Premier and Minister of Finance Dr. Natalio Wheatley has thrown his full support behind Financial Secretary Jeremiah Frett, while declaring that anyone who fails in their responsibilities, including the Premier himself, should be held accountable.
Dr. Wheatley was pressed at a press conference today, 18 September, on whether Frett remains fit to lead the Ministry of Finance following the failed $2.5 million Jamaican investment and the Government’s difficulty recovering $5 million placed with the Bank of Asia.
“I continue to put my full support behind the Financial Secretary,” Dr. Wheatley declared.
However, the Premier said his support for Frett does not mean that public officers should escape accountability when failures occur.
“If anyone at all fails in their role, including myself, we should be held accountable. Ultimately, I will be held accountable by the electorate,” he stated.
The $2.5 million investment was made with Jamaica-based Delta Capital Partners without the required authorisation. The matter is now under investigation by the Financial Investigation Agency.
A separate audit into the Bank of Asia transaction found breaches surrounding the placement of public funds by former Accountant General Arnold Ainsley. The bank later entered receivership, leaving the Government attempting to recover the $5 million deposit.
During the press conference, the Premier was reminded that he previously placed supervisory responsibility on the Financial Secretary for the actions of the Accountant General.
“But you would have seen the mistakes. You blamed him for the money going to the Jamaica company. You said he supervised the Accountant General when that decision was made. So, despite that, you have no problem working with the current Financial Secretary?” the journalist asked.
Dr. Wheatley maintained his support for Frett, stating that he was not interested in assigning or avoiding blame for political reasons.
“I don’t blame anyone. A lot of times, for political purposes, we either blame or avoid blame. I think we have to focus on delivering for the people,” he said.
The Premier argued that delivering for the public requires a structured system under which people are held accountable at every level, whether they have responsibility for supervision or for carrying out a particular function.
He linked the issue to the ongoing constitutional negotiations, reminding that the local delegation is seeking to place the public service under the elected Government to strengthen democratic accountability.
“It’s not my goal to blame or avoid blame. We need a structured system of accountability that ultimately delivers for the people of the Virgin Islands,” he stated.
Dr. Wheatley also said he would not publicly criticise public officers working on behalf of the Territory or pre-empt the responsibilities of the Public Service Commission and Deputy Governor regarding appointments, tenure or retirement.
“As it pertains to retirement and things like that, the public service has a process for being able to announce those things,” he said.
The Premier later highlighted Frett’s record, publicly endorsing his leadership of the Ministry of Finance.
He credited Frett with leading the Ministry while it supported the production of the largest budget in the Territory’s history, the recovery following the Commission of Inquiry and rebuilding efforts after the 2017 hurricanes.
Dr. Wheatley also pointed to the Territory securing its first investment-grade credit rating from S&P Global Ratings.
“There’s a very long list of accomplishments which have taken place under the Financial Secretary,” he said.
The Premier’s comments follow a recent call from radio host Claude Skelton Cline for the Government to begin searching for a new Financial Secretary capable of handling the Territory’s existing financial challenges and those expected in the future.
Dr. Wheatley was pressed at a press conference today, 18 September, on whether Frett remains fit to lead the Ministry of Finance following the failed $2.5 million Jamaican investment and the Government’s difficulty recovering $5 million placed with the Bank of Asia.
“I continue to put my full support behind the Financial Secretary,” Dr. Wheatley declared.
However, the Premier said his support for Frett does not mean that public officers should escape accountability when failures occur.
“If anyone at all fails in their role, including myself, we should be held accountable. Ultimately, I will be held accountable by the electorate,” he stated.
The $2.5 million investment was made with Jamaica-based Delta Capital Partners without the required authorisation. The matter is now under investigation by the Financial Investigation Agency.
A separate audit into the Bank of Asia transaction found breaches surrounding the placement of public funds by former Accountant General Arnold Ainsley. The bank later entered receivership, leaving the Government attempting to recover the $5 million deposit.
During the press conference, the Premier was reminded that he previously placed supervisory responsibility on the Financial Secretary for the actions of the Accountant General.
“But you would have seen the mistakes. You blamed him for the money going to the Jamaica company. You said he supervised the Accountant General when that decision was made. So, despite that, you have no problem working with the current Financial Secretary?” the journalist asked.
Dr. Wheatley maintained his support for Frett, stating that he was not interested in assigning or avoiding blame for political reasons.
“I don’t blame anyone. A lot of times, for political purposes, we either blame or avoid blame. I think we have to focus on delivering for the people,” he said.
The Premier argued that delivering for the public requires a structured system under which people are held accountable at every level, whether they have responsibility for supervision or for carrying out a particular function.
He linked the issue to the ongoing constitutional negotiations, reminding that the local delegation is seeking to place the public service under the elected Government to strengthen democratic accountability.
“It’s not my goal to blame or avoid blame. We need a structured system of accountability that ultimately delivers for the people of the Virgin Islands,” he stated.
Dr. Wheatley also said he would not publicly criticise public officers working on behalf of the Territory or pre-empt the responsibilities of the Public Service Commission and Deputy Governor regarding appointments, tenure or retirement.
“As it pertains to retirement and things like that, the public service has a process for being able to announce those things,” he said.
The Premier later highlighted Frett’s record, publicly endorsing his leadership of the Ministry of Finance.
He credited Frett with leading the Ministry while it supported the production of the largest budget in the Territory’s history, the recovery following the Commission of Inquiry and rebuilding efforts after the 2017 hurricanes.
Dr. Wheatley also pointed to the Territory securing its first investment-grade credit rating from S&P Global Ratings.
“There’s a very long list of accomplishments which have taken place under the Financial Secretary,” he said.
The Premier’s comments follow a recent call from radio host Claude Skelton Cline for the Government to begin searching for a new Financial Secretary capable of handling the Territory’s existing financial challenges and those expected in the future.
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