Former Accountant General (AG) Arnold Ainsley has been named in an internal audit report examining the Government’s controversial $5 million investment in Bank of Asia, with Premier and Minister of Finance Dr Natalio Wheatley announcing that the report will be released publicly.
In an address to the Territory released this evening, July 30, Premier Wheatley said he intends to lay the Internal Audit Department’s report before the House of Assembly during its current sitting.
“The breaches of the former Accountant General are made clear in the audit,” the Premier stated, as he promised accountability for any failure to follow the Public Finance Management Act and its accompanying regulations.
The report reportedly identified several gaps and deficiencies in the Government’s investment framework at the time the Certificate of Deposit was purchased, including failures to adhere to the applicable regulations and provisions of the Public Finance Management Act.
Premier Wheatley said he has written to the Deputy Governor requesting a review of the findings to determine whether Ainsley or any other public officers should be held culpable. The Auditor General is also preparing a separate report into the investment.
The decision to make the internal audit public follows months of questions surrounding the transfer of $5 million in public funds to Bank of Asia, which was subsequently placed into provisional liquidation.
BVI Platinum News previously reported that Ainsley authorised the transfer and that the Premier maintained the former Accountant General acted outside the law. The Governor had indicated that he would await the Auditor General’s findings before making any determination on the matter.
Recovery efforts are continuing through the bank’s resolution process, while the Government has since introduced a comprehensive investment policy which was approved by Cabinet on March 18, 2026. According to the Premier, the policy establishes clearer guidelines for investing public funds and requires strict compliance from the officers involved.
Premier Wheatley noted that disciplinary authority over public officers rests with the Governor, Deputy Governor and Public Service Commission. He said the relevant audits and reviews must now be allowed to proceed, but insisted that action must follow wherever clear evidence of wrongdoing or breaches of the law is found.
In an address to the Territory released this evening, July 30, Premier Wheatley said he intends to lay the Internal Audit Department’s report before the House of Assembly during its current sitting.
“The breaches of the former Accountant General are made clear in the audit,” the Premier stated, as he promised accountability for any failure to follow the Public Finance Management Act and its accompanying regulations.
The report reportedly identified several gaps and deficiencies in the Government’s investment framework at the time the Certificate of Deposit was purchased, including failures to adhere to the applicable regulations and provisions of the Public Finance Management Act.
Premier Wheatley said he has written to the Deputy Governor requesting a review of the findings to determine whether Ainsley or any other public officers should be held culpable. The Auditor General is also preparing a separate report into the investment.
The decision to make the internal audit public follows months of questions surrounding the transfer of $5 million in public funds to Bank of Asia, which was subsequently placed into provisional liquidation.
BVI Platinum News previously reported that Ainsley authorised the transfer and that the Premier maintained the former Accountant General acted outside the law. The Governor had indicated that he would await the Auditor General’s findings before making any determination on the matter.
Recovery efforts are continuing through the bank’s resolution process, while the Government has since introduced a comprehensive investment policy which was approved by Cabinet on March 18, 2026. According to the Premier, the policy establishes clearer guidelines for investing public funds and requires strict compliance from the officers involved.
Premier Wheatley noted that disciplinary authority over public officers rests with the Governor, Deputy Governor and Public Service Commission. He said the relevant audits and reviews must now be allowed to proceed, but insisted that action must follow wherever clear evidence of wrongdoing or breaches of the law is found.
© 2026 BVI Platinum News. This article is original BVI Platinum content. Reproduction or republication without written permission is prohibited.
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