Wheatley orders multiple investigations into unauthorised government investment

TORTOLA (CMC):

British Virgin Islands Premier and Minister of Finance Dr Natalio Wheatley has ordered multiple investigations into an unauthorised government investment in Delta Capital Partners Limited, saying the transaction violated the Public Finance Management Act and was made without his knowledge or approval.

In a public statement last Thursday, Wheatley said the investment was executed on behalf of the Government of the Virgin Islands by former Accountant General Arnold Ainsley without the ministerial authorization required under law.

“The Public Finance Management Act requires any investment of public funds to be approved by the Minister of Finance, and the investment made by the former Accountant General, Arnold Ainsley, in Delta Capital Ltd was made outside of my knowledge and approval. This is unacceptable,” the Premier said.

According to Wheatley, the Ministry of Finance formally brought the matter to his attention in April 2026. He said investigations were immediately initiated to determine how the breach occurred and to prevent similar incidents in the future.

The premier disclosed that the Financial Investigation Agency (FIA) has launched a criminal investigation to determine whether any wrongdoing occurred in connection with the investment.

He has also directed the Internal Audit Department to conduct its own investigation, while the Ministry of Finance and Treasury has been instructed to pursue recovery of the funds if possible.

“There must be accountability for any wrongdoing, and I am making sure that the right steps are being taken to prevent this from happening again.”

The premier noted that the government has already strengthened its oversight of public investments following issues surrounding an earlier investment in Bank of Asia.

He said Cabinet approved a comprehensive Government Investment Policy in March this year to ensure all future investments comply with the Public Finance Management Act.

Wheatley also revealed that he has asked the deputy governor to review an Internal Audit report to determine whether any public officers should be held responsible for deficiencies identified during the review.

In addition, he said the auditor general is preparing a report into the government’s investment in a certificate of deposit at Bank of Asia, which he intends to table during the current sitting of the House of Assembly.

Opposition Leader Marlon Penn welcomed the investigations but argued that they should be expanded into an independent inquiry.

Penn said he would write to the auditor general requesting “a full, independent, and exhaustive investigation” into the Delta Capital investment, including every decision, approval and failure associated with the transaction.

He also questioned how the investment could have proceeded without the approval of the minister of finance, citing provisions of the Public Finance Management Act, and said those responsible must be held accountable.

“The time for excuses is over. The time for answers is now,” Penn declared.

Responding to calls for disciplinary action, Wheatley said responsibility for disciplining public officers rests with the governor, deputy governor and the Public Service Commission where breaches of the law or regulations are identified.

“Let me be crystal clear: where there is clear evidence of any breach or failure to follow the Public Finance Management Act and its accompanying regulations, there must be action,” the premier said.

In the meantime, Delta Capital Partners has also become the subject of criminal proceedings in Jamaica linked to the collapse of investment firm Stocks and Securities Limited.

Jamaican authorities have charged Delta Capital Partners Ltd, its co-founder Zachary Harding and several former SSL executives with multiple offences, including alleged breaches of the Securities Act, Banking Services Act, Bank of Jamaica Act, Companies Act and Larceny Act following a joint investigation by the Financial Investigations Division and the Jamaica Constabulary Force.