I won’t step down because of Bank of Asia controversy

Premier Dr Natalio Wheatley. (GIS Photo)

Premier Dr Natalio Wheatley has sent a strong message to critics calling for his resignation amid the Bank of Asia controversy, stating that he has done nothing wrong and will not satisfy detractors by resigning from office.

Amid public speculation surrounding the collapse of the Bank of Asia, Premier Wheatley has called for an internal audit to be conducted to shed more light on some $5 million of public funds that will likely be lost when the bank finally closes. Initial investigations reveal that the money was deposited in the bank after it was confirmed that the institution was on the brink of failure.

At a press conference last week, media owner Cindy Rosan asked the territory’s leader whether he’d be willing to step down from his post after the audit is concluded.

Premier Wheatley firmly stated that he doesn’t plan to resign because of this issue, saying his critics will have to go to the polls to remove him from office.

“I’ve done nothing wrong, so all of those like you (Rosan) who wish not to see me in this particular position, let’s go through the democratic process in the constitution. You can support whatever party or individual you’d like to support but you’re not going to get an easy out from me,” the Premier told Rosan with a smile.

Local regulators are in the process of winding down Bank of Asia operations but the public continues to call for leaders who were overseeing the institution to be held accountable for the failure and the funds that are likely to be lost in the closing process.

Premier Wheatley continues to appeal for calm saying no conclusions will be drawn before an internal audit on the matter is completed.

A report from Offshore Alert has confirmed that the Bank of Asia operated while insolvent for several months before it was forced into provisional liquidation, putting the territory’s credit rating at risk.

In the meantime, there are growing fears that the bank’s collapse could affect the BVI’s financial services industry which is already experiencing global shocks due to pressure from the UK regarding publicly accessible company registers.