Premier Withholds SSB Bank Funding Details
Premier Dr. Natalio Wheatley has declined to disclose the amount of Social Security Board funding approved to support the National Bank of the Virgin Islands, calling the matter sensitive. The move comes amid growing public debate over the use of contributors' funds for state-backed initiatives.
Natalio Wheatley has declined to reveal how much funding Cabinet has approved from the Social Security Board (SSB) to assist the National Bank of the Virgin Islands (NBVI), stating the details remain too sensitive for public release. Speaking during a press briefing, Premier Wheatley was pressed on the financial health of the bank and the scale of contributors' money being directed toward supporting the institution.
In response, the Premier explained that he could not provide a specific figure without further discussions with Ministry of Finance officials, noting that the details are not yet ready to be shared with the public. The Premier did not provide a definitive timeline for when the government would be prepared to release the figures or outline the full scope of the arrangement.
The development comes amid mounting scrutiny over the government's reliance on Social Security funds to finance state-backed ventures. The administration recently faced intense questioning over reports that upwards of $60 million from the SSB was being considered to fund an interim 787-foot runway extension at the Terrance B.
Lettsome International Airport while awaiting United Kingdom approvals for the full expansion project. Opposition Leader Marlon Penn has strongly criticized the lack of clarity surrounding such financing arrangements. Penn called on the government to present a comprehensive business case, transparent repayment schedules, and robust contingency plans, warning that taxpayers and SSB contributors ultimately bear the financial risk if projected returns fail to materialize.
The government has also had to manage public fallout surrounding the controversial transfer of $5 million in public funds to the now-defunct Bank of Asia. Premier Wheatley previously revealed that the transaction, authorized by former Accountant General Arnold Ainsley, occurred outside legal frameworks, as confirmed by an internal audit.
With public finances remaining under sharp focus across the Virgin Islands, community members and political leaders continue to urge the administration to ensure full accountability and transparency when handling statutory funds.
Primary source: BVI Platinum