VI Seeks Recovery of $5M Deposit
The Virgin Islands government is seeking to recover a 5 million dollar public deposit through the active liquidation and proposed asset sale of Bank of Asia. Premier Dr Natalio Wheatley confirmed the transaction was made without required statutory approval and remains under review by the Auditor General. Opposition members have called for clear accountability regarding the unauthorised transfer of public funds.
The Government of the Virgin Islands is actively working to recover a 5 million dollar public deposit through the ongoing liquidation and proposed asset sale of Bank of Asia (BVI) Limited. Premier Dr Natalio Wheatley shared the update during a sitting of the House of Assembly while responding to questions from Sixth District Representative Honourable Myron V.
Premier Wheatley informed lawmakers that the government's account with the institution is no longer active, leaving no current balance to report as officials pursue recovery through the court-supervised liquidation process. The controversy stems from a 5 million dollar transfer placed with Bank of Asia on January 22, 2025, by then-Accountant General Arnold J.
The Premier confirmed that the deposit was made without the statutory approval mandated by the Public Finance Management Act. Regulators, including the BVI Financial Services Commission and the Virgin Islands Deposit Insurance Corporation, initiated a formal wind-down of Bank of Asia in May 2025 following concerns regarding the institution's financial condition.
The Eastern Caribbean Supreme Court appointed joint provisional liquidators on May 28, 2025, to safeguard depositor interests and protect financial stability across the Territory. By October 2025, liquidators were formally empowered to distribute insured deposits under the Virgin Islands insolvency framework.
As part of the recovery process, joint liquidators signed an Asset Sale Agreement with SWB LLC in November 2025 covering designated bank assets and rights. The High Court granted permission for the asset sale on July 23, 2026, though specific conditions attached to the agreement remain pending completion.
Honourable Walwyn pressed the administration on accountability, stating that unauthorised public fund transactions must carry tangible consequences. In response, Premier Wheatley noted that an internal audit was commissioned and that recommendations from the Auditor General will be presented to the House of Assembly once reviewed by Cabinet.
The Premier also noted that disciplinary authority over public officers constitutionally rests with the Governor rather than the Minister of Finance.
Primary source: VINO