BVI GOVT PROBES QUESTIONABLE INVESTMENT

The British Virgin Islands government has launched a major investigation into how state funds were invested in a Jamaican investment firm currently caught up in a series of criminal proceedings in Jamaica. Questions abound in the BVI over how government money ended up in Delta Capital Partners’ investment portfolio and who authorised the transaction. The investment amount is said to be US$2.5 million.

The BVI Premier, Dr Natalio Wheatley - who is the territory’s Minister of Finance - has said he had no prior knowledge of the matter until it was brought to his attention.

According to the Premier, the transaction was in violation of the territory’s Public Finance Management Act. “The Public Finance Management Act requires any investment of public funds to be approved by the Minister of Finance, and the investment made from the former Accountant General, Arnold Ainsley, in Delta Capital Ltd was made outside of my knowledge and approval.”

The Premier also declared: “There must be accountability for any wrongdoing, and I am making sure that the right steps are being taken to prevent this from happening again,” and admitted, “We recognise that that’s a failing within the Ministry of Finance.”

The BVI’s Financial Investigation Agency is conducting the local arm of the probe, while in Jamaica, where Delta Capital Partners is headquartered, the company is at the centre of an investigation by Jamaica’s Financial Investigations Division, which has resulted in charges linked to the collapse of the Jamaican investment firm Stocks and Securities Limited (SSL).

SSL, which was managed by Delta Capital, hit the global headlines in 2023 over a scandal surrounding its handling of an investment portfolio for the legendary Jamaican athlete Usain Bolt from which millions went missing.

Company officials of both Delta Capital Partners and SSL have been charged with breaching Jamaica’s banking and securities laws. That matter is still before the courts.