Premier Confirms $2.4M Improper Investment in Jamaican
Premier and Minister of Finance Dr. the Hon. Natalio D. Wheatley has admitted the Government invested $2.4 million in Delta Capital Partners Ltd in 2025 without following required procedures. The investment, made under former Accountant General Arnold J. Ainsley, is now the subject of legal action in Jamaica and an ongoing Financial Investigation Agency probe; Cabinet has approved a new investment policy to prevent similar failures.
Premier and Minister of Finance Dr. the Hon. Wheatley acknowledged at a press conference on July 24, 2026, that the Government of the Virgin Islands invested $2.4 million in Delta Capital Partners Limited in 2025 but that the proper internal procedures were not followed. The admission, reported by Virgin Islands News Online (VINO), confirmed that the Minister was not informed of the transaction when it occurred.
Delta Capital Partners Ltd is currently facing significant legal action in Jamaica as part of investigations into the collapse of Stocks & Securities Limited (SSL), VINO reported. Wheatley said the investment should have required formal approvals from both the Minister of Finance and the Financial Secretary, approvals that were not obtained.
He described the situation as another example of legislation and established processes being bypassed. The Premier compared the Delta Capital investment to a previous problematic placement of public funds in the now-defunct Bank of Asia. Both transactions were handled under former Accountant General Arnold J.
Ainsley, who is no longer in the Virgin Islands. Wheatley told reporters he does not yet have enough information to comment on the detailed mechanics of the Delta Capital transaction and reiterated that the Financial Investigation Agency (FIA) is conducting an inquiry. Wheatley also explained that it has long been common practice for public officers to place short-term investments in regional banks and financial institutions — naming Banco Popular and the National Bank as examples where public monies were routinely invested to earn modest returns.
He said the investments now attracting public attention are the ones where money has not been recovered, making them stand out. The FIA investigation into the Delta Capital matter is ongoing, and Wheatley said he will be better positioned to provide details once the agency completes its work (VINO).
Officials have indicated that any potential recovery actions or legal developments, including those unfolding in Jamaica, will be released as information becomes available. To address the procedural failings, Cabinet has approved a formal investment policy intended to ensure future transactions follow proper channels and accountability measures.
Wheatley said the policy was passed to correct previous shortcomings and to demand full accountability from public officers operating within the Ministry of Finance. For BVI residents, the revelations raise questions about oversight of public funds and the need for transparent accounting of past investments; officials have pledged further updates as the FIA delivers its findings and as the Ministry implements the new investment policy.
This report is based on coverage by Virgin Islands News Online (VINO).
Primary source: VINO