Premier and Minister of Finance Dr. Natalio Wheatley has stated that he was unaware when $2.5 million in taxpayers’ money was invested in a now-troubled Jamaican investment company last year, without the approvals required by law.
The revelation emerged only after a journalist questioned Dr. Wheatley during a press conference on Friday, July 24, about the Government’s investment in Delta Capital Partners Limited.
The reporter asked how the investment opportunity arose and whether the public’s money could be recovered, given the legal troubles now facing the company.
“I was not aware of it at the time,” Dr. Wheatley responded.
He acknowledged that the transaction should have received approval from both the Minister of Finance and the Financial Secretary, but said the required process was not followed.
“This is another instance where the legislation wasn’t followed,” Dr. Wheatley said. “This investment also would have required the Minister of Finance and Financial Secretary’s approval.”
The Premier said the matter is now under investigation by the Financial Investigation Agency (FIA), but indicated that he did not have enough information to provide an update on the status of the $2.5 million.
“I don’t know enough about it to be able to comment, but this matter is currently under investigation by the Financial Investigation Agency,” he stated.
“When they come back with their findings, I will be in a better position to share more on that particular topic.”
Delta Capital Partners Limited and several of its officials are facing criminal proceedings in Jamaica arising from the investigation into collapsed investment firm Stocks and Securities Limited. The charges remain allegations before the court. The Gleaner reported in January that the cases involving Delta Capital were transferred directly to Jamaica’s Home Circuit Court.
Dr. Wheatley compared the latest investment to the Government’s controversial $5 million deposit in Bank of Asia (BVI) Limited, which was placed into provisional liquidation in May 2025.
The Premier previously commissioned an internal audit into that transaction, while the Auditor General is conducting a separate investigation. The Government previously confirmed that the $5 million was deposited without ministerial involvement. Deposits at Bank of Asia were insured only up to $100,000 per depositor, leaving most of the Government’s money dependent on the liquidation process for possible recovery.
Dr. Wheatley said public officers have traditionally invested Government funds in short-term instruments, including certificates of deposit, across several banks.
He maintained that many of those investments produced returns, but said the Bank of Asia and Delta Capital transactions stand out because the Government has not recovered its money.
“The ones that you (reporter) have brought to the public’s attention are the ones where we haven’t gotten back the money,” he said.
He nevertheless conceded that both investments were made without following the proper approval process.
“Unfortunately, those investments had not gone through the proper process,” Dr. Wheatley said. “We recognise that is a failing within the Ministry of Finance, and we’ve taken steps and measures to correct that failing.”
Another reporter later asked whether the disclosures showed that the Premier, as Minister of Finance, did not have a grip on the Territory’s finances.
Dr. Wheatley rejected that suggestion, responding: “That is not true.”
He said Cabinet has since approved an Integrated Investment Policy and Public Finance Management Framework to govern the investment of public funds and prevent similar transactions from being made outside the established process.
The framework, approved earlier this year, requires the Ministry of Finance to introduce standard operating procedures, annual investment plans and training for the public officers responsible for managing Government investments.
Dr. Wheatley said officers will be held accountable for complying with the new policy.
“We expect full accountability for persons to operate within that investment policy, which was passed, in essence, to correct that failure that was taking place,” he stated.
The Premier acknowledged, however, that failure to follow laws and policies is not limited to the Ministry of Finance.
“You may find instances throughout the public service where we do not strictly adhere to laws and regulations which have been passed,” he said.
He added that stronger measures are needed across the Public Service to ensure strict adherence to laws and policies, particularly where ministerial approval is required.
The revelation emerged only after a journalist questioned Dr. Wheatley during a press conference on Friday, July 24, about the Government’s investment in Delta Capital Partners Limited.
The reporter asked how the investment opportunity arose and whether the public’s money could be recovered, given the legal troubles now facing the company.
“I was not aware of it at the time,” Dr. Wheatley responded.
He acknowledged that the transaction should have received approval from both the Minister of Finance and the Financial Secretary, but said the required process was not followed.
“This is another instance where the legislation wasn’t followed,” Dr. Wheatley said. “This investment also would have required the Minister of Finance and Financial Secretary’s approval.”
The Premier said the matter is now under investigation by the Financial Investigation Agency (FIA), but indicated that he did not have enough information to provide an update on the status of the $2.5 million.
“I don’t know enough about it to be able to comment, but this matter is currently under investigation by the Financial Investigation Agency,” he stated.
“When they come back with their findings, I will be in a better position to share more on that particular topic.”
Delta Capital Partners Limited and several of its officials are facing criminal proceedings in Jamaica arising from the investigation into collapsed investment firm Stocks and Securities Limited. The charges remain allegations before the court. The Gleaner reported in January that the cases involving Delta Capital were transferred directly to Jamaica’s Home Circuit Court.
Dr. Wheatley compared the latest investment to the Government’s controversial $5 million deposit in Bank of Asia (BVI) Limited, which was placed into provisional liquidation in May 2025.
The Premier previously commissioned an internal audit into that transaction, while the Auditor General is conducting a separate investigation. The Government previously confirmed that the $5 million was deposited without ministerial involvement. Deposits at Bank of Asia were insured only up to $100,000 per depositor, leaving most of the Government’s money dependent on the liquidation process for possible recovery.
Dr. Wheatley said public officers have traditionally invested Government funds in short-term instruments, including certificates of deposit, across several banks.
He maintained that many of those investments produced returns, but said the Bank of Asia and Delta Capital transactions stand out because the Government has not recovered its money.
“The ones that you (reporter) have brought to the public’s attention are the ones where we haven’t gotten back the money,” he said.
He nevertheless conceded that both investments were made without following the proper approval process.
“Unfortunately, those investments had not gone through the proper process,” Dr. Wheatley said. “We recognise that is a failing within the Ministry of Finance, and we’ve taken steps and measures to correct that failing.”
Another reporter later asked whether the disclosures showed that the Premier, as Minister of Finance, did not have a grip on the Territory’s finances.
Dr. Wheatley rejected that suggestion, responding: “That is not true.”
He said Cabinet has since approved an Integrated Investment Policy and Public Finance Management Framework to govern the investment of public funds and prevent similar transactions from being made outside the established process.
The framework, approved earlier this year, requires the Ministry of Finance to introduce standard operating procedures, annual investment plans and training for the public officers responsible for managing Government investments.
Dr. Wheatley said officers will be held accountable for complying with the new policy.
“We expect full accountability for persons to operate within that investment policy, which was passed, in essence, to correct that failure that was taking place,” he stated.
The Premier acknowledged, however, that failure to follow laws and policies is not limited to the Ministry of Finance.
“You may find instances throughout the public service where we do not strictly adhere to laws and regulations which have been passed,” he said.
He added that stronger measures are needed across the Public Service to ensure strict adherence to laws and policies, particularly where ministerial approval is required.
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