In a press release issued late yesterday evening May 29, 2025, the Financial Services Commission who is the regulatory body responsible for financial services and banking in the territory, and Virgin Islands Deposit Insurance Corporation, confirmed that the winding down process for Bank of Asia (BVI) Limited had begun.
The statement read that the Virgin Islands Deposit Insurance Corporation (VIDIC) with the cooperation of the British Virgin Islands Financial Services Commission (the Commission) took necessary action to wind down operations of Bank of Asia (BVI) Limited.
The decision they noted, is based on established legal and regulatory frameworks to protect depositors and preserve stability in the banking sector in the Territory. These steps demonstrate commitment and conviction to sound and prudent regulation that strengthens the financial services industry in the Territory.
VIDIC CEO Mrs. Lisa Violet offered that: “Our remit is to provide protection for depositors against the loss of insured deposits placed within member institutions (banks), and to promote and contribute to the stability of the financial system in theBritish Virgin Islands. I am pleased at the level of cooperation we have received thus far from the local staff and senior management of Bank of Asia (BVI) Limited. We will continue to be vigilant and committed to ensuring that consumers using banks in the BVI are protected. We will provide updates on this process as developments warrant.”
Managing Director/CEO of the Commission Mr. Kenneth Baker expressed that: “The banking sector in the BVI remains stable, strong and resilient. We are resolute that today’s action was necessary based on established regulatory requirements. We remain committed to lending maximum support to VIDIC as per our statutory obligations, in addition to ensuring that the financial services sector in the Territory continues to be well regulated and grounded in international best practice in banking and all other regulated activities within the scope of the Commission’s mandate.”
The press release comes after our newsroom issued a breaking news story on the Bank of Asia BVI yesterday May 29, 2025. See story:
https://www.gbmediahouse.com/Articles/Article/3741/Bank-of-Asia-BVI-In-Apparent-Liquidation
Up to this morning, our newsroom had no return calls from the President of the Bank, Deon Vanterpool, the Premier Dr. Natalio Wheatley who is responsible for Financial Services and banking, nor Junior Minister of Financial Services and banking, the Honourable Lorna Smith.
It is our understanding that the bank may have been in trouble for some time, considering that its owners Carson Wen and his wife Julia Yuet Shan Fung were declared bankrupt by the courts of the Virgin Islands, and had failed to overturn a worldwide asset freeze order against them here in the British Virgin Islands.
The press release issued from FSC and VIDIC did not confirm when the process of winding down for Bank of Asia (BVI) Limited had actually started.
Information regarding the good standing of the bank has been shrouded in secrecy for the last year plus.
Guavaberry Media will release a full in-depth story on this matter in the coming days.