Penn Fears More Secret Government Investments
Opposition Leader Marlon Penn has voiced concern that additional millions of dollars from the Consolidated Fund may have been invested without public knowledge. Citing unauthorized transactions involving Delta Capital Partners and Bank of Asia, Penn is calling for a thorough probe by the Auditor General to ensure financial transparency.
Opposition Leader Marlon Penn has raised serious concerns that millions more in public funds may have been invested from the territory's Consolidated Fund without public awareness or statutory oversight, calling for an immediate and thorough investigation into the management of government finances.
Penn highlighted two high-profile transactions that have recently drawn scrutiny: a US$2.5 million investment in Jamaica-based Delta Capital Partners Limited and a US$5 million deposit placed with the Bank of Asia (BVI). Speaking during an appearance on the Talking Points programme, Penn expressed apprehension that additional public assets may have been committed elsewhere without the public or legislative knowledge.
According to Penn, the parliamentary opposition has formally submitted questions in the House of Assembly seeking a full account of where public funds have been invested or deposited, but those inquiries currently remain unanswered. Premier and Minister of Finance Dr Natalio Wheatley previously acknowledged that the US$2.5 million Delta Capital transaction was executed without the legally required approvals from the Minister of Finance and the Financial Secretary.
Dr Wheatley stated he was not aware of the transaction at the time it occurred and referred the matter to the Financial Investigation Agency for review. Similar procedural issues were acknowledged regarding the US$5 million deposit with Bank of Asia, which later entered receivership.
Penn pointed to Section 25 of the Public Finance Management Act, stressing that statutory law requires clear ministerial approval before the Financial Secretary can invest monies from the Consolidated Fund. He argued that officials have an inescapable statutory duty to know how public resources are managed and to safeguard the territory’s wealth.
To address the issue, Penn confirmed that he has drafted a letter to the Auditor General through the Public Accounts Committee, formally requesting a comprehensive investigation into the controversial transactions. In response to mounting scrutiny, the government introduced a new investment policy aimed at reinforcing oversight mechanisms.
Dr Wheatley previously noted that despite losses connected to both the Delta Capital and Bank of Asia matters, the government’s overall investment portfolio generated roughly US$2.89 million between 2021 and 2026, with active recovery efforts underway. Nonetheless, Penn maintained that a complete and independent audit remains necessary to restore public trust and establish clear accountability across the Virgin Islands' financial administration.
Primary source: BVI News