Wheatley Defends Hon Lorna Smith
Premier Wheatley publicly praised Hon Lorna G. Smith OBE during a House of Assembly sitting on December 18, 2025, calling her a leading figure in the Territory's financial services and trade sectors. He rejected online attacks linking Smith to the Bank of Asia failure, saying the matter is being handled responsibly and will ultimately be a success for the Virgin Islands.
Premier Wheatley used his contribution in the Continuation of the Twelfth Sitting of the Second Session of the Fifth House of Assembly on December 18, 2025 to publicly commend Hon Lorna G. Smith OBE, who oversees the Ministry of Financial Services and Trade. "I’m blessed to have a strong team supporting the building of this sustainable nation.
One of the persons on the team... is Hon Lorna Smith," the Premier said, calling her oversight of the financial services portfolio essential to the Territory. He praised Smith as a pioneer in Virgin Islands diplomacy and said she was well-deserving of the recognition she has received.
Wheatley addressed persistent online criticism that tried to link Smith to the collapse of the Bank of Asia. "It’s the truth, and we must tell the truth," he said, adding that efforts to "bury" her reputation through blogs and proxy attacks have failed. The Premier said those who sought to damage her credibility misjudged the situation and underestimated the Government's handling of the bank matter.
On the Bank of Asia, Wheatley told the House the liquidation is progressing and that authorities are exploring options including consideration for a buyer and steps to address creditor claims, among them claims involving the Government of the Virgin Islands. He said the establishment of the Virgin Islands Deposit Insurance Corporation (VIDIC) was a deliberate government decision intended to respond to exactly this kind of banking failure and to protect depositors and the financial system.
Wheatley also credited Smith with helping to steer the Territory through a major policy challenge in 2023 — resisting proposals for fully open public registers of company ownership. He said he and Smith travelled to London to negotiate on behalf of the local financial services industry and that their work helped avoid a global standard that, in their view, would have caused catastrophic damage to the industry.
For residents, the Premier’s remarks underline the central role of the financial services sector to the Virgin Islands economy and the political importance of confidence and oversight in its regulation. Wheatley framed Smith’s leadership as crucial to maintaining that confidence while the Bank of Asia liquidation is resolved.
The House comments conclude a week of public attention on the Territory’s financial sector and signal the Government’s intent to defend officials it says have acted properly amid a complex, ongoing resolution process.
Primary source: VINO