticipated announcement, including when it would be made or what information it would disclose. The controversy surrounds $2.5 million invested with Jamaica-linked Delta Capital Partners and another $5 million deposited with the now-defunct Bank of Asia.
Both investments have raised concerns about the possible loss of approximately $7.5 million in public funds. Premier Wheatley previously maintained that the investments were made without his knowledge or approval and indicated that the circumstances surrounding the transactions were being investigated.
However, NDP members argued that the Premier’s explanation raises serious questions about accountability. During the program, Second District representative Melvin “Mitch” Turnbull questioned how Dr Wheatley, who also serves as Minister of Finance, could be unaware of transactions involving millions of dollars.
At-Large Representative and former Finance Minister Ronnie Skelton then revealed that he had spearheaded an amendment to the Public Finance Management Act specifically to prevent government funds from being invested without the Premier’s knowledge. Skelton explained that the previous legislation allowed the Accountant General to invest government funds independently.
Recognising the potential danger, he said he pushed for the law to be amended to require approval from both the Financial Secretary and Minister of Finance. Bishop John Cline argued that Skelton’s intervention makes Premier Wheatley’s explanation even more troubling. “Something is not adding up,” Cline declared, questioning how the Premier could claim ignorance when the law requires ministerial approval.
Primary source: BVI News