Pac To Probe Failed $2.5M Investment
Opposition Leader Marlon Penn has announced that the Public Accounts Committee will launch a public investigation into the government's failed $2.5 million investment in a Jamaican firm. Penn stressed that Premier Dr. Natalio Wheatley and financial executives must be held accountable for the transaction. He urged the public to demand answers and not allow the issue to fade away.
Opposition Leader Marlon Penn is urging residents not to let questions surrounding the Government's failed $2.5 million investment in a Jamaican firm fade from public view, announcing plans for an open investigation through the Public Accounts Committee (PAC). The controversy involves $2.5 million in public funds invested in Jamaica-based Delta Capital Partners Limited.
Penn asserted that the failed venture highlights a systemic issue within the administration, stating that the Virgin Islands does not have a money problem, but rather a serious financial management problem. Natalio Wheatley previously stated that he was unaware of the investment at the time it occurred and acknowledged that proper protocols were not followed.
Wheatley noted that the matter had been referred to the Financial Investigation Agency (FIA). However, Penn argued that political leadership cannot simply deflect responsibility for transactions executed under their tenure. Citing Section 25 of the Public Finance Management Act, Penn explained that the Financial Secretary is legally authorized to invest funds from the Consolidated Fund only with the direct approval of the Minister of Finance.
He stressed that the mandatory authorization process exists specifically to determine whether a venture is sound before public money is committed, questioning how the investment bypassed these statutory checks. Penn also voiced broader concerns regarding the state of public finances, questioning whether other unauthorized or questionable investments exist within the government's wider portfolio.
He stated that trained financial officers who handled the transaction must face scrutiny rather than being given a pass, calling for their motives to be closely examined. To address the matter, Penn confirmed that the Opposition will not rely solely on the Premier's internal review.
Instead, the PAC intends to utilize its legislative powers to summon key officials for public questioning, ensuring Virgin Islanders can see and hear the facts surrounding their tax dollars directly. Former At-Large Representative Shereen Flax-Charles also criticized the investment, pointing out that adequate due diligence would have uncovered the financial risks associated with Delta Capital Partners.
She noted that in the private sector, executive leadership would be held strictly accountable for losing such a significant sum without proper oversight.
Primary source: BVI Platinum