Gov’t accused of ‘blowing’ $40M in SSB funds

The SSM funded the COVID-19 Economic Stimulus Grant Programme disbursed by the Premier’s Office.

Opposition Leader Myron Walwyn has accused the government of failing to account for approximately $40 million taken from the Social Security Board (SSB), raising the issue during a recent House of Assembly debate and linking it to wider concerns about accountability.

Walwyn’s comments came as lawmakers discussed the lifting of the United Kingdom-imposed Order in Council, which could have led to the suspension of the BVI’s elected government in the wake of the Commission of Inquiry report.

The Opposition Leader zeroed in on public dissatisfaction that led to heightened scrutiny of the government, which he suggested was rooted in decisions such as the use of SSB funds.

Walwyn described the lifting of the order as a ‘sobering moment,’ arguing that elected officials fell short of expectations in many regards, and suggesting this may have led to the implementation of the Commission of Inquiry.

“When you saw some people during the COI, praising what they saw happening, it was because in their heart they felt that we needed to be held to account for certain things,” Walwyn said.

He then questioned the handling of the funds, adding: “When you’re going to take $40 million from Social Security and blow it… Not a soul could say where that $40 million gone. You can’t see it anywhere. Where?”

Walwyn criticised how the funds were reportedly distributed, stating: “You take it up, you give it to people for fishing and farming. [People] who ain’t a farmer, who ain’t a fisherman.”

He also slammed the government for its decision to grant over seven hundred applications of residency and belongership at the time, many of which did not meet the criteria. “When you’re going to come with Belonger [status] and give to people who didn’t serve the time in the country, according to the law,” he added. “We shouldn’t be there.”

The remarks relate to controversial decisions by the Andrew Fahie-led Virgin Islands Party administration around 2019–2020 to access approximately $40 million from the SSB. At the time, the funds were described as part of investment and stimulus efforts during the COVID-19 period, including support for local projects.

The SSB invested heavily in developments such as the Joe’s Hill Manor housing project, which has since faced criticism over affordability and low uptake. The Board is reported to have spent more than $41 million on the property over time, with lawmakers later questioning whether the investment was generating returns.

The project itself was initially promoted as an affordable housing initiative, with construction contracts signed to deliver dozens of homes aimed at first-time buyers. However, concerns later emerged that many units were out of reach for intended beneficiaries, prompting calls for government intervention.

Subsequently, the government moved to allocate $20 million to acquire the property from the SSB to restructure the initiative and improve access to homeownership.

Critics have argued that the Board’s role should be limited to safeguarding pension contributions, while others have defended local investments as a means of stimulating economic activity.

At the time, government officials, including ministers, defended the investments, arguing that land and property in the Virgin Islands tend to appreciate over time and could yield long-term value for contributors.

Walwyn, however, suggested that the lack of visible outcomes continues to raise questions about transparency and fairness, particularly regarding who benefited from the funds.